Here is what’s going on with some of my favorite online banks.
For the next two months, ING Direct will be offering cash back for customers of the bank’s paperless checking account, Electric Orange. Every time a customer uses the ING Direct debit card for a purchase of less than $50, 1% of the purchase price will be added to the account.
There is a new Electric Orange debit card on the way to all account holders, but the 1% cash back offer will be available to purchases with either the old card or the new card.
Earlier in September, the SmartyPig saving application — a layer that sits atop accounts at BBVA Compass Bank — lowered its interest rate. Previously at 2.15%, the rate now sits at 1.75% APY. Accounts held at SmartyPig are not as liquid as a typical savings account because partial withdrawals are limited. My SmartyPig review explains this further.
In a few days, EverBank will be launching a new website. Since my initial review which included some difficulties with the application process, I now have a more favorable opinion of the bank since I’ve been a customer. The website redesign promises to be a welcome improvement over the current interface, featuring sensible and simplified navigation. I haven’t seen a preview, but it’s hard to imagine the new look won’t be an improvement.
Updated March 22, 2011 and originally published October 1, 2010. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.