Information on the ING Electric Orange Account. Please leave your comments and questions below.
Submitted: Sep 7, 2007
Views: 3431
Comments: 9
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BestCashCow Rate Table
Open an ING Electric Orange Account
ING has been promoting their electric orange account which comes with a high rate on high balances, and easy access to your money. The rates on the account are:
4.89% APY for balances of %100,000 or more.
4.79% APY for balances between $50,000 and $100,000.
3.45% APY for balances up to $50,000.
ING is the only bank at that rate level, besides Everbank, that offers instant access to the cash via check writing or a debit/check card.� This is really a checking account and that's what they call it on the ING site.
We called ING to see if there was any limit to the amount of money I could withdraw via my checkcard and the answer if you can debit out as much money as you have in the account. There is a $1,000 daily withdrawal limit using the ATM.
If you have a large amount of money to deposit, are looking for competitive rates, and easy access to the money you might want to consider the electric orange account.
If you don't want to deposit that much money you might also want to consider ING's classic Orange Savings Account . The rate on this isn't as competitive but its a good, easy-to-use, no minimum balance account from a known entity.
ING Direct is backed by ING (NYSE:ING), a global financial institution of Dutch origin offering banking, insurance and asset management to over 60 million private, corporate and institutional clients in more than 50 countries. ING Direct is FDIC insured.
Below is a video of the bank's President, Arkadi Kuhlmann, talking about ING DIRECT.
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CaseyK24
Posted April 2007
Wow was that easy - had a savings account with ING and went on to open up the new Electric Checking (with higher interest rates). It was SO easy if you already have a saving account - less then 30 secs. Put in what you want to call the new account - the amont to fund and from which account (from a pull down list. Thats it - done - immedaite transfer of money from the other ING account.
So I can't imagine why everyone with an ING savings account would not just open the new checking account and x-fer all the savings money in there. Not sure why a checking account would have higher interest then the savings (NOTE: Need to x-fer at least $50,000 for the higher rate.)
Posted: Sep 7, 2007
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paddytrix
Posted Apr 2007
I have to say, that I'm reluctant to switch to a higher interest rate on-line savings precisely because of their excellent customer service, congeniality and "the customer is always right" mentality. I've had an instance where a friend I referred signed up and they screwed it up and didn't use the link. They basically took my word for it, and later confirmed it, but credited me with the $10.00 immediately. So, with my 12K or so, I've been forsaking the 50 or 60 extra bucks a month for ING's reliabilty and great customer service. But I have to say, I'm tempted every time I visit Bankrate.com. I also trust that when ING raises their rates they seem to stay there (at least until the whole thing goes kerplooey...)
Posted: Sep 7, 2007
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cowmilker89
Posted Apr 2007
Has anyone tried to close an ING account? I did and found out 6 months later that the on-line log-on was still active and the link to my external bank was still in the log-on. I thought they'd surely disable all that stuff, but they don't. I couldn't find anything in their disclosures saying they would keep the on-line log-on active forever, but apparently that's what they plan to do.
Posted: Sep 7, 2007
Best
(Unregistered)
Well they've lowered their rates already. It's 5% tops now.
Posted: Sep 20, 2007
Zach
(Unregistered)
I love my ING Direct account. It doesn’t have the highest APY but you won’t get better customer service anywhere else. Also, their online interface is just easy and awesome.
I also do still have many referral links left if anyone would like to contact me to receive a link (either for an orange savings account or the electric orange checking/savings account) to sign up for an account. You receive $25 for signing up with a min. of $250 or more. A nice little bonus for nothing! Just shoot me an e-mail @ z3trkrnr@gmail.com and I’ll send the link right back to you!
Posted: Jan 29, 2008
Larry D Grecco
(Unregistered)
Do you recive paper documents for tax Info
Posted: Jan 30, 2008
$0-$49,999.99 1.98% 2.00% 03/11/2008
$50,000.00-$99,999.99 3.40% 3.45% 03/11/2008
$100,000.00 or more 3.54% 3.60% 03/11/2008
WOW!!! These rates have fell hard. I was going to open a checking account a little later then the other postings on here. I will leave my money in savings. It is receiving 3.10% for the moment!!!
I will definitely keep it in mind once we get out of this "recession" that most folks say we are not in.
Posted: Mar 17, 2008
anonymous
(Unregistered)
Since Sep 19,2007 my APY on Orange Savings felt from 4.3% to Mar 19,2008 3.0%, although I put more then 50K since then on my account...
not so happy about that.
Posted: May 24, 2008
pat
(Unregistered)
FYI: something to consider
I have had a savings account and cds with ING for years...my first online banking experience.
I find their website very user-friendly and customer service is good. The only downside I see is the inability to add beneficiaries (POD, ITF) to accounts.
Accounts have to be held jointly to pass directly to another person if you die...an estate-planning consideration.
I've mentioned this issue in comments to ING several times. No explanation has been provided.
Other online banks I use (AmTrust, Countrywide, Emigrant Direct) allow beneficiaries.
Posted: May 24, 2008
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