ING Direct - New Deposits - Savings Account is Now 4.75% APY!

[Erik]

Erik:

If you open now, you wouldn't have to pay taxes until April 15, 2007. And it's only income tax, meaning it's just a small percentage of the interest you earn. (And you have to hit the minimum before you'd owe any tax - not sure what it is now.) You can open it in your name, but I'm pretty sure that you'll need a parent or someone 18 or over to co-sign. Once you turn 18, you can take him/her off. You can freely move money to and from your checking account online for no fee; I do it all the time, myself.

Hope this helps..

Thanks! Yes, I didn't see the fine print but just like my checking account, I'll have to have one of my parents open it as a joint account, which is fine. It looks like I'll give this a go. No disadvantage, right?

 

[ScubaCat]

Forgot to mention - federal law does limit saving accounts to 6 withdrawals per month (I think it's 6 - someone correct me if I'm wrong).