ING Direct

Two weeks ago, I opened a new savings account.

I've only had my BB&T savings account for about two and a half months. I was getting 0.25% interest. I didn't really mind at all about the interest rate when I opened it. I knew it was low, but that wasn't really a problem to me. My only reason for opening the account was to have two accounts....one to use and one not to use. I was going to automatically draft $100 from each paycheck into the account. I've also placed $20-50 here and there into the account.

Two weeks ago my savings account was up to $700. I know, it probably doesn't sound like much, but it's very exciting for me!

I've been reading some financial blogs. I really like one called "I will teach you to be rich." The website is http://www.iwillteachyoutoberich.com/.

Anyway, he had written some great information on starting out and the best routes to take. He told me the when's, the why's, and the how's.

One thing I immediately learned was that I need to open another savings account. He suggested either ING Direct or Emmigrant. I went with ING Direct. It's No fee and No minimum balance!!! And, believe it or not......the interest rate is 3.80%!!!! I couldn't believe it.

Also, for the next two months (it ends in April) they have a 4.75% interest rate.

I opened the account with $250 from my BB&T savings account. I put this much in because I got a $25 bonus for doing so.

I now have two savings accounts. I plan on keeping both of them with immediate money remaining in the BB&T account and the bulk of my emergency savings to go into the ING Direct account.