High Interest Investment

Switching to higher interest savings account?

Being a little leery of the financial mess we are in at the present, I am thinking about switching to an on-line savings account such as ING Direct Orange. My current interest rate for savings accounts at my local bank is 1.14 per cent. I have roughly $10,000 sitting there earning .75 cents per month. Can anyone give me some advice on this? Does anyone have any experience with ING? Thanks!

Public Comments

1. I have savings and CD's at ING for more than 4 years and I am very happy with the results. Currently the savings offer 3% and 12-month CD offers 4% APR. ING deposits are FDIC insured up to $100,000 per customer so your $10,000 is protected even if ING goes bankrupt. The FDIC insurance applies to most of the commercial bank's deposits. So, why not go to the bank where it gives the highest interest. Over the years, additional interest earnings would have compounding effect, and you would end up with a lot more money if you are diligent in shopping around for the better rates. Just make sure the deposit is FCIC insured at the place you park your money.
2. yeah i've had an ING account for about a year and i like it. they have a buddy bonus so if you want an extra $25 (you get $25 and i get $10). it takes a couple days to process money transfers back to your checking account though if you use a different bank for your checking account. click on my profile and send a personal message with your name, email address and which account you want to open and ill send an invite