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Online Banks | ING Direct

ING Direct

ING Direct is part of the new breed of branchless online banks. It has operations in Austria, Australia, Canada, France, Germany, Italy, Spain, United Kingdom and the United States. Their flagship product is their online savings account, better known as the Orange Savings Account. The account features high interest rates with no fees and no minimums, and is thus very popular. It can be linked to deposit accounts at other banks, so moving money back and forth is quick and easy.

Online Checking Accounts Introduced

In 2007, ING Direct began offering an online checking account as well, called Electric Orange. This account features high interest on checking balances, 1% cash back on debit card purchases, and and overdraft line of credit.

Online Bank Accounts

The online bank model, forgoing branches in favor of conducting business on the Internet and over the phone, has allowed online banks like ING Direct and others to keep costs low. According, their rates tend to be superior to traditional brick-and-mortar banks. Still, some folks are uncomfortable doing all of their banking business on the Internet, instead of being able to meet in person with a banker.

ING Direct Cafes

Starting in 2001, ING Direct began opening cafes, with the first five locations located in New York City, Philadelphia, Los Angeles, Chicago, and Wilmington, DE. The cafes serve Peet's Coffee, and offer Internet terminals where account-holders to check on the status on their accounts and browse the Internet for free. The cafes also offer seminars on financial topics like budgeting, money management, retirement planning, and debt management.