No. of Recommendations: 4
I have an account at ING, but now other banks have higher rates. I don't want to switch banks every six months if the various banks trade places for highest interest rate. But I don't want to stay with a bank that is always behind the leader. Is ING always behind, or are they sometimes ahead and sometimes behind? Is this whole market too new to decide?

You don't necessarily have to switch banks. I currently have an ING, Virtual Bank and EmigrantDirect accounts. Most of my money is in ED since their rate is by far the best. IMO, it's not that difficult to maintain a couple of accounts and transfer the money to where the best rate is. Yes, a couple of extra 1099INTs at the end of the year, and a couple of additional mouse clicks, but I'm happy to endure such a burden to get a better return.

ING and Virtual Bank currently have the same APY (2.8%) while ED is higer at 3.25%. ING has never been higher than ED, but I'm a relatively new customer with ED, so I can't provide much history. Virtual Bank was higher than ING for a while, but they're running neck and neck now.

Bottomline - Is a little hassle worth the extra return? For me, it is.
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