Headquartered in Wilmington, DE, ING Direct USA is a leading online bank featuring savings accounts, checking accounts and certificate of deposits.
Capital One acquired ING Direct on February 17, 2012. from ING Group for $6.3 billion in cash and 54 million shares of stock. Parent company ING was forced to sell ING Direct as part of a restructuring agreement with the European Commission.
ING Direct will change its name to Capital One 360 in February 2013.
Former Chief Operating Officer Jim Kelly is now the CEO of ING Direct.
"I'm excited about our future together," said Jim Kelly. "The combination of ING Direct and Capital One heralds a brighter future for our customers, associates and the communities we serve. Both companies have a legacy of innovation that will sustain our mission to provide unparalleled value and convenience to the digital customer."
ING Direct offers simple and high-paying financial products directly to consumers over the Internet and by phone. The company currently offers online savings accounts of 0.75% which is higher than most retail banks but rates have dropped sharply over the past several years. A one year CD pays 0.50% in interest.
ING also offers certificates of deposit for up to five years. Customers can also get home equity loans, mortgages, checking accounts and buy stocks through Sharebuilder, an online brokerage that ING acquired in 2007.
ING Direct is a federally chartered bank insured by the FDIC. Individual deposit accounts are covered to $250,000.
The company says it has more than 7.5 million customers in the US with $83 billion in deposits at the end of 2011.
ING Direct was launched in September 2000.
The company operates cafes in NYC, Chicago, Honolulu, San Francisco, Philadelphia, Los Angeles, St. Cloud MN and Wilmington, DE where visitors can get coffee, surf the Internet and learn more about ING products.
ING is the main sponsor of the New York City marathon which was canceled in 2012 due to Hurricane Sandy.
Updated November 17, 2012