I’m working on my taxes. God, I hate this time of year. I have better things to do with my time than browse receipts and give money to the government. However, there was one redeeming quality that brightened up my day: the interest earned using my ING Direct account.
ING Direct vs. Your Bank Account
Here’s a brief review for those of you unfamiliar with online banking. ING Direct is a free online bank that offers high interest savings accounts. Their current interest rate is 2.20%. Compare that to a typical bank’s average interest rate at 0.42% and you can see why more and more people are starting to switch to ING.
I started using ING Direct last year and would make a small deposit whenever I could. It quickly added up and my monthly interest deposit from ING dwarfed the deposit from my bank. My bank offered me petty change and ING offered me worthwhile money. Sure, it’s just a few dollars, but it’s more than what I was previously receiving.
Here are my interest earnings for 2008:
Interest Paid from ING Direct: $37.77
Interest Paid from PNC Bank: $4.50
If someone extended both of their hands and let you choose the $4.50 from the one hand or $37.77 from the other, you would never choose the $4 hand. It just doesn’t make sense. Using your banks savings account to accrue interest doesn’t make sense either. Open up a FREE ING account today and start letting your money work for you.