IGoChecking, IGoBanking’s Checking Account, Offers 2.65% APY

IGoBanking is one of the online banks that I used quite often in the past, until recently I switched to Capital One/FNBO Direct because IGoBanking’s rate, at 3.28% APY, is no longer attractive comparing to others.

Early this week, I received an email from IGoBanking, introducing me their IGoChecking checking account. Key features of the new checking account include:

• Earn 2.65% APY for your money;
• ACH fund transfer takes 2 to 3 business days;
• Paperless checking account;
• No monthly fees and no minimum ($1 minimum to earn interest);
• Free unlimited bill pay;
• Pay people service;
• IGOdebitcard for purchase and surcharge-free ATM withdraw through Allpoint Network.

There are quite a few online banks also offer interest checking accounts. Among them, I have account with ING Direct and HSBC Direct. Though it’s nice to earn some interests with money in the checking account, I am still using Bank of America to pay bills, fund all the online banks, and make stock/mutual fund purchases and I don’t make a penny from the money in the account. For me, switching to another checking account is too much of a hassle and interests earned from a few thousands in the checking account aren’t that appealing. I’d rather put all the money in high-yield savings accounts and keep the minimum in checking account. So I am sticking with BoA

Are you using an interest bearing checking account?