The Electric Orange Account: Free Checking That Pays You

Since many banks are trying to recoup lost revenue they previously obtained from overdraft protection charges, more and more banks are imposing fees on previously “free” checking accounts. For truly free checking, customers may want to look into alternate banking options such as the online Electric Orange account through ING Direct. This account has no monthly minimum balance requirements and there are no fees for account maintenance. Included in the account is free online bill pay, free access to over 35,000 ATMs and a free debit card. Additionally, there are no overdraft fees. Instead of being charged a flat $35 overdraft fee that many other banks charge, if you overdraft your account, you will be simply charged a standard interest rate on the amount borrowed. This APR is currently 7.25%: an APR that beats many current credit card rates.

However, Electric Orange is more than just a free account. This account also pays you back. If you open an account now, a $50 bonus will be deposited into your account if you simply make three debit card purchases within 45 days of the account opening. The $50 bonus will be automatically credited to your account on day 50. Additionally, the Electric Orange account also earns you interest. In a time where most standard savings accounts are paying a measly 0.10% APY, the Electric Orange account pays 0.25% APY on checking balances under $50,000, 1.20% APY on balances between $50,001 to $99,999.99, and 1.25% APY on balances $100,000 and over. Rather than pay for your checking account, why not have your checking account pay you?

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