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ING Direct

Reviewed
August 2010
ING Direct

Best online savings account

Pros
  • No fees or minimums
  • Long track record with good customer service
  • Great web interface
  • Free account access at 32,000 Allpoint ATMs
Cons
  • Not the highest savings account APY
  • No blank paper checks

Online-only bank ING Direct has been in operation since 2000, and reviewers say that in addition to being one of the oldest and best known of its kind, it is also one of the most trusted. Users and reviewers alike maintain that ING Direct's customer service is very good, but the bank gets the most praise for its online interface, which is described as clear and fluid. ING Direct's savings account has no minimum deposit and no fees, though it doesn't have the highest APY either. Cash withdrawals are free on Allpoint's network of 32,000 ATMs. ING also offers a checking account. Though it doesn't provide blank paper checks, customers can request checks be printed and mailed to recipients on an ad hoc basis.

We found plenty of good reviews of ING Direct from credible sources. Editors at ConsumerReports.org and Kiplinger.com both rank ING among the top online banks in relatively recent roundups. StarReviews.com also provides a favorable overview, with satisfied customers posting their own praise to back it up. Bloggers at It's Your Money! and Bargaineering.com also describe personal experiences banking with ING.

Our Sources

1. ConsumerReports.org

ConsumerReports.org offers this overview of online banks, complete with rankings, free to non-subscribers -- though it is about a year old. ConsumerReports.org's editors balance rates with terms and services in evaluating the banks on their list. ING Direct is listed at the top of the list for its high rates and lack of fees or minimums.

Review: Best Online Banking Options, Editors of ConsumerReports.org, July 2009

2. Kiplinger.com

The pros and cons of some top online-only banks are listed in this Kiplinger.com article, with data supplied by Informa Research Services. ING Direct is recommended in two categories, for its low fees and for its ATM network. The piece's author, Laura Cohn, warns that rates fluctuate so the data will likely be out of date.

Review: 7 Great Online Bank Deals, Laura Cohn, June 17, 2009

3. StarReviews.com

StarReviews.com maintains a ranked list of online banks with links to reviews. The site appears to be updated regularly, though some reviews are more recent than others. ING Direct gets a Silver Star rating, coming in second behind Bank of America. Editors praise the web interface, but warn that ING doesn't offer traditional paper checking. User reviews posted below the article are also quite positive.

Review: ING Direct Online Banking Review, Editors of StarReviews.com, March 2, 2010

4. It's Your Money

This blogger actually tests all seven of the online banks reviewed, by opening accounts and maintaining them. Copious examples of transactions and interfaces are provided by the blog's author. ING Direct gets very high marks both for its savings account, and in a separate review of the bank's checking account.

Review: ING Direct: Orange Savings Account, "Michael", February 2010

5. Bargaineering.com

Four online banks get recommendations and brief reviews at this finance website run by Jim Wang. ING Direct gets praise for its access features, but Wang says it would have scored better if its savings APY was higher.

Review: Top Online Banks: Savings or Checking Accounts, Jim Wang

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