Where is the money you made this summer?

So you've been home from college all summer, working a ton of hours and making lots of money, right? Well, even if all of that isn't true, hopefully you made at least a little bit of money this summer. The question is, what did you do with this money? Have you blown it all already, is it sitting in the bank, or is it in a dirty sock under your bed? Why not let it make money for you?

Instead of holding onto your money in cash or putting it in a low interest savings account, why not save it and let it work for you at the same time? With an online high yield savings account, if you invest $2,000 you can earn over $100 a year in interest. The highest interest one right now is FNBO Direct at 6% APY. It doesn't have the greatest features, but it is FDIC insured and has a great interest rate. You should use this account if you want to put your money away for a while without having immediate access to it, as it takes several days for transactions to clear. If you want a high yield account that's easier to access, check out ING. You can open an online checking account (called Electric Orange) with an APY of 4%, and with this account you can get a debit card so you can have instant access to it. ING's Orange Savings account has a higher interest rate at 4.5% APY, and you can set it up with your Electric Orange account to move money from one to the other and have instant access.

These accounts have no minimum requirements, and no annual fees. They are a great deal, and if you sign up for ING you can get a $25 referral bonus if you email me for the link to sign up through.

So why are you still holding onto your money? Get online and sign up for one of these accounts! Seriously, its free money without you doing any work. Who doesn't want that?

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2 comments:

  1. Anonymous said,

    emigrantdirect.com similar to ING but you get 5.05% big difference

    on August 20, 2007 at 2:57 PM


  2. the man said,

    at ING the new customer gets a $25 bonus, and the referrer gets a $10 bonus. I haven't looked much into Emigrant, but ING has some pretty good features such as automatic savings plans and direct deposit. The bonus alone is enough reason for me to sign up for ING.

    on August 20, 2007 at 4:46 PM