With the US economy headed towards a recession (if it’s not already in one), the most important step each person can take is to build up that emergency fund.  You want to initially shoot for $1000 - for most people, that will cover the cost of any mishaps like insurance deductibles or a sudden increase in expenses for whatever reason.

It’s best to keep that money in a place where it’s easily accessible.  BUT, you also want it to be doing something for you.  The best option these days is an online savings account.  They’re a cinch to open, your money is available if you need it, and you get MUCH higher interest rates than through your average walk-in bank.

Personally, I’m a fan of the ING Direct Savings account.  ING was the first online banking option, so they’ve had plenty of time to establish themselves and work out any bugs.  They’ve got excellent service if you need help with anything.  As an added bonus, they offer a special sign-up bonus where they’ll drop $25 into your savings account if you open it with at least $250 - the only catch: you have to go through a referral program to get the bonus.  Lucky for you, though, all you have to do is go to the $$ SignUp BONUSES $$ page!  For each referral, I receive $10.  So, as an extra incentive, once you sign up, you can start referring your own friends and family to receive that referral cash!

What are you waiting for?