IGObanking

• IGObanking in an online bank with rates allowing customers to obtain competitive rates in a variety of accounts. It is a division of Flushing Savings Bank and gives customers the ability to open accounts via online application or mail. A person can have a savings, money market or checking account or hold other CD products with iGObanking. Once your account is open, you are allowed to make automatic deposits by direct deposit or other online sources such as PayPal.
  
  

ING

• ING is considered the premier online bank. It maintains the same online banking abilities that your traditional physical bank does. In addition to basic banking accounts, ING offers home loans with competitive mortgage rates. ING also has a business division that offers business savings accounts, time certificates and small employer 401k programs. There are also investment services that have no minimum deposit requirements and custodial accounts for kids. ING has a registered broker-dealer license to offer equities transactions.
  
  

FDIC Limits

• Both iGObanking and ING are covered by the FDIC. Your accounts at these virtual institutions are covered up to $250,000 per beneficiary. This means that you can have up to $250,000 in personal assets under your Social Security, plus any assets up to $250,000 on any retirement accounts you own. This coverage is equal between iGObanking and ING.
  
  

Rate Comparison

• At the time of this article in 2009, ING had more competitive rates for short-term time certificates. The time frame that ING was more competitive for was in the 6-month, 9-month and 12-month time frame. IGObanking offered more short-term time certificate options with 3-month, 8-month, 13-month and 15-month time certificates. These later options still were not as competitive as the one-year ING time certificate. However, once you exceed the 18-month time frame, ING's rates seem stagnant while iGObanking continues to rise. Rates do fluctuate depending on market and promotional efforts and should be explored when seeking a time certificate account or any other savings program.
  
  

Who's Best?

• Both of these banks are comprehensive and secure. For those looking for both business and personal banking along with investments and mortgage programs, ING is a more complete virtual banking source. If you are seeking long-term competitive rates, iGObanking offers a more aggressive rate of return for extended holdings. It also gives consumers more options for short-term money, which can be attractive. So the best is to be determined by your individual needs.