I have been using ING Direct for about two years now as a secondary savings account, and I think everyone out there should have at least one ING account as a savings account. Most major banks give ridiculously low interest rates. Between .01 and .08% APY, even if you use a Money Market or CD you are likely to get no better than 2-3% APY at best. ING Savings accounts have between 5 and 5.5% APY and are FDIC Insured to $100,000. This makes them provide far more interest than a typical bank savings account, money market or CD. Also, since it is a savings account you have far more flexibility with your money and can pull your money out without penalties or time delay’s as you have with CD’s.
The beauty of a high interest savings account is with a highly volatile stock market, and mutual funds being unpredictable at times, you can get a steady interest rate with no risk of loss. I always calculated that if you made enough interest risk free to live off of, you could have a healthy financial life that will last and your funds won’t run out from under you.
ING is easy to use, links to your existing bank accounts for easy deposit/withdrawals and even has checking accounts now with very high interest returns. ING can accept direct deposits from employer’s so the easiest way to start savings, is to carve out about $50 – $100 per pay check (if you can) and have it direct deposit into your savings account. Before long, you will have nested some money at the end of the year that you will not have missed.
Remember the key to growing all savings is to not withdraw, so keep adding as you can and hopefully you can build up a small savings for yourself.
This post is not sponsored by ING in any way, I just happen to use them as my secondary banking service and I really thought everyone should gain benefit from all they have to offer.
-Dragon Blogger
Related posts:
- Official Business Accounts Needed On Twitter Many people have joined Twitter and see the value of the real time communication network as a way to get...
- Dragon Blogger’s Views on The Financial Crisis and Government Decisions I don’t talk politics often but when I do I like to tell people how I think and rationalize why...
- Find Coupons from Electronics to Home Furnishings Find online coupons for over four hundred and fifty stores with savings.com which has some great deals and coupon ratings....
- Dragon Bloggers Success and Google Adsense Earning A Few Peanuts I started this blog on August 23rd 2008, which is less than two months ago. I also started 3 other...
- Twellow – Yellow Pages for Twitter Accounts Twellow is like a yellow pages for Twitter accounts and you can search by categories, locations and easily find the...
| via FaceBook, Twitter, RSS or Email |  |
Enter your email and subscribe now!
Tags: banking, CD, checking, dollars, finance, financial, ING, money, Money Market, Mutual Funds, savings, Stock Market
August 24th, 2008 at 7:07 am
[...] Original post by dragonblogger [...]