In this ING Direct Bank review we will look at some of the best banking products they have to offer. It may seem strange to be talking about a high interest checking account from ING but they are no longer just offering deposit accounts.

Background of ING Direct

ING Direct has more than just savings and retirement accounts. They now have checking accounts, mortgage accounts, business savings accounts and also an online brokerage. Their motto is “Save Your Money”. ING Direct is FDIC insured and has clients in more than 50 countries.  The headquarters for ING Direct is Wilmington, Delaware but their online banking system allows them to service customers around the world.

Products and Services offered at ING

As mentioned previously ING Direct has a variety of products and services available to their customers. If you are interested in a savings account you can apply for “Electric Orange Checking”.  The account is tired which means the more you have in the account the more interest that you earn. The online checking account also comes with free online bill pay, atm access, debit card, and even free postage for mailing items to ING Direct. After completing this ING Direct bank review, we are putting ING on the list of the best banks.

There are three choices in online savings accounts from ING: regular savings, kid savings, and business savings.  With the regular savings there are no monthly fees and no minimum requirements and all transfers from your existing checking account to your new savings account are free. The kids savings account is essentially the same as the regular savings account as far as rates and fees go. The difference here is that while kids can check their balance anytime and have their own sign in they cannot transfer money without an adult signing in and approving it. If you are in the market for a business savings account ING Direct offers one with no fees and no service charges. Be aware that with the business account only three people are permitted access.

ING Direct offers online CD’s are available in terms from as short as 6 months to terms as long as 60 months. As with most high yield cd accounts, the longer term that you agree to the higher the APY rate you will earn.  You have several options as far as interest payments go. To fit your personal needs you can have interest paid to you at the end of each year, monthly, or of course at the end of the term. Remember that if you choose to have interest payments made to you then the resulting APY rate will be less than it would have been if it had been left in until the end of the term. Business cd’s are also available for the same variety of term lengths and they earn the same APY rate. This bank review of ING Direct affirms that ING does have great online products.

Retirement products like IRAs are available through a subsidiary of ING Bank but these are not FDIC insured.

Summary of ING Direct Review

In conclusion of our ING Direct Review, ING offers a variety of banking products and services to their customers. All the products can be applied for online in about 5 minutes. Most accounts offer no fees as well as no minimum initial investment requirements. These two factors make ING a good choice for the beginning investor. The rates of return while not being the highest available are much better than those offered by many household names such as Chase or Bank of America. ING does have customer service representative available by phone.  For a list of all of our bank reviews, please visit our bank reviews page.