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In the search for the bank with the higher interest rate, I couldn't find anything worthwhile in my home town. Nothing in person. No buildings that I could enter with my money and deposit into their safe. Rather, the bank that pays the highest interest rate on savings is ING Direct. It's an online bank that offers no brick and mortar branches. They've cut their overhead and are able to pass the savings along to the customers.

I've been with ING Direct for several years now. I began using it as a good savings account so I could save up for my first home. With interest rates about 15 times the average check account rate, who wouldn't want the free money? Here are a few facts about ING Direct. I will also tell you how to get a free $25!
1. ING Direct only operates over the internet. They offer no brick and mortar branches. This saves the bank A LOT of overhead expenses, which they pass along to the consumer with much higher interest rates. The current rate is 2.5% (in January 2009) but has been as high as 4.75% since I've been with them.

2. You need a normal bank account. ING corresponds with your bank for it's deposits and withdrawals. You link your normal checking/savings accounts with the ING account and make you withdrawals and deposits by transferring the money.

3. Your money is liquid. Many people think that with interest rates this high, it's a CD where you won't have access to the money. This is untrue. Getting your money is as simple as a click of the mouse. It will automatically be transferred to your bank account within two days.

4. The website is secure. The process to get the account set up is so complete that you'll wonder how even YOU got access to your accounts. The log-in process asks for not only your pin number, but also two security questions that change each time.

5. You can earn $25 for signing up with ING. It's fast, easy, and a free $25. And you'll end up earning much more than that in interest over your normal bank. The catch is that you have be referred by a current customer. If you'd like information sent to you regarding opening the account, I'd be more than happy to. Email me at tdmuck323@aol.com and I'll send you the link! Remember...you need the link from a current customer to earn the $25!

I love ING Direct. I've never had the slightest problem, and extra interest money added to the account every month is what I love the most! Give them a shot...and earn $25!

Learn more about this author, Barry Tadmore.
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