Works for Me Wednesday – ING Savings Account

Several years ago, we opened up an ING savings account and closed our savings account with our local bank. At that time, ING had a 4% or 5% interest rate, which was significantly higher than our local banks rate.

Unfortunately, the interest is much lower now, no matter what bank you use. I think the current ING savings account interest rate is 1.65%. That is still much better than our local banks rate of .25%.

We have three funds in our ING account: general savings, retirement, and tax/insurance. Each month, an allotted amount of money is automatically withdrawn from our checking account and put into our savings accounts. Because this is automatic, we don’t have to try to remember each month to transfer money.

ING works for us because it’s easy to use and has a higher interest rate than our local bank.

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