Dedicated to Deposits: Deals, Data, and Discussion

3.80% Online Checking Account and $50 Bonus at


Update 02/22/09: APY is down to 1.25%.
Update 12/23/08: The iGOchecking APY is now 2.00%. has raised the yield on its online checking account from 3% to 3.80% APY. iGOBanking came out with this checking account last May. At the launch the yield was 2.65% APY. So the rate has been competitive for checking accounts. This checking account is a lot like ING Direct's Electric Orange checking account. It has no monthly service fees and no paper checks. See my May account review for more details.

iGObanking has also extended its $50 gas card bonus. It seems to have the same terms that I reported on in August, but it's now available through December 31, 2008. To receive the bonus requires opening an iGOchecking account and paying 3 bills online using their Bill Pay and Presentation tool by 12/31/08.

There are some things to note in the small print. First, it states that "reward will be sent to the first 400 accounts that fulfill the bill pay requirements." Also, it states that "By participating in this promotion you are consenting to the bank releasing your name and address to a third party service provider."

A reader who participated in this promotion has reported receiving the gas card on 11/10/08 in the comments of my last post. continues to offer two competitive CD specials: a 4.15% APY 9-month CD and a 4.30% APY 15-month CD (see post). Also, it continues to offer a competitive rate of 3.28% APY on its online savings account (see post). is a division of Flushing Savings Bank, FSB which is FDIC insured. Flushing Savings Bank has solid financial ratings for soundness: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Both ratings are based on 6/30/08 data.

Credit for this find goes to BestCashCow.

  Tags: iGObanking, checking account

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Comment #1 by Anonymous posted on
Took advantage of the 3.80% IGOCHECKING today. Process was straightforward to apply for account. I faxed over a copy of the address verification letter they requested. They said to mail it but in the past I have faxed applications so I faxed it over via a free internet fax service (which puts ads on the fax, but what do I care)

Hopefully all goes well. I did IGoBanking because Flushing Savings Bank is a LOCAL BANK here and I can withdraw funds from my checking account locally with the ATM card or from other Allpoint ATM machines.

The problem is I still need to deposit local checks/cash and I cant do this with the branch so I will have to link it via my existing bank accounts.

Comment #2 by gaelicwench (anonymous) posted on
Went ahead and took advantage of the checking account as well. The 3.80% is too good a rate to pass up, especially since other banks set out-of-reach amounts to open an account with minimum-to-avoid fees attached to them.

I do remember in the past that iGO tends to be a bit more "clunkier" when doing online banking, unlike ING's online website.

Guess I will see for myself.....

Comment #3 by Anonymous posted on
Countrywide dropped to 2.90% today. I had expected them to drop due to Bank of America acquisition.

Emailed Flushing about application and faxed over necessary proof of address. Haven't been contacted yet. Guess I will hear back next week as I bet they got alot of applications.

I didnt think twice about the 5 day hold period because I will be using it as checking account and for paying bills. I didn't transfer all funds to them for this reason as outbound ACH and 5 day hold periods will make it difficult for such.

Comment #4 by Anonymous posted on
Thanks for the post. I opened an iGOchecking account this summer as a complement to my iGOsavings account. Now I need to transfer all the money from my savings account to my checking account! Kind of bizarre...

Comment #5 by Anonymous posted on
The 3.80% is for NEW MONEY ONLY.

You can not move Igosavings to IGochecking for the 3.80% rate.

I had funds in other banks so I was able to do it.

Comment #6 by Anonymous posted on
Does anyone know how many gas cards have already been claimed since there is limit of just 400 cards?

Comment #7 by Anonymous posted on
According to the online management team there are over 8000 applications received in November alone.

Comment #8 by Anonymous posted on
8,000 applications.

I look at top rate tiers all the time as do others here and the 3.80% is TOPS for an online checking account in the markets where Flushing Savings Bank has a LOCAL Branch since you can use ATM card at the branch itself as well as other allpoint ATMs.

I applied for account, faxed over copy of PDF statement via online free fax service. Also emailed them to receive DEBIT card which they say is processing.

Deposited funds on 11/17/2008. They claim interest accrues from date of deposit and there is a 3 day hold period on funds.

I am hoping that funds are available this coming week which I expect they should be. As long as the interest accrues at 3.80% the hold time doesn't appear to be bothersome.

Flushing Savings Bank is rock stable with oodles of deposits and is growing and stable unlike Citicorp and is growing with new branches.

Loads of branches in Flushing which is their hotspot, then branches throughout with the most profitable branch being a branch in New Hyde Park, LI and a Garden City branch opening up very soon by Jan 2009.

Bank was featured heavily in the Queens Chronicle.

Of banks in my local area: The banks I like the most are:

Banco Santander (Sovereign Bancorp)
TD Bank
Flushing Savings Bank (parent company of iGOBanking)

Flushing Savings Bank with has highest rate tier on online checking with Debit Card for a non rewards based account with 10 Debit transactions required. Interest loss is none, they credit interest from DATE OF DEPOSIT. However there is a hold period before funds can be used so if you deposit funds on a Monday don't expect funds in the bank to be able to be able to be used till a full week later. I am hoping I get the funds credited on 11/25/08 or 11/26/08 in available balance but will find out soon enough.

One top executive lives in Massapequa on Long Island and checks can be mailed to the Bayside facility for incoming deposits which is right near here so I feel very comfortable with this bank.

Emigrant with Dollar Savings Direct has 4% however its facility is in Ossining New York upstate and it doesnt offer the ATM or checking features.

I used AmtrustDirect awhile back which was the worst banking experience of my life. I picked bank solely based on rate without ever checking the bank out in detail before I used it for deposits.

With Flushing Savings Bank, everything has gone well so far. The one problem I had was I had called in to unlock my account since I didn't want to answer the validation questions so I refreshed the page and I wound up getting my account locked out.

A quick call in fixed the problem, told rep what happened, but she never said anything on the phone, I had to engage in the talking. Was like talking to a non responsive person so at the end I asked politely if anything else needed to be done, she said no and I logged in and was off. Emails have been responsive and forthcoming and the appropriate method of communication from now on.

Hold period aside, my funds at flushing are safe and secure without risk earning 3.80% APY without any requirement of any FDIC involvement or any loss.

Comment #9 by Anonymous posted on
Allen Brewer Joins Flushing Savings Bank as Senior Vice President, Chief Information Officer

Had ties back to AIG. However AIG was a legitimate business insurer.

Unclear how to take this news as to his appointment. However it does seem like FFIC is attracting new management talent and the experienced management behind the scenes seems to be conducive to an appropriate banking experience especially for the online division.

The online systems and personnel at AmTrustDirect were horrible and were not legitamate nor worthy of continued usage.

Comment #10 by Anonymous posted on
I tried to open an account online. Since I moved last year, my ID address is not the same as my current address. I was turned down. When I called they wanted me to provide a fax copy of my ID and current bill to confirm my address. I never heard back, so I don't think I will beg for an account. Maybe ING Direct isn't so wishy washy.

Comment #11 by Anonymous posted on
In my case I was asked for proof of address and a bank statement or the like and was told to mail it.

I faxed via free fax service the pdf to a statement I had. Emailed them in responce to an email received from them that I sent it via fax. Was approved without hassle.


Also they will tell you there is no telephone banking access which is incorrect. The PIN # is set to the last 4 digits of your social security #.

Hopefully I will get the debit card and telephone banking access continues and my deposit on 11/17/2008 which arrived via ACH on 11/20/2008 becomes available no later than 11/25/2008.

Comment #12 by Anonymous posted on
The checking account rate is now 2% and they changed the hold period to 3 business days. Still for direct deposit funds that is still too long.