Years ago I had a savings account but I closed it and used the money for LASIK surgery. I don’t regret it at all but I always wanted to open up another savings account. There was just one problem, many of the banks around here wanted you to keep atleast $250 in the account. That’s a bit of an issue for those of us who don’t have tons of extra money laying around. I would have had to save up to open a savings!

Luckily I found ING Direct. I’m sure you’ve heard of them. They are on online bank. They offer higher rates then most “real world” banks and don’t have as many restrictions. You don’t need to keep a certain balance, you can make as many deposits or withdrawls as you like and they have no fees. The best part is you can open an account with as much or as little money as you like. When I opened mine I started with $10.

One thing I like is the fact I can’t just run to the bank and take money out. You really need to think about withdrawling money because it can take a few days to transfer. I won’t lie, since I’ve opened my account I have made withdrawls but they were made to keep my checking afloat and to pay bills. I always try and replace whatever I take out.

If you’re interested in opening an account with ING, please let me know. I can refer you. Right now if you open an account with $250, you get an extra $25 and I get an extra $10. It’s a win win situation!