I’ve been a longtime user and advocate of ING Direct. They consistently have outstanding customer service, a very intuitive and easy to use website, and a well above average rate on their savings account (currently 4.5%). They do this with absolutely no minimum account balances or fees of any kind.
ING has always been primarily a savings-oriented bank. They’ve always offered savings accounts and CDs and have more recently introduced brokerage and IRA accounts and mortgages.
To my surprise the other day, I noticed they also are now offering a checking account, Electric Orange. It turns out they’re just testing it until mid-February or so, but I was lucky enough to get offered a chance to sign-up.
It’s an “electronic” checking account meaning they don’t have any paper checks which is fine with me since I’ve used about 6 checks in the last two years. They do offer free online bill pay, a debit card, 32,000 ATMs, $1000 in overdraft protection, oh , and a 3% yield with no minimums.
One drawback is that, like other ING accounts, the only way to deposit money is via direct deposit or through a linked checking account (although I expect that might change in the future). Not a huge hassle for me, but it will be something I’ll take into consideration as I test this out.
did you figure out how to get direct deposit working? is it with the acct # on the website?
This is exciting. Did you get an invite to test it out, or did you find it on the site somewhere? I logged in and can’t find any mention of it.
I’m tired of my money sitting in my Wachovia checking account waiting for it’s time to leave as rent payment, all the while earning no interest.
bankaholic: I haven’t tried it yet, but it gives you the account and routing numbers in the account setup section. I would imagine that’s what you use.
Dave: I didn’t get an invite. After I had logged in, I went to the “Open an Account” to start a new CD. Then I noticed that was one of my choices.