ING Direct - Electric Orange

Average Score:

•   Really awesome features, especially if your mortgage is with them

  I've had an ING orange savings account for years, but only opened up the checking account a couple years ago when I refinanced my home and got an ING orange mortgage. The representative told me I could get a free electric orange checking account and easily make my payments from there. I agreed just to check it out, and found that it has better features than any of the larger banks, plus the benefits of the company having no overhead. Before the economy tanked, the interest rates were super high (like, above what CDs ususally are). I'm sure they'll go back up there.

  I love that you can send paper checks to people and small businesses for free. This feature is much easier to use than the similar features at the major banks, because it shows you exactly what the check and envelope are going to look like; great for avoiding problems like the business never crediting your account because the bank put your account number in your return address field instead of in the memo field.

  The ING customer service people are awesome if you ever do need to call, but the service runs so smoothly, I've rarely had this happen.

  You can link the checking account with ING savings accounts (free, as many as you want, so you can have accounts for property taxes, vacation fund, emergency money, etc.) and ING mortgages. It pays the mortgage as a transfer, so it's credited immediately and shows right up. This was immensely convenient when someone needed proof of my current month's mortgage payment on the same day I'd paid it. ING is really just awesome.

  Posted by triangular -- Aug. 9, 2009

•   Best Checking Account Ever

  I have been a member of ING since 2001 and have always been very pleased with their products. When they rolled out their Electric Orange product, I was excited. I have been banking ever since with my Electric Orange Account. I have used checking accounts from many of the big bank names, such as Bank of America, Arvest, PNC, but none of them even come close to features and ease of use. I used to rack up fees for overdrafts at other banks, but with Electric Orange, I pay pennies for any slight overdrafts. With banks like Arvest, I've paid hundreds of dollars in fees and charges. ING’s free bill pay service is quick, easy and effective. I’ve had to pay for this feature at other places and it’s free with my Electric Orange account. The only complaint I would have, is finding fee-free ATMs. It’s a minor complaint as they provide a great tool online to find fee-free ATMs. There has only been once or twice I’ve been somewhere there wasn’t a fee free ATM. They also have a top notch customer service department. I had a problem with using my ATM/Debit Card at a location and within minutes of calling customer service, they had fixed the issue. I would highly recommend ING's Electric Orange Checking Account.

  Posted by johnmadams314 -- July 28, 2009

•   Good account, just in case...

  Its almost been two years with ING Direct for me and I have a lot to say. First of all, I can't get over how lacking the security is. I like using [a-zA-Z0-9] and special characters at a length of at least 20 characters. This bank only allows ten numbers to be used. However, if you enter these numbers by mouse(clicking) or keyboard(typing letters that represent the numbers), this will prevent any spyware or recording programs from getting your passcode. The layout of the site is extremely simple, sometimes overly simple. I had a hard time finding where to add transfer accounts, it was right there in front of me all the time as 'MY Links' with a little icon. This simple layout though has everything I need. The routing number is always handy, my Sharebuilder account value is there, and interest rates are shown right on the account pages. The rates have not been on the checking since the rates dropped so lo--I thought they were there before. While this bank is not a very good interest maker currently, they have had promotions in the past. It was $25 when I transferred early from Netbank, then another easy bonus later to use the debit card that was promptly paid. I have kept this account at times with just a penny in it, with no problems. I just transferred $30 to it to do the 5 purchases promotion or the sweepstakes one--I didn't win.

  One super major drawback is it's ability to work with Mint.com. It shows up as broken during extended business hours. But, this is the only bank that I have seen that allows you to see and change what your challenge questions are at any time---extremely helpful on hooking it up to other banks, or sites like Mint. Overall except for the huge drawback of playing nice with Mint(they just remind you of keeping your account safe in questions regarding Mint), and the not so hot interest rates, it a great account to just have in case you need to.

  Posted by lightdark -- July 20, 2009

•   ING Direct Electric Orange is fantastic!

  I signed up for Electric Orange a few years back. I was a little nervous at first about the practicality of using a bank that is entirely online, but I have been absolutely delighted with ING.

  Electric Orange is a free checking account. There's no minimum balance. It pays very competitive interest. Actually it may even border anti-competitive. Most free checking accounts that I've come across pay little to no interest, but this one tracks a bank lending rate and continually pays out respectable interest. The account comes with a free $1,000 overdraft line, and obviously an online bill-pay service.

  To that end, Electric Orange has simplified my bills tremendously. It stores your account information for any companies you want to pay regularly, and it will either cut them a check and mail it or transfer money electronically to them. And not only companies. It’s just as easy to send money to an individual. You just enter their name and mailing information, and ING will mail off a check to them. It’s absolutely delightful. I no longer need to maintain a checkbook. All of my transactions are recorded online, and I don’t have to write and mail checks any longer. ING just takes care of it.

  Electric Orange comes with a check card as well, and there is a network of free ATMs throughout the country. I find that Target stores typically are listed as free ATMs, and I don’t often find myself anywhere that I can’t get to one.

  The only caveat is that you will need to maintain a brick-and-mortar bank somewhere. You can’t walk in to deposit cash or checks. It does slow physical deposits a little having to deposit them at one institution and transfer them to ING afterwards. But you know, if you sign up for direct deposit it’s hardly ever an issue. And usually you can find a free bank locally to use as a front for ING. It’s well worth it.

  My wife and I both have Electric Orange accounts, and neither of us would be willing to give them up.
  

  Posted by ktbelli -- July 13, 2009

•   Everything I wanted!

  I've been a member of ING for over two years. I chose the Electric Orange account for the high interest rate. I'll be honest, the interest rate is pretty negligible right now, but the rest of the perks more than make up for it.

  The best part of my Electric Orange account is the ease of transferring money online. Whether I'm transferring money to my husband's account, my E*Trade account, or the free bill pay, everything can be done with just a few clicks, or even automatically.

  The worst part of the Electric Orange account is of course depositing money. It's a relatively painless process, but it does require to have a brick-and-mortar bank and to wait a few extra days when I have cash or checks I need to deposit. Luckily, ING will send a paper check, for free, to anyone I have to give money to. That's another favorite perk.

  I've contacted ING customer service a few times, and they have always been prompt, friendly and easy to understand. I would recommend ING, particularly the Electric Orange checking account and the Orange Savings account, to anyone who is looking for more flexibility with spending and saving. It has totally changed the way I budget, and I love it.

  Posted by pigsinthesky -- July 12, 2009

•   Really pleased with ING

  I'm really pleased with ING Direct. I only registered my accounts recently, but have been very satisfied. Transactions are processed quickly and it's very easy to manage. I particularly like that I can easily set up as many joint savings accounts with my husband, named whatever I'd like, as I need. I'm using multiple accounts to budget more easily and it's really helpful. I do wish the hold period for deposits was shorter, but I believe it would not apply if I switched over my direct deposit. I would highly recommend ING to most people I know. The only issue might be if you write a lot of checks. ING can send checks for you, but you do not otherwise get a checkbook. For me, this is fine because I only write one check per month (rent) and use debit for all other transactions. ING does appear to have good savings rates, which is another plus. I’m also considering starting a CD ladder and I really appreciate that they make that easy – there is an option that will pretty much handle that for you. The security protocols seem stronger than those I’ve encountered with other online banking. ING has you choose a picture and phrase that will appear when you login, which helps you make sure it’s an authentic site.

  Posted by kelseyspam -- July 5, 2009

•   Great account.

  I have been an ING customer for 3 years now and I just recently opened an Electric Orange checking account with them. It was simple and I like that I can transfer money easily from my other ING accounts or my external bank accounts into checking. When I signed up there was a promotion for a $25 bonus with 3 signature purchases, and that was quickly deposited into my account.

  I like ING because they have always given me great customer service on the phone and online and they have frequent bonuses and other perks for loyal customers.

  The only complaint I have is that to get a high interest rate on checking you have to keep at least $50K.

  Posted by goodwink.m -- June 23, 2009

•   great checking account

  I love my ING checking account and have had no problems with it. It was really easy to open, and I appreciate the interest I make on my checking.

  I rarely have to pay fees for an ATM, especially since they've expanded their coverage to basically every 7-11 ATM. I can send checks with ease and speed and I can conveniently transfer money between accounts.

  No complaints here.

  Posted by mishan -- June 22, 2009

•   Very unsatisfied

  I first opened my Electric Orange account as I wanted the $25 matching sign up bonus and I felt the interest on the checking account would be beneficial to me. In addition, I wanted the convenience of online banking from a company that was well versed in online banking as that is all that they do. I barely used the account for 2 years, but I was in line to receive a large sum of money, so I wanted to move with ING.

  Unfortunately, I was very disappointed with my service. The account gives one the ability to link other bank accounts with the ING account so one can transfer monies between accounts, seemlessly. I set up my transfers as stated and began using the account. My first issue happened with my first online statement. There was an overdraft charge. As I hadn't used my ING account, I was unsure how I could get the overdraft. When I called into Customer Service they informed me that as I was transferring money in and out, one transfer was completed before the funds were available so my account was overdrawn. In addition, as ING does not allow for overdrafts, they were immediately closing my account.
  I was furious. I had recently added my husband to my account and they let me know that he could keep an ING account (although it was actually his log on that had completed the overdraft), but that I would no longer be welcome as a customer.

  It was an awful situation made worse by terrible customer service. I do not recommend this bank to anyone.

  Posted by diane.vanetten -- June 21, 2009

•   Solid returns, one gotcha

  When my savings grew large enough in ING Direct's Orange Savings account I moved to Electric Orange. The process of opening the second account and transferring the cash was *very* simple. It took me at most 5 minutes to get my balance moved over.

  The interest rate was better so it seemed like a no-brainer. At the time I couldn't see any gotchas, I now know about the hard credit check (thanks BankFox). Since then I have been happy with the account and have even earned a few $10 bonuses from referring friends to open accounts. There's not much to their interface, but it's more than serviceable for a place to park your cash and earn some interest, not to mention supporting sending paper checks and also sending cash directly to someone else through what they call an Electric Check. In addition to transferring money to other people, they make it very easy to transfer cash in or out to your own accounts whether to an ING account or a linked, external account.

  The one gotcha I encountered was that they don't let you send an Electric Check that is larger than $5000. Other than that, be aware that you will get a debit card mailed to you. If you have a lot of cash in the account, this would be a good one to consider cutting up or keeping very safe. Happy saving.

  Posted by mtucker -- March 27, 2009

•   For more than 50k, this is the account you want

  ING is possibly the best brand in online banking right now. Their customer service is excellent, and their online tools and features are top notch. Their rates may no longer be at the top of the pack, but the total package is unmatched elsewhere. And as of recently, the Electric Orange account is the account you want if you're looking to deposit $50k or more with ING.

  I'm not exactly sure why, but for balances above $50k, ING's Electric Orange is offering better rates than their Orange Savings. Add to that the additional flexibility in withdrawing money (Online Bill Pay, Electric Checks, and ATMs) and it's difficult to find a reason not to like this account. I suppose the one obstacle might be the hard credit check associate with the account, but that's a necessity tied to the automatic overdraft line of credit they provide.

  I've heard a few people complaining about this - but at the end of the day, it's just like a built in credit card. You're spending what you don't have, and you're going to get charged for it. And it's a WHOLE lot better than the cascading overdraft fees that other banks are just *waiting* to charge you - go with ING, and you'll be alright.

  Posted by SgtPepper -- March 20, 2009