ING, one of the world's leading financial services firms, pioneered purely
online banking business with ING DIRECT. They were one of the first to see
that eliminating the overhead associated with traditional banks could translate
into big savings for the customer. Now ING Direct is the U.S.'s largest online

As customers in general have become more sophisticated and used to using
the Internet for all sorts of transactions, their decision to enter the online
banking space has proved to be a very wise one.

Their solid reputation, innovative products, and cutting edge security features
have made them one of the largest online banks, with 6.5 million online
banking customers in the U.S. alone, and 15 million more internationally.

How does ING DIRECT benefit its customers as an online bank? As with some
of their main competitors, WTDirect and E*Trade Bank, one of their key
advantages over traditional banks is low overhead and high interest rates on
their savings accounts. They also provide competitive mortgage rates and low
fee structures for those borrowers with better than average credit, especially
those borrowers with 20% down payments.

ING Direct Company Facts -

Company Name:
ING Direct

Official Company Banking Website:

Year Founded:
INGDIRECT was founded in 2000, ING Financial Services founded in 1991
from the merger of insurance company Nationale-Nederlanden (est. 1963) and
banking company NMB Postbank Groep (est. 1989). Since the merger ING
Group has acquired many large and respected financial companies, such as
Barings Bank (1995), Bank Brussels Lambert (1998), Guardian (1998), and
Aetna (2000)

Arkadi Kuhlmann

ING Direct Corporate Office Location:
Wilmington, DE

INGDirect Mailing Address:
1 South Orange St,
Wilmington, Delaware

Stock Market Trading Symbol:

2007 Net Income (millions USD):

Number of Employees (Mar, 2008)
2,100, including over 400 in California

FDIC Insured:

Local Branches:
No, online only. INGDirect does have Ornage Internet Cafes throughout the
U.S.,  with coffee, food, and free Internet access for ING DIRECT Orange
account holders.

Banking Services and Features Offered:
Orange and Electric Orange Online Savings accounts, Electric Orange High
Yield checking account, High Yield CDs (1 - 5 yrs), Quick Account Transfers
between ING Direct accounts or to/from outside accounts,  free online bill pay
automatic balance and payment alerts, ING now owns the Sharebuilder stock
brokerage service for easy investment integration with banking services, no
minimum balance fees, no transfer fees, business savings accounts.
Customers can also get Individual Retirement Arrangements (IRAs) in the form
of a Savings account and CDs.

ING Direct customers have free ATM access at 32,000+ ATMs worldwide
through the AllPoint ATM network. ING Direct banking customers are eligible to
receive a Electric Orange MasterCard® Debit Card. Free automatic overdraft
protection when using an Electric Orange high yield online checking account
through an Overdraft Line of Credit.

Minimum Balance Required in Electric Orange Savings Account:
$0-$49,999.99                                .49 %               02/04/2009
$50,000.00-$99,999.99                2.27 %               02/04/2009
$100,000.00 or more                     2.47%               02/04/2009

Minimum Balance Required in Checking Account:
No minimum for standard checking account

Deposit Methods Accepted:
Electronic transfer between accounts (ING Direct or other institutions) -
customer must have a checking account with another financial institution

The entire ING firm is pledged to be 100% carbon neutral in an effort tohelp
the fight against human influenced climate change. One of ING's goals is to
operate in a responsible and globally sustainable manner. The number of U.S.
ING Direct clients increased a robust 41% between FY 2006 and FY 2007. ING
doesn't sell loans to outside investors. It actually holds all the loans it
originates, unlike virtually any other large, financial institution.

ING contributed $1 million to the Iowa disaster relief fund for help with the 2008

ING Direct Bank's User Comments and feedback from around the

" The best product on the market for anyone that has money they would like to
invest and earn a return on. By far the best customer service....." - ThriftyFun.
com user forum

"Excellent Savings account. Easy to use and you can see your money growing
day by day.... " - user forum

"Opening the account and all was easy. No more difficult than anywhere......" -
eMoneyCentral user forum

"I've had an account with ING now for about a year and have had ZERO
problems with them. I have transferred a ton of money out and into the
account without incident....." - user forum

The advantages of ING Direct  online bank:

  • Great customer service, although to keep costs down they actually
    discourage using customer service, choosing instead to make sure
    everything is very easy to use and functions well the first time.

  • They are very security conscious and have pioneered many online
    banking security methods to keep your money and identity safe.

  • High interest rates and a sign up bonus.

  • Wide range of excellent product offerings, such as their Electric Orange
    high yield checking account, the Orange high yield savings account,
    high interest CDs up to 5 years, refinances and mortgages with low
    interest rates and fee structures (unlike many lenders they don't mark
    up fees)
  • The Orange High Yield Checking Account is highly recommended. Click
    to discover how it can help improve your finances.

Disadvantages of ING DIRECT online bank:

  • Although they pay a very high interest rate they are not always the
    highest compared to other online banks

  • With the Electric Orange high yield checking account ING Direct
    requires an overdraft protection deposit, even with very high account
    balances. They also make regular credit inquiries to the major credit
    bureaus, possibly lowering your credit score temporarily. For these
    reasons we cannot fully recommend the Electric Orange High Yield
    Checking account, even though they do pay a very high interest rate.
    The  Orange Savings is highly recommended, however.
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Watch this video of ING
Kuhlmann reveal how you
can earn more money with an
ING DIRECT Orange account.
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