ING Direct Electric Orange?

Question

A friend told me about ING Direct and how great they are. I was doing some research about the ING Direct Electic Orange. Its a checking account but earns interest like a savings account? Can anyone who has one of these accounts fill me in on some pros and cons and anymore details about the accounts?

Answer 1

Pros:
- Great interest rates offered to your checking account.
- Free bill pay and electronic checks
- A debit card to access your cash or to make an purchase
- Dealing with a reputable company
- On line account access

Cons:
- No paper checks
- No physical branches, bankers, tellers, etc.
- Not as convenient as a retail bank with branches.

Overall ING accounts offer great interest rates on both savings and now checking. If you are comfortable doing business electronically and over the Internet, ING is a great option. If you are one of those people who find comfort knowing that you can always go to a bank to get money, then perhaps ING may not be the best option.

Answer 2

I have the Electric Orange account as my only checking account, and I love it. My paychecks are direct deposited, my mortgage and most of my utilities are set up to be automatically debited each month, and I pay my credit card with an electronic debit each month.

As the first responder wrote, they do not offer paper checks like a regular checking account, but you can order a paper check sent to anyone you want for free. You can also send an electronic check to anyone you want (you just need their routing and account numbers).

The interest is great, and ING is a wonderful company. I don't think you'd be disappointed. I've attached a link to their website.

Answer 3

The ING offering is good.

I believe that www.EverBank.com is better;
Free checks.
Free ATM usage (through many local banks... not convenience stores).
Free bank by mail envelopes (with postage). Free depositing through local ATM's.
Bill pay.
Higher interest rate than ING.
More "electronic" transfer features.
Rated #1 by Kiplinger Magazine.

We've used EverBank for over a year now. Prior to that we had a Chase account for over 30 years. EverBank advertises itself as the "only bank you'll ever love".... we agree with that thought.

Answer 4

You may also want to look at Presidential bank ( www.presidential.com ). Their rates are even higher than ING's rates - 4.5% on checking and 5.25% on savings vs. ING's 4.0% on checking and 4.5% on savings.

Presidential also allows paper checks, as well as having direct bill to pay your recurring bills.