ING high interest checking

[Ima saver]

Yesterday, I received an offer to open an ING electric orange checking account. It will pay 3% for balances under $50,000, 5.05 % for balances above $50,000 and 5.3% for balances above $100,000.
What do you all think?
Anyone have ING checking?

[safari]

If you don't ever need to write paper checks, it might work for you, but I must have a checkbook.

[poundwise]

You may want to check out EverBank's FreeNet checking. (Click the FreeNet checking banner to see a comparison chart.)

It doesn't hurt that they have an intro rate of 6.01% APY, however, even without that...

[risknothing]

Ive been using the checking account for about a month and i love it. I never write checks. The bill pay and checks that they mail work great. Also, if you use their savings account then you can transfer money to the checking account when you need it and earn the interest when you want it.

[Ima saver]

Oh, I did not know you did not get checks. I have to have checks too. Thanks for the info.

[PrincessPerky]

I have it, and just because I don't write the checks doesn't mean they don't get sent. I sent one to church, and one to my insurance agent...just no writers cramp nor stamps needed on my end.

If I wanted I could have one sent to me to give to someone.

I also paid several bills easily with the bill pay.

Plus there is a Debt card which will work well for purchases if you are comfortable with that method (it comes with CC protection, and an 'overdraft line')

Esentially if you have cash sitting around waiting to pay a bill and not getting interest I cannot see any reason to not use it.

[safari]

There are often cases when I need to give a check to someone right away, there is no time to wait until the check arrives in the mail. Since I only keep small amounts in my checking account (the rest is in GMAC), I don't mind not earning any interest on my checking account balance, and prefer the convenience of a local bank and paper checks.

Another thing is making deposits. I often get rebate checks, etc. that I deposit at my local branch and have that money available for withdrawal the next business day. With ING checking you have to mail them deposit checks, so it will be a week until you can withdraw that money.

[risknothing]

I have the same problems as you, and if i need a check i write it from the GMAC Bank account and if i need to deposit a check or cash i do it at wamu where i have a free checking account with almost nothing in it, since i transfer it all to ING or GMAC based on my needs.

[sweeps]

Online-Only Checking Accounts Pay More, But Aren't Right for All

[PrincessPerky]

cool article

[PennyPincher]

In the last couple of weeks I've switched over all my Bill Pay info and accounts from Wachovia to ING Direct checking. It took a little time, but I think it's worth it. My checking account wasn't paying any interest. Now I have my pay check directly deposited into ING electric orange. I get paid once a month...on the 1st. I have 2 mortgage payments that go out on the8th every month, among other things. Even if $2,500 sits there for a week, it'll earn about $1.44 in interest! I think it'll add up. I'm very pleased with their services so far. I have about 20 payees set up in my address book with Electric Orange.

This has been a good move for me!

Also...there is a statement when you set up a payment that if the money is not available in your account the night before the transaction, they will not pull it out. (This seems like a nice safety against overdrawing...)

I wonder if Emigrant Direct will step up now...

[sweeps]

I was never interested in ING's savings account, but I must admit that ING's checking account intrigues me.

PennyPincher, how are you dealing with situations where you must write a check?

[PennyPincher]

As for needing to write a check...

I suppose I am fortunate that I never really NEED to write a check right away. For purchases, I use my reward credit cards.

However...ING's electric savings does have some nice options:

1. You can send a paper check via first class mail at no charge. This can be sent to a business - or a person. So...even though you're "filling it out" online, the recipient still gets a paper check.

2. You can send funds electronically to someone. If you have their bank info - you can send it directly to their account, even if they are not with ING.


I have, however, kept my Wachovia checking account to have a Brick and Mortar bank from which I can write checks as needed, or use it as a funding source for my online accounts. I only keep about $200 in it since it is not interest-bearing, but if I need to write a check (for a wedding gift, etc.) - I would use this account.

Hope that helps!

Oh, just one other thing... Previously, I had several things that were auto-deducted from my checking account, including my condo fees and one equity loan. I have stopped these because they are managed by the companies, and I don't see them as "pending" transactions in my account. Now I pay them with ING's electric orange, and I can tell when they are coming...and set up recurring payments.

[boefixepa]

I am lucky in that my local brink and morter back has a high interest checking. The only 'restriction' if you want to call it that, is that you have to keep a 2.5K min. to earn the interest. But the rate is about 2.5%. So I could earn twice the interest on that 2.5 K by keeping it in my ING savings....the idea intregs me, but since I can not set up Direct Deposit with my company and my hubby to be has this thing were he likes to go INTO the bank to do things....I think I'll keep what I've got.

[Bedrock]

Originally Posted by sweeps

Online-Only Checking Accounts Pay More, But Aren't Right for All

Not Accurate, especially this part from the article:
"(Note: The yields are tiered, so you will earn 3% on the first $50,000, 5.05% on the next $50,000, and so on.)"

From ING's FAQ section:
"Is there any minimum balance I need in order to earn the interest rate?

No. All balances earn interest. If your balance is $49,999.99 or less, you earn a great annual percentage yield of 4.00%. If your balance is between $50,000-$99,999.99, your entire balance earns 5.05% APY; and if your balance is $100,000 or more you will earn 5.30% APY on your entire balance! This is a great checking account that pays great interest on all balances. (Rates variable, as of 02/17/2007).

Yields are NOT tiered.

[sweeps]

Originally Posted by Bedrock

Not Accurate, especially this part from the article:
"(Note: The yields are tiered, so you will earn 3% on the first $50,000, 5.05% on the next $50,000, and so on.)"

From ING's FAQ section:
"Is there any minimum balance I need in order to earn the interest rate?

No. All balances earn interest. If your balance is $49,999.99 or less, you earn a great annual percentage yield of 4.00%. If your balance is between $50,000-$99,999.99, your entire balance earns 5.05% APY; and if your balance is $100,000 or more you will earn 5.30% APY on your entire balance! This is a great checking account that pays great interest on all balances. (Rates variable, as of 02/17/2007).

Yields are NOT tiered.

Sorry, but you don't understand what "tiered" means. It means you get a different APY based on different balances. It doesn't necessarily imply there is a minimum balance to earn interest.

Also note the article was published on 2/12/07. The rates you are quoting are effective as of 2/17/07, so there could be discrepancies between the rates quoted in the article and the rates available now.

[Aleta]

Boefepa: You could keep your brick and mortar bank and open up an ING Direct savings account which pays 4.50% and you could transfer money from your bank to the ING savings account to get you accustomed to it. You only need $250. to open the account and you receive $25. for opening it and you don't have balances or minimums. You could take the $250. out after a month. That's a pretty good return on your money.

I actually took the $250. from one of my irregular accounts that isn't paid for another 6 months. It is a doable thing. Say, you have car insurance money that you save up until the renewal time; you could use that.

[Hedy]

I've had it for two months, and I like it.