ING Direct bank offers one of the highest yielding savings accounts in the nation. Currently, their savings accounts earn 1.20% APY (annual percentage yield), and the best part is, there is no minimum balance requirement (OK, $1 minimum), and no monthly service fees.
How is this different from most banks? It is not uncommon to find the following "deal" at other banks: .25% interest, and at least a $500 minimum balance. If the balance falls below the minimum in a given month, a "maintenance" fee is charged to your account (often $5 or more).
ING Direct savings accounts are FDIC-insured, just like any other bank account. More information about ING Direct can be found on their bank website http://www.ingdirect.com.
1. Send me an email at systeven@msu.edu
2. I will send you an email with information on how to open your savings account.
3. Upon sending in your application materials, your new account will be credited $25 in addition to your initial deposit.
Note: While you can open an account anytime directly through their website, you will not earn the $25 signup bonus.
Q: Do I have to deposit any money initially?
A: To activate your account, you must make an initial deposit to ING, but this can be as low as $1. However, to qualify for the $25 signup bonus, you must initially deposit at least $250.
Q: How does it work?
A: Your initial deposit establishes an electronic link to your checking account. Afterward, you add or subtract money from your ING account by transferring money to or from your linked checking account. There are no transfer fees; however, a minimum $1 transfer per year is required to keep the account active.
Q: What do you get out of this?
A: After your account has been activated with your initial deposit and $25 bonus, my ING account is credited $10 for the referral.
Q: Could I simply cancel my account immediately after activation, and get $25 free?
A: ING holds your $25 against withdrawal for a period of 30 days, after which you can withdraw it. There is no obligation after 30 days. However, you will probably want to keep your high-yielding savings account.