INTERESTing (it's a pun. I'm a dork.)

This morning I went to ING Direct's website to check out how their savings accounts work. I have always heard that they have higher interest rates than other banks, so I was a little surprised to see that their savings account interest rate is only one percent. That's it?!?!

My credit union has two types of savings accounts. The regular one only has an interest rate of 0.1%, so I realize that ING direct can offer me ten times that. BUT. My other option is the Educator Summer Saver Account. This account has more restrictions, but the perk is that it has an interest rate of 3.92%.

Here's how the summer saver works:
*Deposits are only allowed via direct deposit
*You can take money out six times per month
*Every August all the money in the account dumps into your checking account (it's designed for teachers who don't get paid during the summer.)

Up until now I've used this account as my emergency fund, depositing $100 per month into it. When it dumps in August I moved it to my regular savings account.

Finding out these interest rates sort of helps me decide how I want to handle the extra money I'll have at my disposal starting in August. I had originally planned to open a few ING accounts for different categories. But, it doesn't make sense not to take advantage of the Summer Saver interest rate.

SO, here's my new plan: Starting in September I am going to have all of my paycheck deposited into the Summer Saver. I'll create my monthly budget and transfer that into my checking right when I get paid. That way, whatever is not budgeted will be saved. I am going to open an ING savings to use as my E-fund and so that when the money dumps out of the Summer Saver in August I can get a little better interest rate on it.

If I need to use the saved money for travel or a computer, or a wedding, I can get to it. I don't think the six times a month restriction will be a problem. But, I am not going to make separate savings accounts for right now. I'm just going to go big on my savings, and maybe make a large goal to have saved up by the end of the school year so that I am motivated to keep that money in savings.

Do you ever dictate your plans by interest rates? Anywhere else I can get better interest rates that you know of? Anyone have an ING code that gives you money if I open an account?