I had noticed that ING Direct was offering an incentive to start one, so I decided to take advantage of this. You have to have an account to even see the offer, so I cannot provide a link for the details. Basically, the offer is:
- Must be set up before August 16th;
- Minimum $100 per automatic transfer;
- Can be monthly, bi-weekly or weekkly; and
- Must be kept for at least 6 months.
So I set up a $100 transfer every month for the next 7 months. The $25 should be deposited around March next year -- I made sure to print the offer so I can follow up with them if the cash isn't transferred to me at that time.I wanted to put away more money anyway, as I plan on purchasing a new car next year. So why not get a free $25 at the same time? This promotion yields me about 3.5% of the invested amount ($25 for $700), on top of the small interest paid on the savings account (currently 1.3% per year).