INGDirect just sent me an e-mail about a new paperless checking account that they are offering called "Electric Orange." As with most of their offerings, Electric Orange offers some pretty aggressive interest rates:
- 5.30% on every dollar for balances of $100,000 or more
- 5.05% on balances between $50,000 and $100,000
- 3.00% for balances up to $50,000
In addition to the aggressive interest rates, Electric Orange also offers free bill pay, free electronic checks (this is a paper-free check solution that sound pretty cool as it's conducted via e-mail and secure hyperlinks), and a debit MasterCard. and free ATM access at 32,000 locations in the US. In doing a little more digging about the ATMs, it appears that ING will use the Allpoint ATM Network of surcharge-free ATMs. I searched my zip code with Allpoint and it appears that most of the machines are in Targets, Rite Aids, Costcos, liquor stores, bars, and other random places -- this is what would make me think hard about opening an account like this as it's hard for me to envision myself doing my ATM banking at Target.
Electric Orange is currently only available to existing Orange customers, so you'll need to sign up for a Savings account in order to be able to enroll in Electric Orange.