Getting my financial house in order

I opened my statement from Wachovia last night. First, the good news....

My savings account had way more money in there than I thought. It was really nice to see a balance that included a comma for once! Don't get me wrong...there is not a ton of money in there, but at the end of fall travel season, it is usually the fattest it is going to be for awhile. I will whittle part of this money away in the next few months to compensate for my pathetically low salary!

The bad news is, because of this new found "wealth", I realized that the money in my savings account earns an abyssmal 0.10% interest. Holy cow! I might as well be keeping my money in a shoe. I knew the earnings on this account was bad, but I didn't think it was 0.10%. There are higher interest rates available for higher balances. For instance, if I had $1,000,000 in my savings account, I could earn 1.01%!

I had read up pretty well on other sites about ING Direct's savings account, which currently earns 3.75% interest. Plus, I had a friend refer me, so I got an additional $25 bonus (and my buddy got $10). There is no minimum balance requirement, no fees, and they offer an automatic savings plan. If you initiate the transfer from ING, there aren't even any fees on bank transfers. My account is still in the process of being set-up, but I anticipate things to go smoothly. If you check out the web site, and decide that this account is for you, please let me refer you -- you will get the same $25 bonus I received, and I will get a little extra for my piddly account, too!

**Disclaimer -- While there is no minumum balance requirement to MAINTAIN your account, there is a $250 minimum needed to open the account and receive the bonus.