Most of us got at least one letter from ING Direct five or six ago with a check for $25 to open an online savings account with them, the first of its kind. I think their interest rate back then was about 2%, which was quite a leap from the .03% regular banks were offering. Nowadays though, with the rise of competitors and consumer participation in these online banks, you can easily find an online savings account with an APY of 5%. 5%!! You won’t get rich on that, but that’s a nice Christmas gift or two these companies are offering to pay for!
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