ING Electric Orange Account Something To Consider for High Balances

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I just received a flyer in the mail advertising ING's Electric Orange account. In speaking with many people, I often hear that the inconvenience of waiting to access the money is one concern since it usually takes 2-3 days to remove funds from an online bank. ING now provides its customers with the ability to withdraw the money via the ATM ($1,000 daily limit) or via a debit card (as much money as in the 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:

5.30% APY for balances of %100,000 or more.

5.25% APY for balances between $50,000 and $100,000.

4.00% APY for balances up to $50,000.

 

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The 5.30% and 5.25% APYs are competitive although you will have to deposit substantial sums to get it. In addition, 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.

I 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.

Sol Nasisi
Sol Nasisi: Sol Nasisi is the co-founder and a past president of BestCashCow, an online resource for comprehensive bank rate information. In this capacity, he closely followed rate trends for all savings-related and loan products and the impact of rate fluctuations on the economy. He specifically focused on how rates impact consumers' ability to borrow and save. He also has authored a wee

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