As you've probably already heard, ING Direct has raised its rates to 2.8%--I am thrilled because I was considering a switch to Emigrant Direct, whose rates are now at 3.25%. I've been a customer of ING since 2003, and I have no complaints. I have to admit I was considering switching to Emigrant Direct because of their high savings rates. After a little bit of research, I found that it is quite a process to sign up, up to a few weeks in some cases. It could be that Emigrant was just overwhelmed with the response, but I don’t feel like waiting that long. Also, if I am not sure if they do a “hard” credit request or a “soft” credit request, but too many inquiries aren’t good for your credit rating. (Lenders apparently assume that you are desperate or are heading for financial trouble. If all of your inquires are in one area, say car loans or a mortgage, all inquiries in a 14 day period apparently count as a single inquiry.) Since I am trying to purchase property by the end of the year, I want to keep my requests to a minimum. Want to read more about credit inquiries? Click here. If you want a $25 bonus for opening an ING Direct Account, send me an email. There are no fees and there's only a $1 minimum to join. And as long as the account is open for 30 days, it's all yours.

This is also posted at Financial Freedom Trek.

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