If you open up Google and do a search for high-yield savings accounts, you’ll find dozens of different options. A lot of people look for the highest interest rates around and just go with whichever is currently offering the best rate, but this isn’t really a good way to search for an online savings account. There’s also the matter of sign-up bonuses, customer service, the availability of funds, and customer security. ING might not have the highest interest rate around, but I still keep the majority of my savings there, and here’s why.

First, let’s look at the security features that are used in ING Direct. Instead of a username and password, you use an electronic pin-pad and enter your pin number. This is great, if your computer gets hacked and someone is recording your keystrokes which happens more often than you think, they won’t be able to steal your savings account information and take your money. Since you enter your password with a mouse, there are no useful keys that can be recorded. They also have a great security system for when someone tries to access a computer that’s not yours, and there are site-images used to ensure you that you’re on their site, and not some spoof phishing version of it. They beat about everyone else on the market, there’s no other bank out there that keeps your money safer.

ING Direct also offers excellent customer service. I had to call their customer service number once, and there was literally zero wait time. This never happens! They were able to help me very quickly and without issue. I spoke to two different agents, and both of them spoke excellent English, which is an extreme rarity for customer service. They should be commended for their excellent customer service.

When you sign up for ING direct, you can get a $25.00 sign-up bonus just for opening an account and funding $250.00 in it. They will also give you $10.00 for anyone that you refer to ING Direct. I told a few of my friends about it online, and made $50.00 just by talking about it on MSN for a night. I don’t even feel dirty about it, because it’s such a good product. There’s really no better sign-up bonus out there. Even if you don’t think you’ll use it for the long term, you should at least try it out for the sign-up bonus. You do have to be referred by an existing customer to get the sign-up bonus, so if you would like a referral email, just send me a quick note at paulsonm@pluto.dsu.edu and I’ll send you one right away.

Some online banks don’t offer electronic transfers of funds. They think that you should have to send them checks to deposit money. ING Direct and many others use electronic transfers to digitally move money from your checking account to your savings account. In addition, ING Direct has some of the fastest transfer times when looking at all of the online savings banks. When you need your money within a day or two’s notice, you can get it.

ING Direct currently offers an interest rate of 4.50% APY. Yes, there are banks that give upwards of 5.30% APY, but after the sign-up bonus and referral bonuses if you choose to use them, the gap narrows dramatically. When you combine this with ING Direct’s amazing customer service and great security features, they can’t be beat.