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:
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.
I was pointed today to the "Maximum Earnings Banking" account from Southern Community Bank and Trust, which says it has a 6% APY — basically unheard of these days, especially with all of the rate cuts of the past few months.
Wow - that sounds pretty good. Online bill pay, no maintenance fees, no minimums, and national ATM use.
So what's the catch?
You have to use your debit card at least 10 times per month (not a problem for me, since I use it for everything). You need direct deposit (always a good idea), $100 to open and use e-statements instead of paper ones.
Honestly, I'm not sure if any of those really classify as catches.
But call me skeptical — something doesn't seem right.
Does anyone use this bank and trust? Can you share your experiences and whether or not you recommend it?