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ingdirect.com has a checking account that gives 1.25% APY with a balance over 100k

That's a personal banking product, not a business banking product. Here are the business banking products: http://business.ingdirect.com/

Best rate is 0.95% for a business savings acct. And note that it requires linkage to a "regular" bank account.

What's the difference? Besides the obvious name.

One is owned by the entity (associated with an EIN), while the personal account is owned by an individual (and associated with an SSN).

As a business entity, you won't be able to get a personal account