An online bank was a fairly revolutionary idea only a decade ago. Who would trust a financial institution based on the internet when dot coms are blowing up left and right? Fortunately ING isn’t some shady web company with a 25 year old CEO. It is one of the largest banks in Europe and has existed for decades. Their orange savings account is probably the most known and most popular web account.

I remember when they originally came out. Their interest rate was unheard of. And I do have to give it to them - they executed on their idea quite brilliantly. Many people were skeptical when they came out. Executives of rival banks were very dismissive towards them. But they have truly succeeded and today hold billions of dollars in customer deposits.

So why are they so successful?

For one, they have the backing of ING. This is a big relief with all the chaos surrounding financial institutions today. All deposits are FDIC insured, which means that if the bank goes under the federal reserve will cover your loss. This is a big advantage.
But probably where ING has gained the most ground is that their interface is very easy to use. It only took me a few hours to get the hang of things. I am very computer literate but I’ve helped some of my friends sign up who aren’t and they had absolutely no trouble.
Next up: rivalry between the banking group.