So you’re raking in some dough with your business now. Maybe you’re a powerseller on ebay, or maybe you’re selling some tshirts online or something. No matter how you make it, you’ve worked for your coin. You should make sure your coin is working for you. Where are you putting all that money? If you have any noteworthy amount sitting in a checking account, it’s time to pack up and stash your loot elsewhere.

A standard checking account earns no interest. There are a number of high-yield savings accounts available online for individuals, but not many for businesses without high minimums. Don’t make the mistake of trying to store your company’s money in your personal high-yield account, separate accounts are important. Many money market accounts at large institutions are looking for $10-50k before they’re even paying a decent rate.

ING Direct has an Orange for Business account which is modeled after their Orange Savings account. There are no minimums, and it’s currently paying 4.50% APY. At that rate, $5k will earn a little less than $20 of interest in a month before it begins to compound. I currently have everything that’s not immediately needed to prevent a cashflow crisis in one of these accounts. It’s not the greatest return, but it’s a great return with minimal risk. The account is linked to your pre-existing checking account, keeping the funds close at hand.

If you’re interested in opening an account, give me your email address and I’ll send you a referral. It’ll get you a cool $25 bonus for making a $250 initial deposit (I get $10).