This is the way small businesses should keep their extra cash. ING has a business savings account that links to your existing business checking account. It’s a great way to earn 4.65% APY, and have easy access to it - it’s not tied up in a CD.
This account has all the niceties of a regular ING savings account, like a lack of frustrating fees your normal bank charges. However, I’m pretty sure they don’t have business checking yet, so don’t get rid of your other accounts, just keep your extra money in a smarter place. And yes, it’s FDIC insured to $100,000 like other US accounts.
What is our incentive to save money in a 0.05% account, when there’s online banks ready to help us reach our goals? ING isn’t the only one, but the one with which I’m most familiar. I’ve also heard good things about HSBC Direct. Know of others?
I started using WT Direct earlier this year and have been very happy with the company. They currently offer 4.9% APY. More about my experience with WT here.
Thank you! I was wondering about ING Direct. I have not quite pulled the trigger on the personal checking account, but it works the same way. If, like me, you’re a sole proprietor, you could get away with that too.
BTW, I would love to have some way of subscribing to comments. If this is a wordpress blog, you might try out the “subscribe to comments” plugin which lets us get comments via email. Or, an RSS feed for each one might be helpful too.
Thanks again.