Online Banks Fight for Your Checking Accounts

Many of us know about the online banks offering extraordinary rates for savings account and many of us like myself took advantage of such great rates. Now the online banks are entering the new grounds and have started to offer great rates in checking account also!

ING direct and many other banks are going to fight for your checking account and offer great incentives for your account. The brick and mortar banks have for long provided no interest on most of the checking accounts and if they gave some interest it is has ranged well below 1%!! Time has come when such banks are going to see some accounts closed and it will be for consumers good. Earning well below inflation rate is always risky and you are losing your money everyday to inflation.

ING direct currently provides 4% interest on any balances for there checking account. Everbank and many other online banks are going to make checking account with high interest available to consumers. Summer will be the time when those banks would fight for your checking account.

When so many banks offer such great rates and offers it becomes difficult to know which one is better and which one is going to put a lot of fees on your account. So far I have details of ING direct electric orange account and it is quite simple without many fees. There is no minimum balance required. I have summarized some of the benefits available at ING direct electric orange account:

1. You will get a debit card with your electric account.
2. Allpoint ATM's (http://www.allpointnetwork.com )are the part of ING's electric orange account and one can withdraw money from the account without any fees.
3. You can transfer your deposits from other banks, or send check by mail.
4. There is no minimum balance required.
5. Interest rate is 4.00% on any balances less than $50,000.
6. Easy transfers to other account.
7. They do not have checkbook but they can send electronic checks wherever you want to send.

All in all the account is very good and there are no hidden fees. You can get details for the electric orange account from: http://home.ingdirect.com/products/products.asp?s=ElectricOrange