It's here!
The new account from ING DIRECT that
delivers the access and convenience of checking with the earning power of savings.


As an ING DIRECT Customer, you believe in saving and know we try to make it easy for you to save more—without hidden fees and catches. Many of you have asked when we would do for checking what we did for savings. We have an answer! It's called Electric Orange and it's exclusively for you. It's America's first paperless checking account and you can be one of the first to have it.

Electric Orange is everything you'd expect from ING DIRECT and more:

It pays high interest
5.30% APY on every dollar for balances of $100,000 or more
5.05% APY on balances between $50,000 and $100,000
3.00% APY for balances up to $50,000
A MasterCard® Debit Card for purchases
Free ATM access at more than 32,000 locations nationwide
Free Bill Pay
Send money securely to anyone for Free with Electric Checks
With the Electric Orange Security Guarantee, you’ll have $0 liability for unauthorized purchases
(Annual percentage yields apply to your entire balance. All listed rates are variable and effective as of 11/29/06.)

Open your Electric Orange today:

Go to ingdirect.com and login with your Customer Number and PIN,
Click on 'Open an Account',
Then click on Electric Orange (you must be logged in to your account to see it).
Getting started is that simple!

Electric Orange - the checking account that
thinks all your money deserves to make money.

link

they've upped the APY rates to 4%/5.25%/5.3%

anyone have any experience with an electric orange account?

I opened one and transferred my savings into it. The interest rates don't go down on any ING account. I have not used it to make a payment yet. So basicaly I am using it as a savings account.

ING rates fluctuate just like at any other bank. When I opened my savings accounts there they were paying 5.5% and then went down to a low of 1.785% in July of 2003 and have been working their way back up ever since.

I have never experienced drop in any rate at ING.

Looks like you didn't have an account open before July of '03

Looks like you didn't have an account open before July of '03

Like I said I have never experienced a drop in my rate at ING. My account was open before July of 2003 as well and I have checked all of my statements. Oh and this is not an official chart...It is homemade by a college student. Oh and we are talking about a checking acocunt, not a savings account...So the chart still wouldn't apply.

The interest rates don't go down on any ING account.

Well it is a fact that the rates went down through July2003, so either you are somehow special or you are mistaken. Think about it realistically, what bank could survive if they could only raise their interest rates but could never lower them, it is a ridiculous premise. The previous returns on their savings account are not an indicator on how the interest rates on the newly offered checking accounts will fare, but I guarantee they will fluctuate just like any other bank's accounts.

By the way, all you have to do is click on "Transaction History" while logged into your ING account. It will let you go back to January 1, 2003 through the present and will show the current rate at each interest deposit.

The following rates that were in effect are straight from their online data:
1/31/03 2.276% (2.30% APY)
4/1/03 2.178% (2.20%)
5/2/03 2.080% (2.10)
6/4/03 1.982% (2.00)
7/4/03 1.785% (1.80)
8/7/03 1.982% (2.00)
6/1/04 2.080%
8/3/04 2.178%
11/18/04 2.227% (2.25%)
and so on up to the present 4.410% ( 4.50% APY)

At any rate the statement: is clearly false.

Your numbers don't change my numbers from ING. The statement is clearly true for my account.

If what you are saying is true then you have been short-changed and will need to get in touch with ING and find out why you were paid so much less in interest than everybody else. Because the only way that your interest rates could have only gone up and never gone down if you were an account holder before July 2003 would be if you were being paid a lower rate on your deposits than everyone else was getting before July 4, 2003 (since ING, USA division, had no tiered accounts in 2003). While the rest of us were getting higher than 1.785% ((1.80% APY) you were getting less than 1.785%, since that is the only way your rates could have only gone up over that same time period.

I'm glad you are concerned for my financial well being, but I am on this site because I enjoy deals...not because I NEED them. Somehow I will manage to scrape by.