I currently utilize ING Direct for savings and checking via Electric Orange and Orange savings accounts. However, two features of their bank have stopped me from truly utilizing their services to the fullest extent possible, namely they only allow you to have one electric orange account and they do not let you have more than 25 accounts open with them at any one time.

I have my direct deposit enter my electric orange account, and then I transfer my money into separate savings accounts to "reserve" the money for when the bill is due. This works fantastically well for me, but the problem is I've reached the limit of accounts they will let me have open.

Combine this with the fact that you can only have a single electric orange checking account and it becomes a hindrance where I can't understand why their rules work in this way.

Are there any online bank options besides ING Direct that provide online checking/savings products with similar features like:

  • Quick additional account creation when you're already a member,
  • No-fee checking (either with or without paper checks, I seldom use paper checks)
  • No-fee bill pay (since I normally use bill pay rather than paper checks)
  • No-fee overdraft protection (ING instead runs a line of credit if you overdraft, a lifesaver in my opinion!)
  • Allow more than one of said checking accounts and more than 25 total accounts?
  • Simple.com allows "goals" which is a way to hide money from the main account. Then when you spend, you spend from a goal. It isn't the same, but it works kinda the same. check them out and see if that works for you. – MrChrister Nov 6 '12 at 0:21

Ally Bank is a good online only account. They reimburse any ATM Fees you may occur. I have both checking and savings, with both Ally and ING Direct. I don't know about having 25 total accounts - seems like overkill to me. I do something similar though - I get direct deposit into one account, then transfer the average bill amount each pay to a different account that I never touch other than for the allotted bills. It works well, especially for Utilities that are inflated seasonally.

What do you use to mange the 25 accounts? I use Quicken, but I don't have 25 accounts...yet.

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    I use a spreadsheet. I've found Quicken confusing at times, so I just do simple budget math with the help of google docs and its spreadsheet ability. Thanks for the suggestion, I'll check out Ally. – Peter Grace Nov 6 '12 at 4:21
  • I don't understand how this addresses @PeterGrace's question. Does this account have the features he's looking for? – Colin McFaul Dec 5 '12 at 5:01
  • @ColinMcFaul yes, Ally Bank accounts have all the features Peter is looking for - with the possible exception of a multiple account limitation (I don't know how many accounts any one individual can have). – Mark Dec 5 '12 at 16:30

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