ING Direct Electric Orange Checking Account

Overview: ING Direct has a free online checking account. Your money earns interest while it's in the account, and you can spend it easily. This account is best for online bill pay -- you don't get a checkbook.

Interest Rate: Because interest rates constantly change, you should visit the ING Direct Electric Orange page for current rates.

Access to Your Money: You have access to your money in the following ways:

• Make a payment from the Website
• Transfer to your linked bank account
• ATM withdrawal or debit card purchase
• Transfer to another of your ING Direct accounts

How to Make Payments Online: To make a payment from your account, you can do one of the following:

• Have ING Direct electronically pay for you
• Have ING Direct print and mail a check for you
• Transfer the money directly to your payee's bank account

You can have checks mailed to your payee, or you can have them mailed to your home so that you can hand the check over personally.

Note that you'll need your payee's bank account information if you want to use the third option above (called the Electric Check). In addition, you can't make these transfers to business accounts.

Pitfalls: If you're considering the account, you should be aware of these potential pitfalls:

• You don't get a book of checks
• You can't walk into a branch
• Electric Checks require effort and exchange of bank information

You can get yourself in trouble if you rely too heavily on this accoun. Without a checkbook or access to a branch, you can't make emergency payments. Keep a brick and mortar account open at a local bank -- and keep some emergency cash in the account.

Fees: The account does not charge fees for normal use. However, you may have to pay fees in special circumstances. They offer an overdraft line of credit at no charge, but you'll pay interest if you end up borrowing money. This is an account with no credit check (according to the Website), but the bank has the right to pull your credit if they want.

Bottom Line: This account is a pretty good deal. You can earn interest on your cash, while keeping it readily available. A highlight of this account is that you actually make payments from the interest bearing money. At most other banks, you have to transfer money from your high yield savings account into your checking account to make payments.

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