ING Electric Orange Checking: 1.75%+ APY
I received a post card in the mail about the ING Electric Orange checking account. If you’re looking for an online checking account that pays interest, this might be of interest to you:
$25 Bonus!
Open your account by 30 September 2008.
Just go to ingdirect.com/electric.
Don’t forget to enter reference code EL535 to register for your bonus.
$25 will be placed into your account 50 days after the account is opened. Just use your debit card to make 3 *signature transactions in the first 45 days.
Electric Rates:
1.75% for balance up to $50k
3.20% for balances between $50k and $100k
**3.40% for balances $100k or more
*I have no idea what constitutes a “signature” transaction. Sounds like a special kind of transaction, so read the fine print or call customer service to be sure.
** Never have a single account with more than 100k in any one bank. If the bank fails, FDIC only insures $100k.
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Aww too bad I didn’t have that code when I signed up. Their Electric Orange works pretty well…simple and straightforward. Only downside I could think of is that they don’t offer paper checks (then again, that’s what the external checking account is for). Signature transactions are where you sign the receipts (credit) instead of entering your PIN # (debit).
To you comment ” Never have a single account with more than 100k in any one bank. If the bank fails, FDIC only insures $100k”…I believe it is $100k per Depositor, not just single account. Therefore, you would want to add up all of your accounts in one bank and make sure you had not exceeded the $100k limit.
Massachusetts also offers greater consumer protection than the FDIC.
I’ll try to get the info when I have some quiet time.
@Debbie: I stand corrected. Thanks for the clarification.
http://online.wsj.com/article/SB121789647048112087.html
Is a link to a wsj article that appeared in Boston Gal’s blog.
It briefly explains Mass’s greater protection.
I think I read somewhere that ING checks your credit before opening an electric account, so if you’re gunshy about having more inquiries on your report, that’s something to investigate (as I’m not sure if this is still true).
A signature transaction is one that you run as “credit” and do a signature instead of running it as debit and using your pin number. I think banks do this because if you run it as credit the bank pays the processing fee, if you run it as credit the company (for example, Target) pays the processing fee. A lot of banks offer incentive programs (usually a point based reward system) if you run your debit card as credit instead.
Oops! Just saw the last sentence in CheLLe’s where she explained that. Sorry for the repeat!
I also have bonuses to give out. If you come to my website. I’ll share them as well. I don’t really want to share my email though.