I first reported on iGObanking's high yield checking account in this May 12th post. Like ING Direct's Electric Orange account, the checking account is basically a no-minimum checking account without paper checks. The interest rate is only 2.65% APY, but this is competitive as compared to ING Direct and HSBC Direct. A higher yield (currently 3.28% APY) is available in iGObanking's online savings account (see post).
iGobanking.com is a division of Flushing Savings Bank, FSB so deposits are FDIC insured. Flushing Savings Bank has a safe and sound rating of 4 stars (sound) at Bankrate.com based on 3/31/08 data.
Thanks to the reader who mentioned this bonus in the comments. If you find a good deal or hear about important banking news, please leave a comment in my finding the best deals post.