Capital One 360 Checking Account Deal (Formerly ING Direct)

February 1, 2013 2 Comments »
Capital One 360 Checking Account Deal (Formerly ING Direct)

Update 2013:

ING Direct’s US based online bank was acquired Capital One in 2012. The new Capital One 360 checking account now takes the place of the old ING offer. The Capital One’s 360 checking account still comes with the $50 bonus and most of the same features, terms and conditions.


Previous offer as it existed under the ING Direct Brand:

ING Direct has just sweetened the pot to their already popular “Electric Orange Checking Account” which features an above average interest rate (especially for larger sums) and free checking with absolutely no fees or ATM surcharges.

For a limited time new customers opening this online checking account can now snag a $50 bonus for signing up and making a total of 3 Card purchases or Person2Person Payments (or any combo of the two) within 45 days of account opening. Once the requirements have been completed, ING will deposit a $50 bonus into your account automatically on day 50.

Even without the $50 sign up bonus, this checking account from ING has been one of the most popular amongst US retail banking consumers. In a time where the nation’s largest banks are making unprecedented moves to impose fees on consumer checking accounts and debit card usage (ie Bank of America, Wells Fargo and now CitiBank) checking accounts like the “Electronic Orange Checking” from ING Direct are refreshing alternatives.

Why is the Electronic Orange Account so popular?

1) N0 overdraft fees. The national average for overdraft fees from United State’s banks sits at $30.

2) N0 ATM surcharge. The national average for ATM surcharges throughout the country sits at $2 per withdrawal.

3) No monthly fees.  The current national average for monthly fees is on the rise. While it currently sits at $13, many major banks are beginning to impose larger monthly fees if individual checking accounts don’t keep a required minimum balance. ING imposes no minimum balances nor fees for their checking accounts.

Interest Rates on ING Electronic Orange Checking:

- If your account holds less than $50,000 you’ll receive a variable rate of 0.25% APY.

- If your balance is between $50,000 and $100,000 you’ll receive a variable rate of 1.10% APY.

- If you balance exceeds $100,000 you’ll receive a variable rate of 1.15% APY.

ING is member FDIC and all accounts are federally insured up to $250,000.

To put the interest rates above in perspective, the national average for interest checking accounts are between 0.50 and 0.80% APY depending on your balance. The accounts composed in the survey of national averages may, however, impose monthly fees and minimum balance requirements as well as limit the amount of withdrawals per month. ING’s checking account has no restrictions or minimum balance requirements.

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  • Thomas

    Can we open this if we already have money in a savings account at ING?

  • Matt

    Must be new money to ING only. You can’t have another account with them already