ING Direct has dropped the rate of its Electric Orange checking account to a 0.5% APY for balances of less than $50,000.
For accounts with more money, the rate is a bit higher. Here's a full look:
- $0-49,999.99 earns a 0.50% APY
- $50,000.00-$99,999.99 earns a 2.85% APY
- $100,000.00 or more earns a 3.05% APY
I use an Electric Orange account as a secondary checking account, and I've never had a problem with it. It doesn't make sense to use it as a savings account — that's what the Orange savings account is for.