While transfering some money into my ING Direct savings account I noticed a new account type called Electric Orange. It’s an online checking account that earns interest. I don’t think I’ll make a million bucks on it, but it is an easy way to earn 4.0% or more a year. That’s roughly 4.0% more than I’m currently earning on my checking account :).

 They provide you with:

  • A debit card (mastercard) for purchases
  • Free ATM usage on any Allpoint(tm) Network machine (there were dozens nearby for me although you are limited to the Allpoint logo’d machines)
  • Something they call electric checks. This is something I’d like to try. You enter the recipients info and it sends them an email. They check the email and then get the money transferred directly to their account.
  • Overdraft protection (no big fees, but it does charge you interest)

The one thing I can’t figure out is regular old checks. The site mentions “online bill pay”, but they also call it a “paperless checking account”. That sounds cool and all, but what do I do when my water bill comes in the mail? Can I send a regular old paper (eek) check to them somehow? Or do we expect the local municipalities to go check their email to receive an electric deposit?

btw, I’m not affiliated with ING Direct in any way other than the fact that I use their services. I’ve used their savings account for several years now and love how easy it is (and it’s a pretty good rate). I’ve also tried their CDs which you can buy in very small quantities. I even got a home equity line of credit on my previous home (the entire home equity line was secured online and on the phone).

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