ING Direct Bank Rating – Checking Account Rating (5/5)

ING has one of the best checking accounts that we have ever reviewed, hands down.  There are three reasons for this, starting with the interest.  The interest rates for the checking accounts are in the form of a ladder system, where as one puts more funds into the account the interest rate increases.  For up to $50,000 the rate is 0.25% all the way up to 1.15% for $100,000 or more.  ING offers great rates especially considering the fact that the national average for savings accounts is approximately 1.00% (July 2011).  The second reason is that there are no overdraft fees associated with the checking account, which is unheard of.  Usually banks charge a $30 fee for overdrafting on a checking account, but with ING one only has to pay the interest on the funds overdrawn.  In other words, if one were to overdraft by $50 on an ING checking account, they would only have to pay $0.02 per day for the balance.  Lastly, ING offers the first online-only checking account in the United States, which is great for those who are concerned about the environment or having to deal with a lot of paperwork.  Read the post on ING Direct Checking accounts.

Checking Rating