Quote Originally Posted by JennB
I use ING. The interest rate is nowhere near 5% right now... I believe it's at 3.1%. Every time the fed cuts rates, savings rates fall as well. It's still 10+ times more than a traditional bank savings account. No fees, no hassle. It's been very easy and I've had it for about 3 years now if not more.

I set up an automatic deposit from each paycheck and it just grows.

If you decide to go with ING, let me know and I'll get you a referral that will give you $25 for free if you open your account with $250 or more.

No fees to open or close, no fees for transfers, the $25 is yours to keep.

Okay great thanks, I'm leaning towards the ING Direct account. Seems to get great reviews from other websites as well.

HSBC is the other one I am considering. Rate is still 3.55%.

http://www.hsbcdirect.com/1/2/1/