ING Electric Orange Checking Account Now Pays 4.00% APY

Since I don’t use ING Electric Orange, I have no idea when exactly the change begins, but that’s what I found on an ING flyer in the mail yesterday. The main change is at the low balance range, which I think is appropriate as most people may not have over $50K in their checking account. The new rates are:

• 4.00% APY (a percentage point net increase, used to be 3.00% APY) for balance up to $50,000
• 5.05% APY (no change) for balance between $50,000 and $100,000
• 5.30% APY (no change) for balance above $100,000

The flyer also says “Rates are variable and apply to your entire balance.” Early on, there seemed to be some confusion on whether the remaining balance after the first 6 transaction will continue to earn interests due to the account’s checking-savings structure. Now that they say the entire balance has the same rate, I assume that question is cleared.

This offer is definitely better than the interest checking accounts from HSBC, which pay less than 1% interest rate.