Internet Banks Develop Some Muscle
Brooke A. Masters writes for the Washington Post about how "consumers are flocking in enormous numbers to Internet-based bank accounts that pay interest rates upwards of 3.5 percent." For example, ING Direct is adding $1 billion in deposits each month. These banks use the Internet to offer accounts, insured by the FDIC, that pay far higher interest than is usually available at traditional brick-and-mortar bank branches.
Interestingly, today's San Francisco Bay to Breakers race isn't the Wells Fargo Bay to Breakers but, rather, the ING Bay to Breakers!
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