bank rates

ING Direct 5.30% Electric Orange Savings Account


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!

UPDATE: 1/11/07

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.
ING Direct Electric Orange

* Free ATM access at over 32,000 locations nationwide
* Electric Orange MasterCard� 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 café 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.

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Comments (98)
1 Star2 Stars3 Stars4 Stars5 Stars (13 votes, average: 4.15 out of 5)
98 Existing Comments
  1. Thrifty SGT said:
    on April 26th at 10:45 pm

    Well I have been with ING since they started their online program. Fortunately I haven’t had any problems with them. I will keep a watchful eye of my balances on my accounts. Take care to all best wishes with CD rates

  2. bob said:
    on April 28th at 06:40 pm

    i have a savings account with Countrywide – 5.4% APY for min balance 50,000. I have been happy so far.

  3. Lucas said:
    on April 30th at 01:22 am

    I didn’t have any trouble with ING until the Winter Save-Up sale last year; then I also got shorted on interest. I soon dropped my ING account (many banks offer better deals anyway). I have been especially happy with Amboy direct and Apple Bank (

  4. Harry Hairy said:
    on April 30th at 09:45 pm

    ING offers such an inferior product to some of its competitors that I don’t know why anyone would want to bank with them anyway.

  5. Anonymous said:
    on May 4th at 04:22 am

    am trust direct is 5.36 apy which is higher

  6. JasCap said:
    on May 6th at 06:18 pm

    I’ve heard more bad than good things about ING…now all this. I’m glad I never opened an account with them.

  7. Pianoman said:
    on May 27th at 04:29 am

    Any of you fools who puts any more than 10k in a Savings Account should have your head checked.

    You’re an idiot if you don’t put it in mutual funds.

  8. Stuart said:
    on May 28th at 01:30 am

    That’s true most of the time. But suppose you’re saving up for a large purchase such as a house or car that you want to pay for in cash, and you can save up that amount in less than 5 years, and you’ll be using the money within that time frame. You typically wouldn’t want to put money in the stock market that you can’t leave for at least 5 years. Also, some will take stock or fund profits from time to time and need a liquid place to keep it for a few months. Also, what about someone who has inherited a large amount and needs a year or so to learn about investing decisions instead of making an abrupt stupid mistake? And there are yet others who need more than $10k for an emergency fund. The point is, don’t over-generalize. People’s situations vary.

  9. smith said:
    on June 14th at 08:50 pm

    I also did not find customer service representatives concerned or sympathetic to customers. They were not respectful and did not value me as a customer. They were quick to point out my mistakes while never admitting to their own. I do not want to do business with that type of attitude and the cold and greedy spirit of ING.

  10. driggers said:
    on June 15th at 12:07 pm

    I agree. If anyone likes ING’s customer service, their experience has to have been a lot different than mine. ING is just a huge corrupt organization who couldn’t care less about its individual customers.

  11. DGM said:
    on July 8th at 05:59 pm

    Why oh why oh why anyone banks with Ing I’ll never understand.

  12. ingassociate said:
    on July 15th at 03:05 am

    Why in the hell would we ING Direct pay you interest on money that isn’t even in your acct yet? That’s why you don’t accrue % until your third business day!

  13. Jasper said:
    on July 16th at 05:24 pm

    Some banks do. Problem is, with ING you lose interest when you move money to your checking, then to another savings account and vice versa, because ING will not let you link to some other accounts other than your checking. The result is a week in lost interest in some cases. I vote with those who say ING sucks!

  14. DGM said:
    on July 18th at 02:28 pm

    To ingassociate:

    The whole point is, the ACH transfer takes 2-3 days to complete. Then it’s another two business days to begin accruing interest. This is AFTER the funds are already in your account. If the transfer is completed on a Thursday, it’s not until the following Monday that interest begins to accrue! If you really are an ING associate, your post is an example of the belligerent know-it-all attitude of ING that some of these bloggers are referring to.

    And, I never borrow money, so ING’s fast loans are of no relevance to me.

  15. ingassociate said:
    on July 25th at 10:03 pm

    Well, we never try to cheat you out of money. We tell you BUSINESS DAYS. Can’t comprehend!? Try out Electric Orange accout. Less hold time, easy access great rate! We really try to look into our customers best interest!

  16. DGM said:
    on July 27th at 01:19 am

    I comprehend that you need spelling lessons as well as lessons on proper customer treatment. I’m one of those who got cheated, but of course, ING would not make it right. No thanks on dealing with a crooked bank who had no regard for me as a customer. There are lots of better options out there.

  17. James said:
    on July 28th at 07:03 pm

    I save with ING over in the UK and they are a very good bank in most respects. They are a couple of years ahead of where the American operation is, so it may be instructive to look at the way they treat their British customers – as this is what they will start doing in the states. Although reasonably good customer service, they have a habit of not passing on base rate rises to their customers. Not every single one but about one in three doesn’t get passed on. Two and a half years ago they were the top savings account, now they are well down the league – relying on customer inertia. (Naturally they pass on rate falls with lightening speed).

    So save with them but watch them like a hawk and move as soon as they start messing you around.

  18. Mac said:
    on August 1st at 02:28 pm

    Based on ingassociate’s comments, an appropriate slogan for ING would be “We cheat our customers without even trying!”

  19. SingleGuyMoney said:
    on August 4th at 02:20 am

    I have had savings account with the for years and I just opened my Electric Orange account last week. So far, so good. I like that they show you your month to date interest total. Please visit my blog to follow my progress with the account.

  20. soulstealer151 said:
    on August 7th at 06:29 pm

    ING has the lowest interest saving account right now. I moved my money long ago when Emigrant rised to the top. Now Emigrant isn’t doing so well either so I switched to Amtrust.

    The only reason I stay with ING is because of their orange checking account that give me 4% interest while local branch gives to 0%.

  21. The Shield said:
    on August 8th at 02:50 pm

    From my experience, ING is the scum of the scum! They may not cheat all their customers, but one thing’s for sure…they’ll never have an opportunity to cheat me again! They also tried to con me into a ripoff 4.75 APY 1-yr. CD over a year ago by using fear tactics of telling me they had inside information of “the Fed soon to be lowering the Federal Funds Rate, and that banks would soon follow, and that I’d better lock in while I had the chance.” But I knew better!

  22. James said:
    on August 25th at 05:18 am

    E-mail me to get a link for $25 FREE I have made over 200% interest by doing this and they have ALWAYS followed their proceedures with me just READ IT! If you don’t like the fine print, then don’t take the checking account with 4.1% interest

    Ya gotta put in $250 at least, but e-mail me


  23. joey said:
    on August 30th at 03:25 pm is way better than this electric orange if your looking for a good checking account.

  24. Jack said:
    on September 11th at 03:14 pm

    If your interested in opening an account with ING. I got invitation to both ING Saving and ING Checking. Both gives you $25 to open up. Email me for the link along with full name and email address.

  25. ING Review said:
    on September 14th at 09:37 pm

    Why would someone deposit $100k+ into a checking account? You have to be loaded for that nonsense.

    But I do appreciate the attractive yields, but unfortunately checking is reserved for spending so your money will fall short of its true earnings potential each month.

    I prefer the ING Direct online savings over the checking even though checking pays a higher yield on large balances.

    1. Savings are meant for savings, and you’ll be richer in the long run.

    2. No one should ever stash more than current monthly expenses in checking!

    3. Online checking isn’t necessary; keep your brick and mortar checking because you only need 1 checking account :0

  26. The Shield said:
    on October 3rd at 05:27 pm

    You’ll notice how ING lowered their rates immediately after the Fed funds rate reduction, even though they paid lousy interest before that anyway…ING is SCUM SCUM SCUM!!!

  27. Doobles said:
    on October 12th at 05:19 am

    I HAD a checking account with ING.. Unfortunately a few months after they gave me a checking account, they yanked it away because of “low credit score”..

    ING can rot in hell for all I care.

    AND.. ING doesn’t immediately raise rates when the fed raises them.. It normally takes a month. But when the fed drops rates, ING drops immediately.

  28. ingassociate said:
    on October 13th at 01:22 am

    Please read this!!!!!

    We want to ensure our Customers are a good fit for Electric Orange, so we are reviewing their accounts to determine whether the Overdraft Line of Credit feature is helping them save money. To help make the decision, we assessed Customers’ Electric Orange payment history and credit information (provided by Equifax). Based on this information, we either reduced the Customer’s Overdraft Line of Credit to $25 or closed the Overdraft Line. We are mailing letters to approximately 45,000 of these Customers to notify them of our decision. The toll-free number for the Sales Center will not be included in the letter. We have also sent emails to Customers to notify them of the change.

    Customers Who Aren’t a Good Fit for a High Overdraft Line
    Closing the Overdraft Line
    After reviewing these Customers’ credit and Electric Orange account history through an account review process, we determined that it was in the best of interest of the Customer and ING DIRECT to close his/her Overdraft Line based on information obtained from a credit reporting agency (Equifax) and his/her current financial situation. If a Customer has an outstanding balance on his/her Overdraft Line when we close it, he/she must pay off the outstanding balance. Click here to view the letter.

    Reducing the Overdraft Line to $25
    Similar to the group above, we determined these Customers have an Overdraft Line that is inconsistent with information obtained form their credit bureau and current financial situation. These Customers also have the option to re-apply at any time to increase their Overdraft Line. Click here to view the letter.

    Why did we lower or close these Customers’ Overdraft Lines of Credit?
    It’s in ING DIRECT and Customer’s best interest to periodically review Overdraft Lines to determine if the Customer’s current credit situation is still reflective of the original decision. We are involved in a market place where businesses of different sizes and services are tightening their standards for extending lines of credit to Customers. Basically, we are working to prevent any potential losses associated with products like the Overdraft Line of Credit. If we discover the Overdraft Line doesn’t match a Customer’s current needs, we will take action by reducing or closing his/her Overdraft Line. This ensures we’re matching our products (and features of these products) to the right Customers.

    How are we notifying these Customers?
    As stated earlier, we are mailing letters to these Customers to notify them of our decision. In addition, we have sent follow-up emails to impacted Customers to let them know about the Overdraft Line of Credit reduction, so they can plan their Electric Orange transactions accordingly. Please click here to see the emails.

    How should I handle calls from these Customers?
    This is what you should do if you speak with a Customer affected by this change:
    • Please provide the following explanation:
    o We are making our credit standards more rigorous to limit ING DIRECT’s exposure to potential losses from products like the Overdraft Line of Credit, which is an unsecured open-ended loan. Everyone from major corporations to small business are keeping a close watch on the lines of credit they offer to Customers, given the changing marketplace. ING DIRECT reviews all lines of credit periodically, including Customers with Electric Orange Overdraft Lines of Credit, to determine whether the Customer meets the Bank’s standards for having a loan account. These reviews include obtaining credit information about our Customers with loan accounts. We encourage you to contact Equifax directly to learn more about your credit rating. This way you can get a copy of the most recent credit report we used to revise your Overdraft Line. Here’s how you can contact Equifax:
     Phone – 1-800-685-1111
     Online –
     Mail – Equifax Consumer Services, PO Box 740241, Atlanta GA 30374-0241
    NOTE: If a Customer is interested in increasing his/her Overdraft Line, please explain he/she may re-apply for an Overdraft Line increase at any time; however, it is not guaranteed he/she will be approved.
    • Ask the Customer if he/she has any pending or scheduled Bill Pays or transactions.
    o Advise the Customer to transfer money from his/her Orange Savings Account or external link to ensure there are sufficient funds to cover all pending and scheduled transactions.
    o Bill Payments and transactions will not be processed if there are insufficient funds in Electric Orange.
    • If the Customer’s Overdraft Line was closed and he/she has an Overdraft Line balance, please advise him/her to continue to payoff the balance by making deposits into his/her Electric Orange.
    • Assure the Customer he/she will not be charged any fees from ING DIRECT in the event a transaction is rejected.
    • If the Customer is adamant about disputing our decision, you can email Unsecured Credit as a last resort. Do not forward all inquiries about this issue to the Credit Team.
    o Send an auto-index email stating the Customer is disputing our recent decision to close/reduce his/her Overdraft Line.
    o Set the expectation a member of the Credit Team will contact him/her via email within 24-48 hours to follow up on the request.
    o If Customers want to file the dispute themselves, they can email
    • If the Customer is calling to complain about our decision, please make sure you log the Gripe in SASSy.

    Some Customer Concerns
    What happens if a Customer doesn’t have enough funds to cover a preauthorized, pending or prescheduled transaction?
    • Preauthorized Card transactions (e.g. hotel stay, car reservation) and ‘Pending’ status (the funds have been verified and the transaction is scheduled to occur) – These transactions will go through, even if there are not enough funds in Electric Orange to cover the transactions.
    • Prescheduled Card transactions and Bill Pays (the transaction has not occurred and payments were previously set up) – These transactions will not go through if there are not enough funds in the account. Please assure Customers they will not be charged any fees from ING DIRECT for this rejection.

    Did we ever tell Customers ING DIRECT would check their credit after opening an Electric Orange?
    Yes, the Overdraft Line of Credit Terms & Conditions specify the Bank may obtain information from a credit bureau in order to manage the account. Customers were provided with the Terms & Conditions during the application process. They are also available on our website for Customers to easily access. Here are some important excerpts that relate to this issue:
    • We’re allowed to increase or decrease your credit limit at our discretion, at any time, without advance notice to you, as allowed by applicable law. You also agree that the Bank reserves the right to obtain follow-up credit reports on you in connection with the maintenance, review or collection of your OLOC.

  29. ingassociate said:
    on October 13th at 01:24 am

    All these bloggers are gay!

  30. The Shield said:
    on October 13th at 10:27 pm

    Once again, the ingassociate demonstrates his contempt for former and potential ING customers. The question is: Do you really want to do business with an organization that has such disregard for you as a consumer?

  31. Mac said:
    on November 2nd at 07:55 pm

    No doubt about it. As a former ING customer, I can attest…both ING and their savings interest rates SUCK BIG TIME!!!

  32. stef said:
    on November 14th at 08:22 pm

    I am very interested in opening up a savings account for emergency purposes. At first, I was going to open an account with ING. I heard nothing, but good things until I came here. I’m not to sure about ING now. What does everyone know about Emigrant? Thanks!

  33. stef said:
    on November 14th at 08:22 pm

    I am very interested in opening up a savings account for emergency purposes. At first, I was going to open an account with ING. I heard nothing, but good things until I came here. I’m not to sure about ING now. What does everyone know about Emigrant? Thanks!

  34. The Shield said:
    on November 15th at 04:06 pm

    I’ve had good experiences with Emigrant Direct.

  35. gcgoodwin said:
    on November 29th at 07:10 am

    I don’t know what to think about all of the negative comments regarding ING Direct. I’ve had an online savings account with them since 2001 and have had an electric orange checking account for a few months now. I’ve been very impressed with everything… customer service, rates, the way the site is structured, how quick and easy it is to open an account, how quick and easy it is to add funds electronically, how quick and easy it is to withdraw funds electronically, etc.

    The only disadvantage I can see with using the electric orange account is that you really need a local bank to make it easy to quickly transfer funds. Say for instance you receive cash or a paper check and want to deposit it; If you deposit the funds in a local bank on Monday, and initiate a transfer from the ING website the same day, the funds generally show up in the online account by Wednesday.

    I’ve seen a few posts where someone said they didn’t earn interest on deposits until a few days after the deposit was made. I’ve checked my statements every month and the amounts I’ve been paid match up to what they should.

    Elecronic transfers begin to accrue interest the same day as the transfer. It’s possible to mail a check to them for deposit, but I’ve never done that (except when I opened the savings account in 2001)… I do remember reading something about a brief delay on interest accrual if deposits are mailed to them… but I’ve never done that. Depositing checks and cash at a local bank and then initiating a transfer from the ING site is the way I’ve deposited money with them since the first account was opened.

    Granted, they don’t always have the highest rates, but the other benefits I listed above make up for the small difference in rates. The only thing I’m not 100% certain on is opening CDs. It appears to be as quick and easy as the other accounts, but I can’t really say much since I haven’t opened any as of yet. I’ll be opening my first 12 month CD on 12-1-2007 and then another 12 month CD on 1-1-2008.

    I’ll post again after opening the CD in a few days to note whether or not I have any problems.

  36. Buddy Garity said:
    on November 30th at 05:15 pm

    I don’t like ING for the same reasons as those who ahve negative comments. It’s possible they’ve cleaned up their act, but they certainly cheated me out of interest during their 4.75 APY special as with others…even admitted the discrepancy, but would not correct it. I’d never give my business to them again.

  37. Rich Larson said:
    on December 8th at 11:50 pm

    Glad to see the negative comments about ING, because they gave me the royal shaft too! Too bad more folks don’t realize what ING really is–a bunch of fools you can’t trust!

  38. Beetlejuice said:
    on December 13th at 06:37 pm

    They are a bunch of scam artists. They bought out Netbank, my original account. They stopped my debit card a month ago and said they would send a welcome package and a new debit card. Here I sit, a month later, with no access to my money. When I called to complain, they were not sympathetic and basically treated me like I was the one at fault. I would like to hear from other Netbank customers who were converted over to ING. I bet that I’m not the only one who complained. Asswipes.

  39. eric said:
    on December 17th at 11:39 pm

    if anyone wants to make the 25$ bonus for signing up just e-mail me ( and i will send you a refferal e-mail with the link to do so. only e-mail me if u are able to make the initial min required deposit of 250$, thanks, its an easy 25$ and (at an APY of above 4)a great place to keep extra cash u have lying around.

  40. The Shield said:
    on December 18th at 05:47 pm

    I got the $25 bonus for opening an account too…then later they ripped me off for that amount and more!

  41. MJ said:
    on December 28th at 10:59 pm

    ING tried to make me believe I was the only one with complaints! Glad to see I’m not. Their customer service reps are nice AS LONG AS YOU DON’T CHALLENGE THEM ON ANYTHING. If you politely disagree with them and call errors to their attention, they can be quite rude. Why would I bank with them when there are others who actually treat me as if I’m a valued customer? I’d be thrilled if ING went belly-up, but they won’t because too many people don’t recognize how crooked they are.

  42. Mother Miles said:
    on January 4th at 10:17 pm

    Another vote for “ING SUCKS!” I’d personally file charges against them if it would put them out of business!

  43. Test said:
    on January 9th at 09:05 pm

    Testing Post at 4:05PM 01/09/2008

  44. Card said:
    on January 16th at 06:43 pm

    Yep, ING does bite the big one. I friend told me about ING’s savings 4.75APY special a couple of years ago, and guess what? I had the same problems with them only paying me less than 1% interest for the first several days and taking a long time to credit the transferred funds to my account. If ING is that petty, then I say they’re a**wipes too!

  45. gcgoodwin said:
    on January 22nd at 06:47 am

    Just wanted to provide an update on opening CDs with ING… opening my first few CDs were quick and easy. I can’t comment on how quick and easy the process will be to roll them over or transfer the funds to another account or CD as I haven’t done that yet. The total time to open the CD was less than 5 minutes… but that included me reading all the fine print on the first one. The 2nd CD was opened up in less than 60 seconds.

    How long does it take to open up CDs with the other online banks? Is it a fairly quick and painless process or is it more like the pain of opening and maintaining CDs at a brick & mortar institution? Thanks.

  46. EJ said:
    on April 14th at 08:43 pm

    If you want an invitation for ING checking/savings email me at


  47. Carol said:
    on December 8th at 01:05 am

    I’m another customer who was cheated out of interest by ING. It’s been happening since Feb. 2010. I was in the middle of trying to sell my house, and not watching the account closely. It was when I deposited the money from the sale of the house that the discrepancy REALLY stood out. They actually posted less interest than the month before. Talk about stupid. They can’t even cheat their customers cleverly. What a bunch of dirty bastards. Who CAN we trust anymore?