Ing Direct Electric Orange Online Checking Account
Ing Direct's Electric Orange
online checking account was introduced to the general public in early 2007. It had been eagerly anticipated by fans of the Orange Online Savings Account
, and others who caught wind of the prospect of high-interest checking without stratospheric account minimums.
The new account does not disappoint. It is a fine successor to the popular Orange Savings account, offering great rates, no hidden fees, fine customer service, and a number of other features which you would be hard-pressed to find at most brick-and-mortar banks without a Warren-Buffett-sized account balance.
Features and Benefits
The account offers some attractive benefits:
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High Interest - ING's Electric Orange online checking pays higher interest than most savings accounts at traditional banks. When most banks don't pay interest at all on checking accounts, this is a great benefit.
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Free ATMS - Fee-Free use of any ATM in the AllPoint network, which is one of the larger ATM networks in the country, and has locations in all Target stores.
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Overdraft Protection - ING direct offers an overdraft line of credit for Electric Orange accounts, which automatically covers any overcharges and carries a reasonable rate. Beats the heck out of paying expensive overdraft fees.
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Cash Back with Debit Mastercard - 1% cash back on all debit MasterCard purchases. It's like getting a 1% discount on everything you buy, without having to use a credit card.
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FDIC Insured - For those who worry about dealing with an online bank, Electric Orange accounts are fully FDIC insured.
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Service - ING has a reputation for excellent customer service. Their website is very user friendly, and they are reachable by email and phone 7 days a week.
Downsides to Consider
There's no paper checkbook. If you want to send a paper check, you can log into the Web site, fill out a form, and ING will issue the check and send it to anyone you like. There are no fees or postage for this service, and it's quick and easy, so many may view this as another benefit rather than a downside. You can also send money via email, which works much the same as
Paypal, except without the fees. However, some may prefer to have the option to write paper checks on the fly. If this is you, then you might want to consider
Washington Mutual Free Online Checking instead. They offer free paper checks for life.
No Branches
Also, as with all ING direct accounts, there are no local bank branches. If you have a burning desire to meet face-to-face with your banker, this is not the account for you. Of course not having to maintain large marble-lined branches is how they keep their fees low and their rates high. Again, devotees of traditional in-person banking should check out
Washington Mutual Online,
which offers a pretty good online checking account bundled with an online savings account that pays a pretty good rate.
Bottom Line
We love Electric Orange for its great interest rates and services, but like any online account, it's not for everyone. If your top priority is getting the best return on your checking balance, though,
Electric Orange is hard to beat.