Right now, ING Direct is have a “rate sale.” That’s the first time I’ve ever heard of the term, but in essence, what they are doing is offering a higher interest rate from now until April 15th on any money you deposit until that time. They normal rate is currently 3.8% which is well above my credit union’s savings account rate (which stands at about 1.2%).
I’ve been a member of ING Direct for over a year. I initially set it up to automatically withdraw $10 each month. The next thing I know I have over $170 and the rates keep going up. They are FDIC insured so you can feel safe putting your money there. It is simply a savings account (although they have ARM mortgages and a CD account which can earn higher rates).
You link your ING Direct account to your current bank account. It takes about 2-3 business days to send and receive money between accounts. I like it because it is just far enough away to to avoid the temptation of spending savings on something trivial, yeat liquid enough to have when I need for real emergencies.
You can join through the link above. Or, if you have $250 to initially deposit, send me an email (or comment on this blog), and I’ll email you a referral link that will allow you to have $25 deposited in your account when you join (and I’ll get a $10 referal commission;)).