ING Review: Online Savings Accounts
I’m sure you’ve seen commercials for ING Direct on television. When I first saw them, I had no idea what it was, but I wanted to find out. I have now had an account with ING Direct for almost a year, and I have been very happy with it.
ING Direct is an online bank that has savings accounts, certificates of deposit (CDs), mortgages, and other services. They always have one of the highest interest rate on their savings account, which is a great place for you to put your money.
If you have a large amount of money saved that you know you aren’t going to spend for a while, I recommend putting it in a certificate of deposit, usually called a CD. When you buy a CD, you purchase it for a certain length of time, maybe 6 months or a year. You aren’t allowed to touch for that length of time, but the interest rate earned is usually higher. If you know you won’t need the money for a while, you might as well earn a few extra bucks.
They are able to give you a large percent in interest because the bank is operated entirely online. You don’t have to drive to the bank and deal with cranky or overly bubbly tellers, just jump on the web. Whenever you need some money, you just transfer the money online and it will be wired into your account in 2 to 3 days.
If you aren’t old enough to get an account yourself, talk with your parents about opening up a custodial account.
So start saving, open up an account, and earn more money doing absolutely nothing!
The Orange Savings Account. Great rates, no fees, no minimums.
