ING Direct vs Emigrant Direct Bank

[crosses]

I read that Emmigrants rate is good through the end of this year. Do you think they will lower then?

[ken1706]

EmigrantDirect has been consistent this year on keeping their rates high.

I remember when they were one of the first to offer 3.0% on their accounts while ING was only in the low 2%. When ING finally reached 3.0%, EmigrantDirect moved to 3.25% and recently to 3.50%.

I guess you never know for sure, but recent history seems to suggest EmigrantDirect will keep their rates high.

[Bluezy]

There will always be an alternative if Emigrant's rates plummet. I'm not thinking that way given the bank's history, but in times like these one can never tell.

[2moretrees]

Has anyone ever had any trouble with ING?

[skippy]

Originally Posted by Fern

ING and Emigrant are by no means the only options available, and they don't rank among those offering the highest yields.

Check out bankrate.com and you can get a ranked listing of top money market/savings acct. yields. Note: MetLIfe currently offering 3.10%; the higher rate posted was a typo, their cust rep confirmed for me.

PS I wouldn't go with a bank that has less than a 4 star rating on this site.

I agree there are many banks with higher returns. Not sure I understand why the bank's rating matters. These places are all FDIC insured.

[crosses]

If you have a small amount of money (under $2500) is it still worth chasing the best rate?

[jmjj215]

Originally Posted by 2moretrees

Has anyone ever had any trouble with ING?

I've never had a bit of trouble with them.

[goodtosave]

Originally Posted by crosses

If you have a small amount of money (under $2500) is it still worth chasing the best rate?

It's about $5 a year difference for $2500 between 3.5% ED and 3.3% ING Direct. It just depends on whether the $5 year is worth your while. My hunch is that it's not.

[CJsoccerchic]

So WHICH is the better bank? ING Direct or Emigrant??

[CJsoccerchic]

I read in another post on another thread that Emigrant Direct is a MM account - and ING is a saving account. Is this true?

[ken1706]

Originally Posted by CJsoccerchic

I read in another post on another thread that Emigrant Direct is a MM account - and ING is a saving account. Is this true?

I think they're both considered a savings account. Probably the reason they call it a savings account rather than a money market account is that money market accounts usually require a high minimum balance.

From Bankrate.com:

A money market account is a savings account offered by banks and credit unions, insured by the Federal Deposit Insurance Corp., and requiring a high minimum balance -- averaging between $100 and $2,500.

[jmjj215]

My paypal account is getting 3.5% currently. Up from 3.28% last month. They seem to stay a bit ahead of ING and right w/ Emigrant.

[CJsoccerchic]

I have a paypal account - but i don't thinkI am getting interest on it. I only use it for ebay purposes... How do you get your ebay account to accrue interest?

[mom-from-missouri]

Originally Posted by CJsoccerchic

I have a paypal account - but i don't thinkI am getting interest on it. I only use it for ebay purposes... How do you get your ebay account to accrue interest?

By leaving some money in your paypal account, instead of transferring it back to your bank. (Money you get when you sell something and it goes to your paypal account)

[CJsoccerchic]

I'm not a seller on ebay. Just a buyer - but still I can get interest?!

[crosses]

Originally Posted by CJsoccerchic

I'm not a seller on ebay. Just a buyer - but still I can get interest?!

If you have money in your account, yes, you can place it in their money market and get interest on it.

[jmjj215]

You need to elect to have your account be a money market (no longer FDIC insured). Also, my paypal account is of business type. I'm not sure if that factors in -I doubt it does.

[CRFSaver]

Originally Posted by ken1706

A money market account is a savings account offered by banks and credit unions, insured by the Federal Deposit Insurance Corp., and requiring a high minimum balance -- averaging between $100 and $2,500.

A Money Market DEPOSIT account is a transaction account (you can write checks off of it) that is insured by the FDIC. A regular Money Market account (such as offered by a brokerage) is not insured by the FDIC. MMDA's were authorized in the early 80's by the DIDCMCA and Garn St. Germain acts. A savings account is different in that it is non-transactional, i.e. you cant write a check off of it.

On a side note I have both an ING and an Emigrants Direct account. I have had no problems with either one. Emigrants gets a better rate but ING Direct's user interface is so much nicer.

[PFJournal]

I have an ING Direct account and highly recommend them. I haven't tried Emigrant Direct Bank, though.

[Amytheamazing]

Originally Posted by 2moretrees

Has anyone ever had any trouble with ING?

I am having tremendous issues with ING right now.

I opened my account online 3 weeks ago. I never got anything in the mail saying "blah blah blah Thank you for chosing ING. This is your account number etc." Then I received an email last week that my statement is ready for viewing.

I tried to call the 1-888-ING-0727 and every time I call, I get a message that the number is not working. The only other number for ING I can find is a number to Canada and those people tell me to call the US number which doesn't work.

Any ideas or other phone numbers on your statements that I can call.