ING Direct vs Emigrant Direct Bank

[Firefly]

I did not know about Emigrant Direct. I recently opened an account with ING because I thought they had the best interest rate for savings and we wanted a respected bank. I can't believe they fire high maintenance customers!

[jeffrey]

ING has raised the initial deposit from $1 to $250 to receive the $25 referral from an existing customer. The website still says that there are no minimums or fees, so I would assume that you could take the $250 out right away after receiving the bonus if you wanted - but it makes it a bit more difficult with those who have limited funds to open an account and get the bonus.

[genchan]

ING must be satisfied making a move like that.

[ken1706]

Originally Posted by jeffrey

ING has raised the initial deposit from $1 to $250 to receive the $25 referral from an existing customer. The website still says that there are no minimums or fees, so I would assume that you could take the $250 out right away after receiving the bonus if you wanted - but it makes it a bit more difficult with those who have limited funds to open an account and get the bonus.

Another change ING made today was the addition of more CD terms (6-months, 9-months, 18-months and 30-months). The 9-month CD has an APY of 4%. So perhaps ING hopes these new CDs may discourage people from switching to ED. I think it would have a better chance if the 6-month CD had an APY of something like 4.2% (currently it's only 3.75%).

I do like the fact that ING's CDs don't have minimum requirements and can easily be opened online. If they had better rates, that would be a big advantage over ED.

[jmjj215]

I don't know if this has been brought up yet, but I was giving an ING referral to a friend today and noticed that ING now requires the friend to make an initial deposit of at least $250 to be eligible for the bonus(es).

It's still a nice bonus, but will cut down on their perceived "abuse" of the system so far. (you say to-may-to, they say to-mah-to type of thing )

[ken1706]

Originally Posted by jmjj215

It's still a nice bonus, but will cut down on their perceived "abuse" of the system so far. (you say to-may-to, they say to-mah-to type of thing )

Yea, I think it's probably fair. I wonder how many people did an initial deposit of only $1, got the bonus, and then never made additional deposits.

However, I did appreciate that I could start with a very small deposit. I think my initial deposit was only $10. After I got comfortable with the online system, I did additional deposits. I think this is an important feature for an online bank. I suppose you can still do this if you don't care about the bonus.

[robby]

I don't think the $250 is a bad deal. It's still 10% instant return and you don't have to keep the money there. I think what it will do is keep families from opening an account for every family member, but just using one account in reality.

[EHadden]

I have a couple of questions about ING and Emigrant...

First of all, I understand that the minimum deposit for getting a bonus on ING is $250, but is there any problem with opening two separate accounts from the same mailing address? I have two separate savings accounts that I track and would like to be able to maximize my bonus returns, by setting up to separate accounts, rather than one larger one from the two.

Secondly, I haven't seen anywhere in the posts where Emigrant is paying any kind of bonus monies to new depositors. Do they?

Third, what if anything, is the referral commission for either company?

Last, would someone like to get my referral fee? I need a link to use? First one to get back to me on this thread shall win the referral, in the event that I can set up my account(s).

I'm loving this site...so much USEFUL info, as opposed to everywhere else!

[jeffrey]

Originally Posted by EHadden

I have a couple of questions about ING and Emigrant...

First of all, I understand that the minimum deposit for getting a bonus on ING is $250, but is there any problem with opening two separate accounts from the same mailing address? I have two separate savings accounts that I track and would like to be able to maximize my bonus returns, by setting up to separate accounts, rather than one larger one from the two.

Secondly, I haven't seen anywhere in the posts where Emigrant is paying any kind of bonus monies to new depositors. Do they?

Third, what if anything, is the referral commission for either company?

Last, would someone like to get my referral fee? I need a link to use? First one to get back to me on this thread shall win the referral, in the event that I can set up my account(s).

I'm loving this site...so much USEFUL info, as opposed to everywhere else!

Referral sent

There is no problem opening an account at the same address as long as the person at the address is different (ie different social security number) Each person can only get the $25 bonus one time - you can't get a bonus 2 times for opening two accounts in the same name.

Emigrant doesn't currently offer a bonus

referral commission is $10

[fratkid21]

Hello,

I have opened an ED account, and planning on moving from ING, has everyone been pretty happy with ED?

Any reason NOT to switch?

thanks.

[34saving]

I'm in the process of switching and so far so good I guess, but it did take longer than I thought for the new ED funds to become "available". BTW, did anybody else get an Emmigrant Direct hat??

[marla]

You got a free Emigrand Direct hat? Not as nice as a $25 deposit, but something I guess. Does it make a fashion statement?

[pyotr]

hi I'm new here and wanted to post my frustrations and ask for other's experiences.

I currently have a bit over 40k with ING direct which is my emergency savings. After the early Oct news of the 0.6% spread between ING and Emigrant, I thought long and hard and finally decided that based on Emigrant's interest rate track record over the past year, I would be ahead $20 or more each month with Emigrant. So I carefully filled out Emigrant's online application and carefully wrote down my login and passwords. I received my small deposits into my Wachovia money market account in 3 days and I went to the linked Emigrant url to complete my activation, this is where the troubles started.

I could not log on using my logins and passwords though I tried all reasonable permutations. So I called customer service in NY - I held for 30 minutes before reaching a polite young lady who told me she would send my info to admin who will e-mail me a new password. I waited 3 days. I got my email - I tried my new password - still no luck getting on. I called back - I held for 45minutes before getting another lady who tried to brush me off, then told me to hold - I held for another 15minutes, then was hung up on. I called back, waited over 30minutes, then got a different young lady - I re-explained my situation. She told me there was no record of my previous discussions but saw that an admin had sent me a new password. She kept insisting that I was not entering my login correctly - "check that you don't have your CAPS on" etc. I was eventually told I will get my login reset again and told me try again after another admin email. I waited 1 week, no response. I e-mailed back. I waited another week. No response. I called back again - I waited 50 minutes and finally got a lady who tried to be helpful but told me she saw no records of my situation. I thought about re-applying and tried it - the website tells me I'm already in the system! I can't re-apply and I can't get a new login/password from them!

AFter this experience I've decided that despite the potential gains of up to $40 by 12/31/05, I would not trust Emigrant Direct with my 40k. Their customer service is not great. It seems to me I had a relatively simple problem which an admin should have corrected quickly. If I'm treated so as a potential new customer, how would I be treated once they have my money? ING's customer service is much better and I like ING's website much much better. I do not like ING's compounding method and I do not like how they don't want to compete in the upper echelons of interest rates, but after this experience with a supposedly reliable and old smaller bank, I'll stick it out.

[arianeira]

I have an account with both ING and Emigrant, and so far I haven't had problems with either. I do wish that Emigrant had a sign up bonus like ING, and that ING would be more competitive with their rates (which is why I moved most of my money to Emigrant).

pyotr, I know that Emigrant says in their sign up stuff (including the initial email) that you are supposed to wait until you get your account information in the mail after verifying your deposits before you can sign in (you need your account number to set up your sign in). I'm not sure if this was the reason why you had that problem logging in or not.... It is definitely a pain having to wait for the letter.

[34saving]

My sign-up process with ED wasn't a happy one either. I got it figured out eventually, but I never did manage to get my husband added on. (When we moved two years ago he was responsible and got a new driver's license . . .and now ED says his driver's license doesn't match their records!) I'm about 50% 50% ING and Emigrant. I don't really trust everything to Emigrant since I could definitely see some sort of problem happening that ties up my emergency money for too long.

[pyotr]

arianeira - I think you've figured it out! Why couldn't the customer service reps figure this one out and simply tell me that also? So maybe I'm the idiot here, but still, I think the Emigrant people should have directed me much better than they did. Maybe I should try Emigrant again, but I think I'll wait and watch how Emigrant's business and service/marketing evolves over the next year before changing banks.

[arianeira]

I wouldn't say that you're the idiot here--that would be the customer service reps that didn't think about that.

Well, if you decide to take your chances again--good luck.

[bman46]

after also haviung problems with the emigrant sign in i am FINALLY in (after 3 weeks). The only problem is i see NO buttons or links to make a withdrawal or deposit. Does ANYONE know how to make a withdrawal/deposit through emigrant. Ive been a happy ing customer for years and so far not thrilled with emigrant!

[34saving]

My links magically appeared a few days after I had original access.

[bman46]

Originally Posted by 34saving

My links magically appeared a few days after I had original access.

Ok, so im not crazy that I cant find a link anywhere for these functions?