Most people have a savings account of some kind, and if you do then your bank probably gives you about a 1.5% annual return on the money you keep in your bank account. The national average interest rate for a savings account is generally between 1.5% and 2.5% which is ok I guess if you aren’t really trying to earn interest and don’t care about it. There is a bank account where you can earn substantially more in interest on your money if you open an account with Ing Direct. Ing Direct is offering a 4.5% interest rate on their savings accounts, which is phenomenal if you compare other rates offered by local banks.
So who is Ing Direct and how can they offer such a great rate of interest on their savings accounts? Ing Direct isn’t like other banks they do primarily all of their business online, over the phone and through the mail. Since they don’t have to much overhead costs associated with their operation they like to pass along the savings to their customers. Ing Direct is backed by ING, a global financial institution of Dutch origin offering banking, insurance, and asset management to over 60 million private, corporate, and institutional clients in more than 50 countries. Ing Direct is also a member of the FDIC (Federal Deposit Insurance Corporation) which insures bank deposits up to $100,000. So you know your money is safe and you can trust this company.
Ing Direct offers the best interest rate on savings accounts at 4.5% annual yield. I have looked everywhere and not seen any bank offer close to this rate. You cant beat this rate with a normal bank, so I suggest you open your Ing Direct savings account today. Also Ing Direct will give you $25 for joining if your initial deposit is over $250, you cant beat free money. Also if you refer a friend who joins Ing Direct you will get a $10 reward, I mean what other bank do you know that offers these kinds of rewards and a high interest rate on a savings account?
It is very easy to open and Ing Direct account, I did it online; you just have to go to www.ingdirect.com and click on open an account. You will create an account that is linked to your personal checking account at another bank; you have to do this so you can transfer money into your Ing Direct account. You can also open an account by mail, I have never done this, I would assume it’s just as easy. You can open your Ing Direct account with as much money as you want, there is no minimum balance required. There are also no fees for an account, no service charges, no penalties, and no hidden costs, this account is amazing. I have been adding to my account on a weekly basis and have been racking up the interest. The only thing I suggest checking is if your bank charges any fees for transferring money to another bank account, that might be the only associated fee with an Ing Direct account and its not the fault of Ing Direct its your bank that is charging you. My bank doesn’t have a fee for this so my account is totally free and so far I have gotten the $25 dollars of free cash for my first deposit and two $10 referral bonuses. This seriously is one of the best bank accounts I have ever had.
So although there are a lot of good aspects with Ing Direct I must also let you know about the few aspects that some people might find to be a pain. First your initial deposit can not be withdrawn for 10 days, so make sure if you are putting in a substantial amount of money you won’t need that cash for at least ten days. You have access to your bank account 24 hours a day via the internet and from 7am to 9pm 7 days a week. The only problem with this is the processing time to get money from your Ing Direct account to your checking account; is about 24 hours but can take up to 48 hours so make sure you give yourself enough time if you need to take out some money from you account. In severe instances if you call the phone support line they will assist you in getting your money immediately but you will have to explain why you need the money so quickly. These are only slight draw backs in my mind, since I want the money to stay as untouchable as possible. Others might find this as a reason to stay away from Ing, which is understandable and is why I am telling you about this aspect of the Ing Direct savings account.
Ing Direct also offers other services to their customers like cheap home loans and CD’s. I haven’t really explored any other accounts other than the savings account, but since I have been impressed with the savings account, I am sure their other services are just as good.
Other good things about Ing Direct is their website, its very easy to navigate and VERY secure. At first getting all logged in and setup was long and extensive but I was glad they have implemented such security. Ing Direct has taken security of user accounts very seriously and there are many steps in place to protect your investments. Ing Direct also provides you with lots of options for setting up your account, like instant deposits, you can setup deposits to enter your account automatically. This is good for those who just want a set amount to come out each month or week, its automated and you can just forget about it. Overall this is the best savings account I have ever had, due mainly to the high interest rate and the money I am earning and the free cash bonuses they offer. I think everyone should sign up for an Ing Direct account, even if it is only for 30 days, which will get you the $25 dollar sign up cash. What do you have to lose?
