IGoChecking Has The Best Interest Checking Account Rate

I am IGoBanking Savings Account customer. Though the bank is no longer my everyday bank as it used to be, I still access my account there quite often. Somehow I still missed their big rate increase of the IGoChecking Checking Account that I mentioned before (I use only their Savings account, not Checking account).

If you are looking for a interest checking account that pays generous return, then IGoChecking could be the one because right now you can earn an very competitive 3.80% APY from IGoChecking! As far as I know that’s the highest rate for an interest checking account, much higher than what you can get from ING Direct’s Electric Orange, another popular interest checking account that pays 1.00% to 3.25% APY, depending on the account balance.

In addition to the checking account, their savings account also has a quite attractive rate at 3.28% APY (better than FNBO Diret, which was recently named the best online savings account by Kiplinger), though I don’t really understand the reason for offering a checking rate that’s better than the savings rate (I will be very happy if they swap the two rates). So if you have both savings and checking with IGoBanking, you end up have a very good package of banking products (their 9-month CD rate 4.15% with $1,000 minimum looks nice too), as long as they can keep their rates.

So are you interested? I probably won’t be using it any time soon because I just got a new account at Dollar Savings Direct (I am a rate chaser and I want to go after the highest rate, whether it’s a checking or savings account). But I am glad I didn’t close the IGoBanking Savings account, so I leave the door open for switching back if the bank has a better offer later.

BTW, if you open a new IGoChecking account now, you can get a $50 gas card. This promotion started in Auguest and it was supposed to last month. But it looks like it’s still ongoing. Not bad if you decide to give it a try.

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5 Responses to “IGoChecking Has The Best Interest Checking Account Rate”

  1. Feedback Secrets |  Nov 18, 2008 at 9:39 am

    Thanks for the report, is there any minimum balance to get that 3.8% APY rate you mentioned on the checking account?

  2. Sun |  Nov 18, 2008 at 9:41 am

    No, I don’t think there’s a minimum, but $1 to earn interest.

  3. Rich Sweats |  Nov 18, 2008 at 12:33 pm

    I started an account a little over a month ago and I love it! I was with ING but the rate made me decide to switch over. So far I’m glad that I did.

  4. Sun |  Nov 18, 2008 at 10:01 pm

    Rich: Thanks for sharing your experience. I am glad you like the account.