Open a Savings Account – Without Leaving Home

Typically, when people think of opening a savings account, they think of sitting in a bank waiting for a representative to help them.  Well, welcome to the 21st century!  You can now open a savings account from the comfort of home (and you can wear your PJs if you’d like).

One of the easiest, and most well know online savings banks is ING Direct.  Some of the features/benefits of this account are:

• No minimum balances (I can attest to this.  I have exactly $1.11 in my account)
• No fees or service charges
• Direct deposit is not required
• High interest (4.30%!)
• Automatic savings (It can come straight out of your current bank account)
• Access your account online 24/7
• FDIC insured

To get started, you just have to fill in an application that contains personal information about yourself.  Next you will have to agree to the terms and conditions.    Then you’ll make a transfer from your current bank account to fund the opening balance.  And lastly, you review your information and finalize your account.

It’s super easy!

Make sure to have your checkbook handy during the process (or memorize your routing number).  You’ll need the routing number to make the initial transfer of money.  ING will also make two small deposits in order to verify that the account belongs to you.  Once your initial deposit has been made, it will take a few days to link to your current checking account.  Then, your account will be frozen for 10 days before any withdrawals can be made.

All in all, I think this is a wonderful service and obviously I highly recommend it.