If you caught my post last month about our financial infrastructure, you know we have the bulk of our money in savings accounts at ING Direct. We love ING because it is so simple to use and offers interest rates that are a lot higher than a typical bank. Right now our ING savings accounts are at 1.5% as opposed to our Chase savings account that is at 0%! This time last year ING offered 4.5% interest on our savings account- which amounted to several hundred dollars a month. Your money is FDIC secured and you can set everything up and manage it online. No waiting in line at banks! Our accounts are linked to our checking account and we can transfer funds back and forth quickly.
- Savings Account for Adriana
- Property Taxes- we deposit money monthly and withdrawal when payments are due
- Misc Account- this is currently serving as a home improvement fund. Before we had children it was our vacation account 🙂
As part of my monthly goals for April, we wanted to look into switching our daughter’s savings account to a 529 account. I am happy to say that ING provides that service! To find out more about the Education savings plan- click here and for regular savings accounts click here.
We are not contributing to our college accounts as we are still working on the debt snowball but we will be opening (2) 529 accounts at ING to deposit any monetary gifts our children get throughout the year.
If you have $250 to open your savings account, ING will pay you a $25 sign up bonus. The College Advantage 529 account only requires a $25 deposit. If you are happy with the service, you will receive $25 for every referral you generate to family and friends (up to $500 a year). This is a great bonus for something we would have done anyway.
Email me at myfrugaladventures at yahoo dot com for the referral code to get your $25 bonus.
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