One of the best ways to meet a savings goal is to have automatic deductions setup and to also have the account where you can’t get to it right away. My favorite savings account is ING Orange Savings Account. It doesn’t have the best interest rate but its close enough to make it worthwhile.
The interest rate is only at 1.10% but that’s pretty close to Ally which is at 1.30%, so ING isn’t far from par. What keeps me there is the ability to create sub accounts that you can name for what ever savings goal you have. In my account I have one set up for a car, one setup for furniture when we move on our own, and one for a wedding. It’s great to visualize the savings building up. It really helps keep you on track. To set up a sub account all you do is set up a main savings account or log into your current ING savings account. After you’re logged in just click on the open an account button and open up another savings account and it will be created as a sub account. You don’t have to fill out all of the information that was required for the original savings account so it doesn’t take any time at all.
Another plus is that it takes about 3 days to transfer the money from the account, So if you get an itch to spend the money there’s some delay there to think it over. Delayed Gratification is a skill that will definitely help you on your journey to be financially rich.
Do you have a favorite internet savings account?