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ING Direct Raises Checking Account Mid-Tier Rate to 5.25%


ING Direct just raised the rate on its Electric Orange Checking Account from 5.05% to 5.25% APY for balances between $50K and $100K. The rates on the other tiers remain the same (4% APY for under $50K and 5.30% APY for over $100K).

ING Direct publicly launched this Electric Orange Checking Account in early March. Like the Orange Savings Account, there are no minimum balance requirements or monthly fees. The unique thing about this checking account is that you can't write paper checks. Please refer to this post for more details.

For those with large balances, this change makes the Electric Orange a very competitive checking account and it's even competitive when compared to savings accounts at other banks. For other checking account alternatives, please refer to my summary of the best checking accounts.

In late April, ING Direct just came out with a 5.25% APY 9-month CD (see post).

Thanks to the reader who mentioned this new rate.

Related Pages: checking account

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Jeannie (anonymous)   |     |   Comment #1
After having an Electric Orange account for about 5 months now I just got an email stating that they ran a credit check through equifax and are now closing my account. So much for my loyalty to ING and thanks ING for the warning this could happen. I guess I can not feel bad about taking my money elsewhere now.
Jeannie (anonymous)   |     |   Comment #2
So today I received another email from ING stating that they closed my account in error and that all my priviledges have been restored. What is going on over there?
I called them and they stated that a number of accounts had been closed in error. So apparently they were closing certain accounts but made a boo-boo in closing others. Well, that's kind of a big "Oops, My bad" to have, dontcha think?