The issue with my current savings account is that ALL of my savings goes into this account and I didn't want to have to keep track of how much was going to our Hawaii trip. Plus, I wanted to add Ryan as a joint account owner so we could both contribute to the account. My current bank wouldn't let me open a second savings account and even if i could, it was not possible to add a co-owner for a single account. I needed another option. After a lot of research I found exactly what I was looking for, ING Direct's Orange Saving's Account. An account with no minimums, a high interest rate and FDIC insured.
ING Direct encourages the use of your account for short term goals, such as a new car, dream vacation or house. They allow you to create multiple sub-accounts for each goal. You can even give each account a name so that it's easy to distinguish and identify! (Mine is called "Travel Fund")
The account was incredibly easy to open and easy for me to add Ryan as a joint account owner. After verifying my bank account was linked correctly I was able to enroll in their Automatic Savings Plan, which allows you to determine how much money you'd like transfered and when so that you don't have to think about it. Just set it, forget it, and watch your savings account grow! Right now $100 from each paycheck is automatically transferred the day after we get paid. There's no thinking, no negotiating with myself about whether or not I should transfer money and I don't have to remember to transfer anything...it's all automatic!
It's always good to do your research and I'm sure there are many other options but if you're looking to start saving for that new car, a vacation or even a cool new appliance it's worth looking into ING Direct. It's never been easier for me to save towards my short-term goal and I couldn't be happier!
10 Reasons to consider ING Direct for your short-term savings goals
1. FDIC Insured up to $250,000 per depositor
2. 1.15% annual percentage yield
(Almost all other banks I researched were under 1%)
3. No fees or minimum amounts needed to start or maintain your account
4. No changing banks. Just link your current bank account to ING Direct
5. Quick application process. It took me no more than 5 minutes from the moment I went to their website until I had my own account.
6. Safe and secure
7. Easy to add a joint account owner
8. Able to download data to programs such as Quicken, MS Money or even an Excel spreadsheet
9. Have trouble remembering your account number? Create a Saver ID to access your account. Awesome feature that I had never seen before.
With 2010 I'm determined to keep my credit card balances down, continue to save for my future, and contribute to both my Roth IRA and 401(k)...it's rough! I know that it's going to be an expensive year and all I can do is be pro-active and save as much as I can so that I can avoid getting into debt. With just a little bit of planning, I'll have $1,200 saved up for my vacation in July and that's $1,200 less that I'll have to put on my credit card. If I can do it, anyone can do it!
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