Once Again, ING Raises its Rates

For the third time since early March, ING Direct has raised its interest rates. It now pays 3.0% interest. I’m glad that ING is staying competitive, although it still doesn't match newcomer EmigrantDirect's current 3.25% APY. But it's even better than VirtualBank's current 2.8% APY. If you don't already have an account, ING offers a $25 bonus for new accounts with a referral. You can email me if you’re need one. There is a $1 minimum to open your account, and after 30 days it's all yours. (In the interest of full disclosure, if you decide to open the account, I would get $10.)

Even if you don't choose ING, other internet banks are very competitive compared to local brick and mortar banks. Check BankRate.com for a list of banks paying high interest for money market or savings accounts. The best time to start saving is now.