Flushing Savings Bank has added a high yield checking account to its online bank, iGObanking.com. Like ING Direct’s Electric Orange and HSBC Direct’s Online Payment Account, it’s a no-minimum checking account without paper checks. Instead of writing checks, you use their online bill pay tool. They also will have a Mastercard debit card for ATMs and for purchases (debit cards are not currently available). Like ING Direct, ATM usage is free through the Allpoint Network. They don’t seem to provide any ATM fee reimbursements if you use other ATMs.

Here’s a summary of the iGOchecking’s features:

• 2.65% APY on balances $1 and up (as of 5/12/08)
• No monthly service fees
• No paper checks
• Free online bill pay
• MasterCard Debit card (available soon)
• ATM usage is free at Allpoint Network ATMs
• $1.50 fee at an domestic out of network ATM
• $3.00 fee at an international out of network ATM
• $1.00 fee for PIN based debit card purchases
• No charge of signature based debit card purchases
• 5 day hold for all deposits

iGObanking.com has maintained a competitive savings account rate since it was launched in 2006. It’s now down to 3.28% APY, but this is still better than many other online banks such as HSBC and ING Direct. iGObanking.com also has a history of competitive CD rates. Currently, the best deal is a 4% APY 24-month CD. The minimum deposit for CDs is $500. Please see their rates page for the latest rates.