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ING Direct has decided to bring back their $50 bonus for current and new customer who open an Electric Orange Checking account. With an introductory APY of 0.25% for any deposits below $50,000 (1.40% APY for $50k – $100k), the APY is somewhat low, when compared to other online banks such as Ally, who just launched their own checking account at 0.50% on deposits up to $15,000.
ING Direct's Electric Orange
Electric Orange Features
The account does come with a number of features, such as:

• MasterCard® Debit Card for purchases
• Free ATM access at over 35,000 ATMs nationwide
• Free Bill Pay
• Send money securely with Electric Checks

For those who do choose to act on this deal, you will need to complete at least 3 signature-based purchases in the first 45 days after your account has been opened. Other points to be aware of are that ING Direct will do a hard credit pull when you apply (see ING Direct’s FAQ for more details.)
In addition, overdraft protection is mandatory for the account, so don’t be taken by surprise and keep close track of your balance.  ING Direct also places a hold of 5 business days for deposits (initial deposit has a 10-day hold).
For more information, visit the promotional website here.