Emigrant Direct Rate drops to 5.05% effective 9/30/06

[jmjj215]

From an email I just received:

EmigrantDirect's savings rate was decreased effective September 30, 2006 to 5.05% APY

[Hot dog]

Guess that may be another reason to open an account with eloan

[sweeps]

Originally Posted by Hot dog

Guess that may be another reason to open an account with eloan

No, E-LOAN is really bad. Avoid them like the plague... Long live ING and ED!

[Hot dog]

Hey I am new to a lot of this are you serious or just kidding is there something I should know about E-Loan or are you getting some kind of royalties from ED and Ing

[jmjj215]

I thought I detected sarcasm. No...

[BTC]

I haven't yet received notification, but that sucks. It was a good run, but I'm definitely going to find a higher yielding alternative. I think it's going to be E-Loan? Anyone have any personal experience with them? Is their 5.50 APY a promotional rate?

[sweeps]

Originally Posted by Hot dog

Hey I am new to a lot of this are you serious or just kidding is there something I should know about E-Loan or are you getting some kind of royalties from ED and Ing

Yes, I'm joking. (Hence the angelic smiley.) It would take a LOT for me to EVER recommend ING for your savings.

Seriously though I'm hoping there's not a big stampede over to E-LOAN because I would like them to maintain 5.5%. If everyone and their grandma opens an account with them, they'll drop their rates just like everyone else. Selfish, I know.

[Hot dog]

I was hoping that was shat it meant but hey this is serious stuff here this is my money we are talking about I guess your right about the rates though I'll start spreading the "bad news" about eloan also

[Ima saver]

Guess I will just stick with my local bank, they are still paying 5.25%

[BTC]

Unless I accidentally deleted it, I never received email notification of the rate drop. Also, although Emigrant's home page shows their APY as 5.05%, my account summary page still indicates that I'm earning 5.15% and the interest accrued for 10/01 is at the 5.15 rate. Of course this could all be adjusted at some point over the weekend.

Is everyone's account summary page still indicating 5.15%. I'm just curious if the rate reduction might only apply to those having opened their accounts after a certain date. I guess I will find out for sure on Monday.

[jmjj215]

Originally Posted by Hot dog

I was hoping that was shat it meant but hey this is serious stuff here this is my money we are talking about I guess your right about the rates though I'll start spreading the "bad news" about eloan also

Nah, you should take the money quiz we're talking about in another thread. I'm certain there should be a group for "money is funny" -- I mean heck, it rhymes and all that.

[jmjj215]

Originally Posted by BTC

Unless I accidentally deleted it, I never received email notification of the rate drop. Also, although Emigrant's home page shows their APY as 5.05%, my account summary page still indicates that I'm earning 5.15% and the interest accrued for 10/01 is at the 5.15 rate. Of course this could all be adjusted at some point over the weekend.

Is everyone's account summary page still indicating 5.15%. I'm just curious if the rate reduction might only apply to those having opened their accounts after a certain date. I guess I will find out for sure on Monday.

The email didn't mention some exclusive rate based on when you had opened your account -- it did mention effective 9/30/06 though...they'll probably just adjust it.

[BTC]

My account summary page still indicates a yield of 5.15% and the interest I've been credited for 10/01 also reflects a yield of 5.15%. No adjustments have been made yet. Anyone else.

[Hot dog]

Same here. It's the 2nd and it still says 5.15

[jmjj215]

Maybe this marketer is off his rocker? Although it'd be a sad thing to see all of the affiliates start shower a lower-rate banner on their site...when it wasn't true.

[jmjj215]

Corroborated here

[poundwise]

Wishful thinking aside, Emigrant's rate is 5.05% APY.

[rennigade]

I've been keeping track of my daily interest with ED. For some reason, Saturday, Sunday, and Monday, my interest rate stays the same. Im curious why i'm not getting interest for these 3 days. Is anyone else having this problem?

[BTC]

Emigrant calculates the interest for weekends and adds it to the running total of interest earned reflected on Saturdays. There is no change to the running total displayed on Sundays or Mondays. I'm not sure if this is also the case for holidays.

Their home page has clearly stated 5.05 for a few days, but my account details have yet to reflect a change and the amount of interest they credited for 10/01 was at the 5.15 yield. Things may be adjusted tonight as I'm guessing their update jobs haven't run since late Friday evening/early Saturday morning.

Regardless, I opened an E-Loan account earlier this evening. I'm going to draw down and consolidate both my ED & HSBC accounts.

[WellManicuredMan]

Originally Posted by rennigade

I've been keeping track of my daily interest with ED. For some reason, Saturday, Sunday, and Monday, my interest rate stays the same. Im curious why i'm not getting interest for these 3 days. Is anyone else having this problem?

That's because Saturday and Sunday are not business days. If you watch, you'll see that the interest at the end of the day on Friday will credit you for Saturday and Sunday because it jumps by a lot more than the other days during the week. And you won't see it change again until the end of the day on Monday which is usually pretty late at night.