After ING Direct pioneering the online checking account, a number of other banks quickly followed suit offering their own highly competitive internet based checking accounts. eBank was one of the first companies to create an alternative to the ING Electric Orange Checking Account with their ePremium Checking Account.

EBank is a subsidiary of Financial Services Inc. They’re a member of the FDIC so you know that your money is safe regardless of whatever happens to the bank itself. They’re also an Equal Housing Lender and have customers in 47 states and in six foreign countries. They’re traded on the NYSE under the code EBDC. It’s not the biggest bank around, but appears to be fairly well established.

Their premium checking account, the eBank ePremium Checking offers a number of benefits which make it much more desirable than your typical run of the mill free checking account. Perhaps the single best feature is that you’re earn 3.00% APY on any money in your checking account, which is magnitudes better than you’ll find in standard interest checking accounts at major banks. At most traditional bricks and mortar backs you’ll get 1% APY on an interest checking account, but with eBank’s ePremium Checking and other new internet checking accounts, you can get a much higher interest rate.

The ePremium Checking account requires $100 to open the account, and you’ll need at least a $2,500 minimum daily balance to avoid a $10 a month service fee. You’ll definitely want to keep the $2,500 daily if you decide to go with this account, or your interest will be eaten up by monthly service fees. The Electric Orange Checking Account is a good alternative for those who don’t have $2,500 sticking around to put in their checking accounts.

The account has a number of other features that make it look very desirable. You’ll get a free 3 x 5 safe deposit box, unlimited refunded ATM fees world wide, free travelers checks, free official checks, a free debit card, rate bonuses on certificates of deposit, and free internet banking.

Their customer service has had some rather mixed reviews. Based on consumer reviews of their services, many have had great customer service and have been very happy with the ePremium Checking Account, while others have complained about poor customer service and lengthy delays in receiving paperwork for the account. You’ll definitely want to thoroughly research the bank and make sure their customer service is adequate before you decide either way to open an account with them.



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