That’s far more aggressive than three years of business with our brick-and-mortar bank — all three years combined. Not even close.
ING’s low overhead packs a punch in our favor: 4.5% interest rate, no minimum balance vs the brick-and-mortar bank of $2,500 minimal opening balance at .65%.
It frankly took a while for my psyche to actually embrace online banks; it was purely phobic on my part where as my husband was more game long ago to commit. We chose ING for their name recognition.
The monthly & annual yield makes for supreme immediate gratification; I split my pants every week to deposit more into the account. Maybe that means savings is fun – or I need to get out more. Hmm.
- INGdirect’s savings account – good customer service with, as referenced in an earlier post…very strong security protocols;
- My Money Blog suggests how to keep those high-yield savings balances up up up;
- Frugal living article per About.com summarizes nicely the benefits of online banks.