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

[fratkid21]

rex-

also i opened the account with $500, initially, and in my account it says that the interest rate is 4.45%, when it should really say 4.55%, can you check and see what yours says?

Click on "account list", then click on your "account number", and it will give your an "account summary"

my percentage was a tad lower at first as well but that changed after a few days


I just learned today that the direct deposit system at work doesn't recognize GMAC bank's routing number, that's bad news right there considering my automatic philosophy. that's really disappointing. I much prefer doing my deposits that way instead of automatic withdrawals from my checking account (never had it, never miss it concept).

I'll have to see if maybe the payroll department can get them "added" although I have no idea what that would involve.

[fratkid21]

my percentage rate just went up to 4.55 as well, with the yield now 4.65... cool, i am happy with them so far, they post the money to your account same day!

[ken1706]

EmigrantDirect just increased the savings account rate to 4.50% APY.

It's a little disappointing since HSBC, ING and VirtualBank are higher.

ED also started to offer CDs that can be funded from your ED savings accounts. The min is $1K. The only problem is tha the shortest term is 18 months and the APY is only 5%. I had been hoping for 5% on the savings.

[sweeps]

Thanks as always, Ken. Looks like ED is suffering from rate envy...

Do you have a prediction on where HSBC will land after the promo ends?

[fratkid21]

Well, I was planning on moving my ED money to GMAC, think its wortht the 0.15%?

Also, HSBC will probaly go down to 4.5 as well after april 30th. The question, is: where the hell is ING, and where are they going with their rates?!?!

[coffeebreak]

The new 4.5% rate for ED is good but the 5% CD isn't. If it were 5.25% for a year I might buy a few.

There are 7 more fed meetings just this year. One is on March 28. My guess is the rate will go up to 4.75% from 4.5%. I would not want to get locked into 5% for 18 months. Inflation pressures still exist.

[fratkid21]

well, the maket hit a high point yester day, based on the thought that interest rates will not go up at the next fed meeting, and the market is up some 50+ points so far today... any thoughts?

[ken1706]

Originally Posted by Sweepsplayer

Thanks as always, Ken. Looks like ED is suffering from rate envy...

Do you have a prediction on where HSBC will land after the promo ends?

HSBC has kept its savings account rate very close to the Fed funds rate over the last year. So if the Fed raises the funds rate to 4.75% on March 28, I think there's a good chance that HSBC may actually keep it at 4.8% after April 30th.

[pyotr]

I'm willing to bet that by april 30 when HSBC's rate promotion ends, they'll change their rate to ABOVE 4.8% - I'll bet on 5%. My bet is if the rate is not 5% I'm getting naked and posting pics of myself for all of your viewing (dis)pleasures.

[sweeps]

LOL!! Now I have 2 reasons to root for a 5% rate from HSBC.

Originally Posted by ken1706

It's a little disappointing since HSBC, ING and VirtualBank are higher.

ING isn't higher, not for me anyway, still stuck at 3.8


the "winter save up sale" bonus rate only applies to new deposits.


I'm sure I could probably transfer out and back in to capitalize but I don't think my bank should make me work quite that hard. that's why I switched.


or am I missing something?

[sweeps]

ING is a has-been. I don't even know why we're still talking about it.

ED, GMAC and HSBC are the only real players in this game.

[fratkid21]

Okay, I am super-impressed with how fast GMAC works... My initial deposit is already "available" !!! My external checking account is already linked and I opened the account 2 or 3 days ago! Their system is very user friendly also.

crud fratkid, I forgot you were waiting...my checks arrived Tuesday so that would be 6 full days (4 business) after opening the account. (add in last Tuesday night when I opened the account and this Tuesday morning before the mail came and you technically get 7 days)

two books too (my HSA only sent me one book), that should last me quite a long time if not forever since I imagine I would be more likely to use the check card.

agreed about the ease of use on the web site, but let's remember, ED and ING (I don't know anything about HSBC) are so difficult to get into for a reason....multiple layers of security but I'm not too worried about it.

[coffeebreak]

Originally Posted by rexdart

I'm sure I could probably transfer out and back in to capitalize but I don't think my bank should make me work quite that hard. that's why I switched.


or am I missing something?

You can't withdraw money from ING and then redeposit and get the 4.75% rate. Withdrawls are subtracted.

Here's what they say:

To determine what portion of your Orange Savings Account balance will earn the 4.75% APY, during the Sale Period we add up all of your new deposits from an external source and then subtract all withdrawals from the account (whether internal or external) from that total. If that amount is greater than zero, it is eligible for the 4.75% APY.

[coffeebreak]

GMAC has some fairly good short-term CD rates:
http://www.gmacbank.com/cd-rates.do

$500 minimum and 4.95% for only 6 months.

[BTC]

Originally Posted by fratkid21

well, the maket hit a high point yester day, based on the thought that interest rates will not go up at the next fed meeting, and the market is up some 50+ points so far today... any thoughts?

My guess would be that the Fed is going raise rates 2-3 more times.

[Diolla]

Originally Posted by genchan

I'm not familiar with HSBC, but saw in another thread that their rate is now 4.25%. Does anyone have an account with them? Do they offer a sign up bonus? How does their sign up compare with Emigrant and ING?

What I'm thinking is opening an account with them and sending all my money to the bank that has the best interest rate which seems to be changing on a monthly basis now. Does that make sense?

ING has a $25 bonus if you open the acct with at least $250 and is paying 4.75% interest through April. No clue where the interest rate will be after the 'special' is over.

[jeffrey]

As always <A HREF="http://www.savingadvice.com/forums/showthread.php?t=12132">ING $25 Bonus links are here</a> and <A HREF="http://www.savingadvice.com/forums/showthread.php?t=12224">Emigrant $20 Bonus links are here</a>