To earn the bonus you must activate an Electric Orange Debit MasterCard and make three purchases signature-based purchases with it within 45 days. The $50 bonus gets credited to your account on day $50. Other details of the checking account include:
- No minimum balance requirement
- No monthly fees
- Free transactions at 35,000 ATMs
- 1.25% annual percentage yield (APY) on balances over $100,000
- 1.2% APY on balances between $50,000 and $100,000
- 0.25% APY on balances under $50,000
If you are tired of getting hit with high overdraft fees you might like this account. The average that most banks charge for overdrafts on checking accounts is $30. The Electric Orange bank rate for overdrafts is 2 cents a day on an overdraft balance of $100. So if you overdraw your checking account by $500, you’ll pay an overdraft fee of 99 cents.
ING Direct online bank accounts are insured by the FDIC.