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ING Direct is an online only bank known for its orange lion logo. It is a section of ING bank. The bank’s history began in 1991 when Mationale-Nederlanden and NMB Postbank Group merged. It is an international bank, and the letters in its name stand for Internationale Nederlanded Groep.
Account Incentives
ING Direct offers an Orange Checking account system that claims to be “Checking minus the fees.” New customers automatically receive a $50 credit just for opening the account. Since it is free to open, this is a big incentive to many customers. Customers who opt for the Easy Orange mortgage, a low-rate adjustable rate mortgage, receive $1,000 off of the closing cost and five years fixed interest at around 3 percent interest. New customers starting out in the ShareBuilder program get a $25 bonus just for trying the stock investment program.
Unique Offerings
Because ING Direct is an online only bank, they offer exceptional rates on their savings products. CDs and even the Electric Orange Checking earn 1.25 percent APY. They offer a Kids Savings Account with a 1.10 APY as well. The primary focus of the bank is savings, with several automatic savings programs you can set up to ensure you are saving without thinking about it. They also offer an investment program that allows you to buy stocks for just $4 and no minimums on the accounts.
Awards and Accolades
ING Direct is the nation’s largest thrift and largest direct bank. Its offices in the Twin Cities earned recognition for being one of the top places to work in the local area. The bank also works within big cities, like Chicago, to teach children about money management and the importance of saving.
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ING Direct is a no-frills savings program with high rates compared to its competition. It advertises no fees for its savings and checking accounts, and customer report that it does come through. The bank also receives high marks for its security. Customers have unique ID numbers, PINs, and image verification to ensure they are accessing the account properly.
There are a few downsides to banking with ING Direct. The savings products are not a good source if you need fast access to your money. It takes two to three business days for transfers to get from your ING account to your brick-and-mortar bank. Savings deposits may face a five-day hold before customers can retrieve them. If you need a savings bank that has a higher-than-average interest rate and promotes automatic savings, and can afford to wait a few days to access your money, then consider ING Direct.