1.25%
1.17%
1.16%If you need instant access to your money then a certificate of deposit or online savings account may not be right for you. However you can still earn interest on money that is sitting in your checking account by considering one of the following bank investment products.
Electric Orange (from INGDirect) and Thunderbolt Checking (from UmbrellaBank) are high yield interest bearing checking accounts. Both banks are online banks (Umbrella bank is actually the online division of New South Federal Savings Bank) so electronic transactions are utilized.
Here’s a quick comparison:
| Electric Orange from ING Direct | Thunderbolt Checking Basic Interest Checking from UmbrellaBank | notes | |
|---|---|---|---|
| Initial Minimum Deposit | $1 | $500 | |
| Paper Checks | no | yes | unlimited check writing from UmbrellaBank |
| Send Paper Checks | yes | no | ING Direct lets you send paper checks to people/businesses online |
| Send Electronic Checks | yes | yes | online payment to businesses/online bill pay |
| ATM/Debit Card | yes | yes | instant access to your money through ATMs |
| Monthly Fees | no | maybe | $4.50 monthly fee is waived if you have 1 of the following:
|
Electric Orange users can send a paper check overnight to arrive by the next business day for a fee of $15 but you must get your request in by 11AM Eastern Time.
Interest Rates
Here’s where the two online checking accounts are very different.
| Electric Orange from ING Direct | |
|---|---|
| Account Balance | APY Annual Percentage Yield |
| $0 – $49,999.99 | 0.50% |
| $50,000.00 – $99,999.99 | 2.60% |
| $100,000.00 or more | 2.80% |
| Thunderbolt Checking Basic Interest Checking from UmbrellaBank | |
|---|---|
| Account Balance | APY Annual Percentage Yield |
| $0-$499.99 | 0.15% |
| $500-$1,999.99 | 2.00% |
| $2,000.00 or over | 2.00% |
Based on today’s online checking account rates it makes sense to go with UmbrellaBank’s basic interest checking Thunderbolt Checking Account only if you have less than $2000 AND meet the requirements of getting the monthly fee waived. It’s better to go with Electric Orange from ING Direct if you have $50000+ to invest OR if you would have to pay the $4.50 monthly fee by going with Umbrella Bank.