Tuesday, November 15, 2005
Anyone who has at least a couple thousands dollars laying around should consider opening an online money market account to maximize their interest income. Emigrant Direct currently pays 4% on its money-market account and requires no minimum balance. ING Direct offers 3.5% interest on its money-market account and also fails to require a minimum balance. Another good thing about these accounts is that both are FDIC-insured up to $100,000. The only real catch is that you have to electronically make deposits/withdrawals to/from the account. For example, you can electronically transfer money between your banking institution and your online account. This is no problem and is similar to the direct deposits that many people make with their paychecks into their bank account.