ING raised it’s interest rates to 3.75% today. While this still lags the 4.0% that Emigrant Direct is offering, it’s always a good sign when ING raises rates since it usually foretells other banks raising their interest rates.
ING still offers a $25 sign-up bonus (minimum $250 deposit, no fees, no minimums after initial deposit) while you can get a $10 unofficial bonus for signing up for a new Emigrant Direct account ($1 initial deposit, no minimums or fees).
This move by ING I think increases the likelihood that Emigrant Direct will raise their rates after the next Federal Reserve meeting if the Fed increases rates by another 0.25% as is widely predicted. A 4.50% bank account may be just around the corner.