[baselle]

This is a quick calculation, but the $ difference between 3.5% and 3.15%, with interest calculated and compounded yearly (ING is calculated daily and compounded monthly, not sure about Emigrant Direct) is ....

for $1000, difference is $3.50/yr; for $3000, $10.50/yr; $5000, $17.50/yr; $10,000, $35.00/yr.

This is the reason why those ING bonuses are so powerful. Every $10 ING bonus is worth about $3000 difference in interest in Emigrant Direct; the $25 start up bonus is worth about $7100.

Now if you're putting in $100,000 the difference is meaningful ($350)...but frankly, if you've got $100,000 to slam into an internet bank, I can think of a bazillion other places to put it that get better interest, are safer, and are at least tax-deferred.