ING Direct Electric Orange Checking Question

dawade · #1 02-26-2007, 03:27 AM

I recently opened up an ING Direct Electric Orange checking account and I have a question about my interest rate, which I'm sure to most of you is going to sound very dumb.

This comes from the FAQ on their site...

"Your interest is calculated daily by multiplying your Interest Rate by the balance in your account at the end of the day, and dividing by 365. (Divide by 366 in a leap year.) Your "Interest Earned This Month" is a total of the daily interest that has accrued to your Electric Orange since the beginning of the month. Your interest accrues daily, is compounded monthly, and is credited to your account at the end of the month."

Does this policy differ in any way from their standard savings accounts?

dp13368 · #2 02-26-2007, 01:33 PM

Dawade- I also joined, and am very satisfied so far.

Billpay and everything has been very smooth so far.

SomethingClever · #3 02-26-2007, 01:50 PM

[ QUOTE ]
Does this policy differ in any way from their standard savings accounts?

[/ QUOTE ]

I think they do it the same way on savings. So, no.