Updated October 14, 2011

You may have heard about the ING DIRECT Orange Savings Account which brought online saving to the mainstream. You may not know that ING DIRECT also offers a checking account. It's called the Electric Orange Checking account.

ING DIRECT is rewarding customers with a $50 bonus after opening a new Electric Orange Checking account.

All the customer has to do is open the Electric Orange Checking account from the bonus page, then make a total of 3 Card purchases or Person2Person Payments (or any combo of the two) within 45 days of account opening.

The bonus will automatically be deposited into the account on day 50.

The Electric Orange Checking comes with high rates, but the payout is based on a tiered structure where higher balances get higher rates. Balances under $50,000 earn 0.25% apy. Balances between $50,000 and $100,000 earn a savings account rate of 1.10% apy. Balances over $100,000 earn 1.15% apy.

Unlike many checking accounts, ING DIRECT doesn't charge a monthly service fee and doesn't have a minimum balance requirement.

The account comes with a free MasterCard® Debit Card for all purchases and free Online Bill Pay. But it may perplex people that this checking account does not actually come with checks. It is a “paperless” account that expects customers to conduct business using the online banking system. However, a paper check can be sent out using the online banking system if needed.