the Price of Online Banking

i opened a savings account with the internet bank ING Direct. This is a $0 cost savings account which (as of this post) is paying 3% interest on all deposits. There is no minimum balance required to open or to maintain the account, though higher balances will lead to higher rates of return. You can also get a checking account with ING that is also no cost and pays (as of this post) 1.25% interest on deposits. The checking account comes with a debit card, free on line bill pay and an automatic overdraft limit, the terms of which are better than most credit cards. The accounts can be set up to receive direct deposit or transfers to and from other bank accounts you have, though the transfers to and from other banks can take a day or two.

I have received excellent service from this company since opening both of my accounts with them. I have used the bill pay system extensively and have not had any payments arrive late. I have also utilized the direct pay system which allows you to send money instantly to anyone who also has an ING account.

With the interest from the checking account I have earned as much or more money than I paid my old bank in fees, and the interest from my savings account is quite impressive. I have been so impressed with this service that I have sent all of friends to the site and encouraged them to join.