ING Direct

If you're looking for a worthwhile savings account, look no further than ING. Their current interest rate is 4.5% and it’s always higher than your average bank. There are no fees, and you can earn money for referring your friends. You can set up a regular transfer of funds from your bank account to your ING account, and transfer money back whenever you require. (Note, when you transfer money between an ING account and a bank account, it takes about 3 business days. Important to note if you’re about to make a payment that depends on the funds.) The savings rate just keeps going up and up, it’s a win-win no matter how you look at it, and you’ll wonder why you haven’t invested in one before now! Security is excellent – they just upgraded it to a 3-step process. To open the account go to www.ingusa.com (CONFIRM) send a voided check from the bank account you want to link to ING (or is it $5?) to the address on the website and in a few days you’ll be all set up! more

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ING Direct is an awesome bank! I wish all banks were so simple and pleasant! No fees, very straightforward rules, and helpful customer service. You do everything from their website, which is clean and intuitive and secure. You get a very high interest rate on a regular savings account, which you can schedule recurring deposits into from whatever account you have it linked to, and you can earn money by referring friends to join! I guess they can have such a high interest rate because your money isn't completely liquid - it can take around 3 or 4 days to complete a withdrawal, but it is certainly a good place to keep money for weeks at a time or longer. I know they also have short term high interest CDs too, though I haven't looked into that option too much. Before using the ING automatical withdrawal option (every two weeks some money is withdrawn from my checking account and deposited into my ING savings account), it was difficult for me to accumulate savings. Now it happens automatically and I don't even see it. It's great! Highly recommended. more

The interest rates are higher than most banks. My interest rate just went up. Now tell me that other banks offer the same. Although transactions are online and it take a few days to get the withdrawal check sent to you...its worth it. I have watched my statements come in each month and the steady growth of the interest I have accumulated surpasses most bank institutions. It is secure and I am a very satisfied customer. more

I would highly recommend opening an account with this bank in addition to your regular bank account. Because they have no physical locations, ING gives you interest rates that are ridiculously higher than you probably get at your bank. Right now, you get 3.4% APY. Unlike other banks that might also offer these high rates, there are no minimums or requirements at ING. You can open an account with $1. This is great to have as a savings account or emergency fund. Money is almost fully liquid, but it does take a few days to transfer money out of ING to your other bank account. However, if you use this as a savings account, most likely you don’t need to constantly take money out. In this sense, ING is good because it might prevent you from simply taking money out to spend unless it’s a good reason. I would definitely recommend looking into this bank. The interface online is also very good and intuitive. You can sign up online. The best way though is to get a referral from a friend or someone that already has an account. By doing that, ING gives you $25 deposited into your account for free! The person who referred you also gets $10. I have an account so if anyone is interested in this deal and doesn’t know someone who has an account, feel free to send me a message and I’ll send you a referral! more