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.

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.