Money for the Rest of Us

I just got an email announcing a rate increase for the ING Electric Orange “checking” account to 4%. (There are actually no checks with this account. Just a debit/ATM/Mastercard.) The checking account rate is now up to 4% for accounts with less than $50,000. This is nearly the same rate as their savings account! Wow. You still have to have an ING Orange Savings account to be eligible to get the Electric Orange Checking. But who knows, they may soon change that. (Note: if you’re interested in getting a $25 referral bonus for the Orange Savings Account send me an email and I’ll send you a link.)
Here’s the text of the email:

Great news! The rate on Electric Orange balances up to $50,000 has increased to 4.00% Annual Percentage Yield.

MAKE THE MOST OF YOUR ELECTRIC ORANGE

Here are some great ways to use your account:

• Earn more by setting up Direct Deposit – access the User Guide on the Account Maintenance page for easy instructions
• Access your cash worldwide and at over 32,000 free Allpointâ„¢ ATMs in all 50 states. Use the Free ATM locator to find an ATM near you.
• Go to the ‘Electric Orange’ tab for convenient and innovative ways to pay bills or send money to anyone for free
• Use your MasterCard® Debit Card to make secure purchases anywhere MasterCard is accepted
• Earn 5.05% APY on balances between $50,000 and $100,000 and 5.30% APY on balances over $100,000

(Annual percentage yields apply to your entire balance. Rates are variable and effective as of 2/17/06.)