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3.50% APY on every dollar for balances of $100,000 or more 3.30% APY on balances between $50,000 and $100,000 1.75% APY for balances up to $50,000 A MasterCard® Debit Card for purchases Free ATM access at more than 32,000 locations nationwide (ATM search www.allpointnetwork.com) Free Bill Pay (limit $99,999.99 per payment) Send money securely to anyone for Free with Electric Checks (limit $5,000 per day) Automatic protection Overdraft Line of Credit (amount was lowered from $1,000 to $250 due to abuse). Electric Orange is FDIC-insured
(listed interest rates effective 3/11/2008)
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ING DIRECT ABA/Routing Number: 031176110
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Does ING do a hard pull?
As of 6/10/2006 (or sooner) Do you pull my credit if I apply for Electric Orange and the Overdraft Line of Credit? Yes. As part of your application, ING DIRECT will obtain information about you from a consumer credit reporting agency (a “hard pull”) to confirm that you are eligible for Electric Orange.
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Reportedly, ACH transfers to/from the linked checking accounts are fast, faster than ING Savings.
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The "Electric Check" feature is a method of sending money via email, similar to PayPal. Limit $5,000 per day.
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How do I link Electric Orange to my Emigrant Direct account? - Login to Electric Orange, go to "Account Maintenance" and print out a voided check. - Send that voided check to Emigrant per their instructions for linking accounts. - Initiate transfers from Emigrant.
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1 negative comment regarding billpay paper check payments: money is reportedly removed from your account on the check issue date. You lose the interest float that you might get with other billpay services that keep the money in your account until the check clears. (A negligible amount for small checks.)
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Message edited by: mapen on 2008-11-29 18:36:14 CST
It looks like it won't actually have paper checks though (except through billpay, but who writes paper checks these days anyways, except to other banks for opening deposits when they require such), but with no min bal and no fees (and maybe no directdeposit requirement?) it would be a pretty good interest checking account (obviousally not macthing Presidential's, but that requires real payroll-ish direct deposit and a $1k min).
I'll likely sign up, just to make my savings account easier to access in case they ever become competative on rates again.
ajulius said:ING is coming out with a 3.00% Checking account called Electric Orange from what I have heard according to a new article I read.
This deal will NOT be favorable to the other deals on the market but due to the popularity of ING I thought I needed to point this deal out.
I've never heard of this before, but it sounds like it'll be pretty convenient for people who have an Orange account already (like me).
Looking at the ING news section, though, it appears that this news has been out since May - but it's still news to me. ING News and Press Releases
A debit card seems like a good idea, but I don't know whether or not people will like the idea of a checking account without paper checks ("You'll be able to write checks with your computer, but not with your pen." - from this article). The same article said that rollout was supposed to be this summer, but I guess they're behind schedule.
Edit: Sorry, Xeon, I didn't see your post (stayed in the reply window too long).
jensky5 said:I would like the idea better if they did have paper checks. My apartment complex and the water/trash company only take checks.Can't you use billpay for that though? It sounds like they will mail paper checks like other billpays for those that don't take electronic payments.
I'd sign up for this in a second if it was available today. I already have an ING savings account and knowing ING I bet they would make the process really easy. My GMAC account is running up against the 6 transaction limit every month. If I could make all my bill payments through this I could draw down my 0% checking to almost nothing. I do not have direct deposit and I don't really want to consistently keep a thousand dollars or more in checking (Presidential).
Xeon852 said:jensky5 said:I would like the idea better if they did have paper checks. My apartment complex and the water/trash company only take checks.Can't you use billpay for that though? It sounds like they will mail paper checks like other billpays for those that don't take electronic payments.
Hmmm...that could work. Plus, it would be nice to earn a little something while I'm waiting for bills to clear.
Can you tell me what no minimum, no direct deposit checking account I can get from a reputable company with a history of good customer service for an online bank and a rate greater than 3.0%?
The offering is not good because you are best off with a legitimate bank OFFERING 5%+ and linking it to a checking account. You move funds into checking account right before the bill is due and off it goes.
Everbank is offering a higher rate for checking and is reputable FYI and so is Presidential Bank and a few others.
But with that being said, I think the best option is the 5%+ account linked to free checking and moving funds only when the bills need to be paid at least thats my thinking....
The ACH transfer means 3 days lost interest. So lets say I had a 5% savings and moved the funds to a high rate checking, I already lost 3 days worth of interest.
So Im wondering myself:
Which of these senarios is best:
5.05% Interest with local bank and 0.25% interest checking linked so you can transfer same day and then pay bills 5.05% Interest with local bank and 3.00% ING for sake of argument using an ACH transfer which means lost interest for 3 days.
Isnt the 1st senario better because you will get more interest at 5.05%?
ajulius said:Isnt the 1st senario better because you will get more interest at 5.05%? As of right now, that makes more sense to me, but if ING's savings rates go up then it would be a more viable option.
Also, sometimes I like to leave money in checking even if I know no payments are comming up (I only have to pay landlord, Capital One, and my two MBNA cards out of checking), espically when I travel because sometimes foreign ATM's don't allow you to withdraw from savings accounts (although I've been using Paypal for this recently, only a $1 fee and thier MM yield has been 5+% lately, but those $1 fees can add up and are often more than my interest for the month).
Plus, like the poster above me, no local banks with HYMM, so I'm losing on the ACH transfer anyways for deposits.
bigboy: HSBC offers 5.05% here, WaMU has 5% (open a free checking account online with them and they give you a 5% statement account with it) and Citibank has the 5% deal. I am not sure where you are located but in alot of the country you can indeed find 5%+ accounts.
Xeon852 said:ajulius said:Isnt the 1st senario better because you will get more interest at 5.05%? As of right now, that makes more sense to me, but if ING's savings rates go up then it would be a more viable option.
Also, sometimes I like to leave money in checking even if I know no payments are comming up (I only have to pay landlord, Capital One, and my two MBNA cards out of checking), espically when I travel because sometimes foreign ATM's don't allow you to withdraw from savings accounts (although I've been using Paypal for this recently, only a $1 fee and thier MM yield has been 5+% lately, but those $1 fees can add up and are often more than my interest for the month).
Plus, like the poster above me, no local banks with HYMM, so I'm losing on the ACH transfer anyways for deposits.
HSBC lets you withdraw from foreign savings accounts with no problem from what I believe. I haven't yet tried it. There is no fees nor exchange rate conversions with them.
As for the local banks with high yield accounts you would be surprised. Most of the accounts you need to sign up with ONLINE HOWEVER they can be linked with checking accounts and you can use the atm machine with them and deposit funds. With HSBC since I have a checking linked I can use a teller with no problem as well, I can just transfer the funds over to checking account and withdraw them from the bank on the same day or make a teller deposit to checking and instantly transfer it over to the high rate account.
Check www.fdic.gov and find the banks in your area. Go to the websites, and it is possible one will have a 5%+ rate that you didn't know about before. WaMU and Citibank for instance have extensive reaches and there are other banks as well offering these rates.
In my area: HSBC is 5.05%, Citibank is 5%, WaMU is 5%. 3 other banks have 5%+ rates for online divisions and I dont know if they can be linked to checking or not. I had an HSBC account when they were the first local high rate bank.
ajulius said:HSBC lets you withdraw from foreign savings accounts with no problem from what I believe. I haven't yet tried it. There is no fees nor exchange rate conversions with them. Its more of a technical limitation, that some foreign ATM's simply don't have the option to withdraw from savings, just as they don't understand non-4 digit PIN's. If I'm in an HSBC country that works great, but otherwise their non-HSBC ATM fee is somewhat large IIRC (like $2.50 or something).
ajulius said:Check www.fdic.gov and find the banks in your area. Go to the websites, and it is possible one will have a 5%+ rate that you didn't know about before. WaMU and Citibank for instance have extensive reaches and there are other banks as well offering these rates.
In my area: HSBC is 5.05%, Citibank is 5%, WaMU is 5%. 3 other banks have 5%+ rates for online divisions and I dont know if they can be linked to checking or not. I had an HSBC account when they were the first local high rate bank. No WaMU, no Citi, no HSBC anywhere close (none in the state of MA). The big banks here are Sovereign, Citizens and BOA, BOA and Citizens don't provide a high yeild linked savings account and Sovereign is too busy trying to act like a small bank to offer the features I want (aka their website stinks, you have to call or go into a branch to get rates, plus their moneymarket has like a 10k min or something), so I use BOA as my local bank. They've been holding my large deposits lately though, so I may start mailing them in to UFB (since they offer free envelopes) or just paying the postage to mail them to HSBC (who seems to get them in 1 day, 2 days max, and posts it the same day).
It might be nice to live in NYC metro, but that’s not representative of the rest of the US.
bigboy1972 said:I'd sign up for this in a second if it was available today. I already have an ING savings account and knowing ING I bet they would make the process really easy. My GMAC account is running up against the 6 transaction limit every month. If I could make all my bill payments through this I could draw down my 0% checking to almost nothing. I do not have direct deposit and I don't really want to consistently keep a thousand dollars or more in checking (Presidential).
If you have an HSBC branch near you it's the best option, when you have a savings and checking, you can do unlimited transfers through the ATM without having to worry about the 6 transaction limit a month.
Xeon852 said:ajulius said:HSBC lets you withdraw from foreign savings accounts with no problem from what I believe. I haven't yet tried it. There is no fees nor exchange rate conversions with them. Its more of a technical limitation, that some foreign ATM's simply don't have the option to withdraw from savings, just as they don't understand non-4 digit PIN's. If I'm in an HSBC country that works great, but otherwise their non-HSBC ATM fee is somewhat large IIRC (like $2.50 or something).
ajulius said:Check www.fdic.gov and find the banks in your area. Go to the websites, and it is possible one will have a 5%+ rate that you didn't know about before. WaMU and Citibank for instance have extensive reaches and there are other banks as well offering these rates.
In my area: HSBC is 5.05%, Citibank is 5%, WaMU is 5%. 3 other banks have 5%+ rates for online divisions and I dont know if they can be linked to checking or not. I had an HSBC account when they were the first local high rate bank. No WaMU, no Citi, no HSBC anywhere close (none in the state of MA). The big banks here are Sovereign, Citizens and BOA, BOA and Citizens don't provide a high yeild linked savings account and Sovereign is too busy trying to act like a small bank to offer the features I want (aka their website stinks, you have to call or go into a branch to get rates, plus their moneymarket has like a 10k min or something), so I use BOA as my local bank. They've been holding my large deposits lately though, so I may start mailing them in to UFB (since they offer free envelopes) or just paying the postage to mail them to HSBC (who seems to get them in 1 day, 2 days max, and posts it the same day).
It might be nice to live in NYC metro, but that’s not representative of the rest of the US.
I wouldn't move to NYC for use of the banks. The cost of living exceeds any interest you will make.
Independence Community here merged with Sovereign so we have them too. Avoid Sovereign like the plague.
We have around 25 banks give or take right in town and we still get more. 2 stores went under and its possible for another bank to come in yet again. In the 25 figure I'll include folks like State Farm Bank and Merril Lynch which are not in the fdic.gov listings.
North Fork a local bank merged with Greenpoint another local bank so they shut down one branch. Then shortly thereafter another bank came in, an asian community bank.
Im really surprised your area doesn't have 5%+ locally though.
What boggles the mind is that the worst banks in town actually have customers when there are so many decent banks to choose from.
To me a good bank is the one which pays a high interest rate with local branches that one can withdraw from linked to checking even if the systems are outdated.
Bank Of America does have nice infrastructure and lots of ATMs in easily convienient locations. But you pay a premium for all this and its just not worth it.
Yes, we have 3 HSBC's in my town. They are all over here in NYC Metro, can't miss them.
As for the ATM transfer option, you are right. Can make unlimited transfers to my checking account with them with no issues whatsoever. HSBC had the 1st local bank high rate savings here with ATM access. Then Citibank followed, and then after that WaMU came in, etc...
As for Citibank and WaMU over here, those are linkable to checking as well and I assume ATM transfers also apply to those as well.
It is easy to get addicted to Bank Of America because of their easy billpayment system which is top draw. But the thing Bank Of America doesn't show you is the BILL for all of it which is how Bank Of America makes so much money. You wind up with the bill of 4.65% on the funds you keep in there. So if its around 5000, that means your total BILL from Bank Of America was $232.50 for the year. That over a multiyear rolling basis with compounding adds up fast.
Remember, even at 5.05% APY, HSBC is making more money on your funds.
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