ING Direct opens 100,000 new accounts

ING Direct opens 100,000 new accounts

ING Direct, the US-based remote banking operation of the giant Dutch bank, is reporting 100,000 new account openings respresenting $1.3 billion in assets within its first six months of operation.

The bank offers consumers a high interest savings account and certificates of deposit - both dubbed Orange - with no fees or minimums.

Arkadi Kuhlmann, president and CEO says: "Over one year, a customer with $5000 in an Orange Savings Account at current rates, earns more than three times as much in interest, compared to what they'd earn in a traditional savings account that pays between one percent and two percent interest."

He emphasises ING Direct's delivery channel mix, contrasting it with the pure-play Internet model. "There's growing customer acceptance of the direct bank model. We don't have branches like a traditional bank, but customers can contact us through the phone, at our cafes, through the mail and of course, through the Internet. These 'points of contact' also makes us different from a pure Internet-only bank."

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