I just visited my account online at ING Direct and was presented with a survey. They are considering rolling out a new product: Paperless Checking (or “Electric Orange”).
The gist of it is it can be used for online bill pay and still earn a good rate for checking accounts. The survey mentioned that ING Direct anticipates starting this program out with a 2.0% APR. According to BankRate.com, the highest interest rate offered for an online checking account is 2.27% at Imperial Capital Bank. This account has a $1,000 minimum to open and a $15 monthly service fee, however.
The highest no-fee online checking account is Everbank.com with a rate of 1.76%. You’ll need $1,500 to open that account, however.
I’ll follow ING Direct to see if the product is launched, and if it is, what the interest rate and rules are. Fill out the survey to let the company know what you may be looking for in this type of product.
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10:28 pm (reply)
Interesting… I use Presidential Bank Checking, which offers 3.0% APY currently. There is a $1,000 minimum balance and a direct deposit requirement to avoid fees, but the service is pretty good, and they give you the first order of checks free. Free Online Bill Pay too.
I wonder how ING will handle ATM access?
Jonathan@MyMoneyBlog
5:04 pm (reply)
Presidential Bank offers free check with 3% interest.
http://www.presidential.com/
Requires payroll direct deposit and $1000 minimum.