Hmm....should I use this ING Electric Orange checking account?

[archcommus]

So I got the email today about the ING Electric Orange checking account. My balance would always be under $50,000, so I'd be earning 4% APY on all of it instead of earning nothing on it while it sits in my Citizens checking acount. Also really good ATM access. Is this worth switching to from Citizens?

 

[Imported]

4% for checking? Holy crap, sign me up. I get 0% on my checking and hardly use my debit card.

 

[GeekDrew]

I just opened one, it's still pending. I plan on using it as well as my existing account, mainly because of the interest.

 

[RossMAN]

http://home.ingdirect.com/products/products.asp?s=ElectricOrange

I signed up for an ING checking account a few weeks ago and so far I like it.

 

[RossMAN]

Originally posted by: GeekDrew
I just opened one, it's still pending. I plan on using it as well as my existing account, mainly because of the interest.

Pending? Mine was opened instantly. Did you already have an ING Orange Savings account?

Did you open your checking account online? I was assigned an account # and could access it within 10 seconds of opening it online.

 

[IronWing]

It works well if you have an account elsewhere for those occasional paper checks.

 

[GeekDrew]

Originally posted by: RossMAN

Originally posted by: GeekDrew
I just opened one, it's still pending. I plan on using it as well as my existing account, mainly because of the interest.

Pending? Mine was opened instantly. Did you already have an ING Orange Savings account?

Did you open your checking account online? I was assigned an account # and could access it within 10 seconds of opening it online.

No, did not have a savings account with them. Their FAQs and etc all say that it's normal to be pending for a few business days. I had to add my existing bank account, confirm their two test deposits, and now they're "verifying my identity."

Oh, and they did assign me an account, and I could log into it immediately, but I'm not able to actually use it yet.

 

[SoulAssassin]

Just don't get pulled in by what appears to be a good rate without examining everything. It's a good place to keep day to day funds but make sure you still keep your savings separate. Also consider any additional fees you would incur by moving to a non-local checking account. Hypothetical scenario, you keep an average daily balance of $1,000 over the course of the year and you earn $40 from interest during this time of which you actually get about $30 after taxes. If you previously were able to use a Citizens ATM fee-free but now pay $1.50 (a charge from Citizens, ING doesn't charge) everytime and you hit the ATM once a week you are now paying $75/yr in fees and $45/yr. Also I hardly ever write a paper check (I think I've done about 7 in the past 3 years) but not having the option to write a check and hand it to someone could be a PITA. Then again, it's free and no minimum balance requirement so why the hell not? I hadn't used my regular ING account in a year or so and they just "fired" me and sent my money back to me. Oh well, I can always reopen one if the run another promo which they probably won't.

 

[RossMAN]

Originally posted by: GeekDrew

Originally posted by: RossMAN

Originally posted by: GeekDrew
I just opened one, it's still pending. I plan on using it as well as my existing account, mainly because of the interest.

Pending? Mine was opened instantly. Did you already have an ING Orange Savings account?

Did you open your checking account online? I was assigned an account # and could access it within 10 seconds of opening it online.

No, did not have a savings account with them. Their FAQs and etc all say that it's normal to be pending for a few business days. I had to add my existing bank account, confirm their two test deposits, and now they're "verifying my identity."

Ah ok that makes perfect sense.

I like that it's all online, I can transfer funds from my "regular" credit union account, pay bills and best of all have ATM access.

 

[archcommus]

The ATM access isn't actually all that great, it's only free from their specific line and they don't cover fees from other ATMs. If they did that that would be the sh!t.