I have both Emigrant and ING, and I opened them when the rates were higher. Both are very easy to use. One of them had a special a few months back and for every account opened, they would deposit $25...so we opened five of them!! Here are the accounts we have:
1 with majority of savings, 12 month CD locked in at 5.25%
1 with six months' salary for emergencies
1 for Disney Vacation, withdrawn every month from our regular B&M checking account. Every time DH or I get a raise, we increase the withdrawal by that amount every month (so I don't feel the "pinch" kwim?)
1 for each of my "boys" (my 12 yo DS and my 14 yo brother who lives with us). Each Friday, $10 each comes from our B&M checking to their respective accounts for allowance (they also get $5 and $10 cash per week to use throughout the week). When their accounts reach $200, we buy a 12-month CD for them. IMO, this shows the kids the value of saving and what compound interest does.
1 for 1 yo niece. We deposit $20 per month and buy CDs when that reaches $200, too. DH's sister doesn't know about this, and the plan is to give it to her when she goes to college. It may not be much, but it is SOMETHING.
We thought that opening so many accounts would seem like we were abusing the offer, but no one ever said anything to us. We haven't tried to withdraw anything yet, so I don't know how easy it is. ING sends paper statements for each account every month, but I am not sure about ED.
Good luck.
