HSBC Direct $25 Bonus vs Emigrant Direct Bank (Is ING even in the competition?)

[JoyJoy]

I'm going to stay with HSBC instead of going with Citibank as I don't need another checking account. Citibank has a tendency to change their checking account rules after awhile. I do plan to take out a CD with GMAC and that's about it. Ing is advertising heavily in our papers here in New York to join their savings account and receive a $25.00 bonus for joining. Ing is paying 4.15 APY. Tiaa-Cref Money Market Fund is paying us good interest too.

[mrvirgo]

Poor IngDirect! From leader to dead last. I pulled all but $5.00 out of my savings account two days ago when Citi announced their new rate. Since I already have a EZ checking account with them and a money market savings as well, it was a no-brainer what to do with my savings.

I am taking Catherine D. Palmieri at her word. If Citi backs breaks its promise [as quoted below], there are plenty of other on-line banks to switch to.

"In March, Citibank, a unit of Citigroup, introduced a high-yield savings account — one of the few with a checking component — along with a vow to offer one of the highest rates in the land. Citibank Direct's e-Savings account pays an annual yield of 4.5 percent and does not require a minimum balance. "We are going to maintain the rate" at a very high level, said Catherine D. Palmieri, managing director for Citibank.com. "When the Fed increases rates, we will go up as well."

[JPWRana]

HSBC has (as of right now) taken the thrown from Emigrant Direct, and demoted ING as the joker

Clicky

[pyotr]

I was considering the GMAC option, but with HSBC's layered security and their rate now 4.65%APY, I'm going to wait and see what GMAC or someone else does. Only $8.33/month difference between the two banks for a $100k deposit. Whereas going to a 5% bank would net you an additional $29/month. I saw my Experian fico score drop from 815 to 798 from being a rateWh*re for the past year, so I'm going to sit tight for now as I'm considering moving houses in the next couple years. The falling back of EmigrantDirect and IngDirect tells you that they've gotten fat and complacent. I wished INGdirect would lose a ton of business so they'd get back in the game - I LOVED their interface.

[BTC]

Why would moving your savings around effect your credit score? That doesn't make sense to me.

Is there a convenient list of factors that effect your credit rating anywhere?

[sweeps]

Moving around your savings won't affect your credit score, but opening accounts at banks that do hard inquiries on your credit will.

Having said that, the whole point of building up your credit score is to make use of it when it counts, i.e. to decrease your interest rate on loans or increase your interest rate on savings. A drop from 815 to 798 is inconsequential in my opinion, especially if it means you're earning an extra $10, $20, $30 a month.

[genchan]

It looks like they have a new promotion for a $25 Best Buy Gift Card

http://www.hsbcdirect.com/1/2/bestbuy

[jmjj215]

I'm not a fan of the gift card bonuses myself. I wonder how much they paid best buy for those $25 cards.

[Realtor]

Originally Posted by jmjj215

I'm not a fan of the gift card bonuses myself. I wonder how much they paid best buy for those $25 cards.

Probably not much since Best Buy's charge cards are issued by HSBC bank.

[RJB1180]

HSBC now upto 4.80% APY

[sweeps]

Originally Posted by RJB1180

HSBC now up to 4.80% APY

Excellent. Thanks for the update, RJB.

[BTC]

ED better get in the game or I'll be looking for a new home sooner rather than later. The prospect of having about 10 savings accounts sounds like a potential hassle. There almost seem to be too many choices, but I guess that's good for us.

[Saluki96]

Sweet! I had questioned my decision because it was between GMAC and HSBC, I was gettting worried there for a while after picking HSBC and GMAC made the jump.

[BTC]

I would be content with HSBC, but their transaction times are the worst. I guess if you're just sitting on your money, it doesn't matter, but I'm always looking to maximize my return. The length of time it takes to transfer money in & out of HSBC is a definite factor when considering whether or not to pursue a higher rate.

[Saluki96]

BTC true. The intial deposits, the test ones, were in the next day. That was quick. It took about 4 days to get the bulk transfer I made to show up in the account. Not including the weekend of course. Always seems to be +'s and -'s with each bank. Just have to pick what you think will work for you.

[robby]

It seems to me, even with the introduction of some other online banks, that the competition between these two are still driving the online rate hikes. I hope it continues, but have the feeling it will begin to slow now that the 5% barrier has been broken.

[m.f.walters]

Hi, I'm new to the online savings account arena. I opened an Ing account recently and am thrilled with their customer service. Why are they getting trashed all of a sudden? Is the interest rate the only benchmark for quality? Just curious....Seems like maybe Ing is 1/4% behind, but I don't feel like switching accounts just for that? I don't have time to worry about new passwords, user IDs, pin numbers every time the interest rates change. What do savers here think? Should I change with every interest rate change? thanks in advance.

[BTC]

I got a Piggy Bank from Emigrant Direct the other day. It's in the shape of Uncle Sam's top hat. They've got it goin' on.

[rennigade]

BTC, did you purchase the piggy bank or did they send that to you free?

[Aleta]

When did they start sending the banks and why?