UPDATE: 02/21/07 (ING Direct has raised their electric orange rates for balances below $50k to 4.00%)
ING Electric Orange Savings Account Rumors Confirmed!
There are confirmed rumors from many ING Direct Money Market Account users that ING Direct is launching a new 5.30% Online checking account. Unfortunately, you need $100,000 minimum to earn the 5.30% rate. Here is a breakdown of the high rates.
- < $50K = 4.00%
- 50K – 100K = 5.05%
- > 100K = 5.30%
Currently, it seems like these high rate accounts are availble only by invitation. Nevertheless, its good to see rates go up!
ING Direct Electric Orange
I’ve personally joined the ING Electric Orange account. Here are the details about the account, which seems like a hybrid between the ING Orange Savings Account and an ordinary checking account. This account rocks if you have $100k, because the interest rate is up there with some of the best cd rates in the nation.
* Free ATM access at over 32,000 locations nationwide
* Electric Orange MasterCardï¿½ Debit Card
* Free Bill Pay
* Send money securely to anyone with Electric Checks
* Every dollar earns interest at 5.05% APY if your balance is between
$50,000 and $100,000, or 3.00% APY if your balance is under $50,000.
I have signed up for ING Direct Electric Orange, and I will keep you guys posted on my experiences.
ING Direct is a complete Internet bank with no physical branches, at least not in the traditional sense. Instead, ING Direct has a number of Internet Cafes that customers can visit and bank online. ING Cafes are located in New York City at 45 E. 49th Street, in Philadelphia at the corner of 17th and Walnut Streets; in Los Angeles at Santa Monica Blvd. and the 405 Fwy; in Wilmington at 802 Delaware Ave; and another cafÃ© underway in Chicago at 21 E. Chestnut Street.
ING Direct’s headquarters is located in Delaware and there are ING Direct Cares situated in Los Angeles, New York, and Philadelphia. The lack of overhead costs allows ING to pass on the savings to consumers that utilize ING Direct’s banking options. ING Direct handles all banking transactions via the Internet, the telephone and standard mail. ING Direct offers a no fee checking account, and excellent insurance rates on other accounts and loans.