ING Direct vs Emigrant Direct Bank

[jmjj215]

I think right now ING is capitalizing on the fact that their "infrastructure" if you will, is superior. I doubt they're seeing serious deposit attrition - or we'd see a change in their rate so as to be more competitive.

[CJsoccerchic]

Originally Posted by BTC

I recently moved all but 15 cents from ING Direct to Emigrant Direct. I haven't experienced any problems at all and received my hat a couple of days ago. I had no idea I was going to receive this hat. I must say, it's a mighty fine hat. It's easily worth 25 bucks and by the time I auction it on EBay, I figure I'll be ahead a few dollars.

ING has a much better user interface and a more secure login process, but it primarily comes down to the interest rate. I was disappointed when I learned that another institution was besting their rate by 17%. I actually spent 2 years doing some software consulting at ING's North American headquarters in Atlanta. It was a great place to work.

Emigrant might offer a secure messaging system, but it's of little value if they fail to respond to your inquiries, which has been my experience thus far. I did receive a letter this week stating that Emigrant has opened a new "state-of-the-art" Customer Service Center in Westchester. So, maybe their front end experience will improve.

All in all, my transition from ING to Emigrant has been pretty painless and I certainly appreciate the increased returns.

Which institution is besting ED by 17% ??? I'm sure all of us would transfer in a heartbeat if it was a reputable bank!

[CJsoccerchic]

And hey!!! I didn't get my gifts from ING - are they just sending it out randomly? Or is everyone soon to get the nifty gifts?

[Realtor]

Did any know that ED gave all there customers that were in areas effected by Katrina $1000 per house hold automically in there accounts?

I recently did the first step towards opening an account with them. I have been banking with ING for a while. Even though I agree with all the ING is secure and user friendly infostructure I think ING needs to compete. The one main reason why any one would open an high interest savings account online, like with ING is to get high interest savings. I have seen over time like you all have other banks completing with ED. Now there are a few banks that give 4% interest like HSBC, Capital One is at 3.75% and finally ING is at 3.5%. Over all ED has been the one on the top to give the highest interest rates available online. I think that pattern is going to continue on in the future.

One of the things I keep hearing is how some of these online banks are not user friendly or that there toll free call center is so busy. We all should remember that the reason these banks are able to provide these high interest rates is because they don't have that much over head cost. Plus they don't want to deal with customer who need personalized attention.

ING it self has FIRED many of its customers because they needed personalized attention. They would call so many times and had many issues. ING's spokes person said, not in so many words, they are not online high interest savings bank to provide personalized attention. That's that other banks are there for. They are there to give high interest savings online which regulars banks are not yet doing.

Though with ED it takes forever to open an account and username sent via nail mail. I personally love it that they are using secure measures to verify that the person opening an account is actually that person. With Identity theft on a high I think it is one thing that we should be glad they are doing instead of thinking its a hassle.

This is my 2 cents.

[sweeps]

Originally Posted by Realtor

Did any know that ED gave all there customers that were in areas effected by Katrina $1000 per house hold automically in there accounts?

I find this hard to believe. Can anyone confirm?

[Realtor]

Just click on the link below and then click on Bill O'Reilly Radio

http://www.emigrantdirect.com/news.php

[sweeps]

Thanks. I'll take your word for it. I'd rather stick a fork in my eye than listen to Bill O'Reilly.

[genchan]

Why is it that Emigrant doesn't offer a sign-up bonus?

[jmjj215]

Probably because their rate is already substantially higher than most of their competitors.

[jeffrey]

Doing all the mailing for the referral link to get the $25 was taking a lot of time and many of the emails were getting lost in spam filters. To make it easier, you can now sign up through the following <a href="http://www.savingadvice.com/forums/showthread.php?t=12132">special links</a> to get the $25 bonus without waiting.

[bebe]

I don't like emigrant. sign up process is burdensome. i waited 2 weeks for a letter in mail for activation. Then wait some more for transfer to activate. I prefer ingdirect.

James Cambece of Peabody Law Office

[babycutecute]

So glad I found this forum and it gave me such confidence of online bank that I signed up HSBC direct today!

I am so mad at myself for putting my money at 1% interest account for so long

[bebe]

It was very hard during my setup process with Emigrant direct as well. I'm thinking of pulling my money back out.

cambece

[weiwentg]

for everyone's info, Mybankingdirect.com raised rates to 4.10% APY today. like Emigrantdirect, they get 4 stars under bankrate.com's rating of financial stability. they've consistently had high rates, and have pulled ahead of Emigrant on some occasions. I do expect Emigrant to raise rates to 4.50% after Dec 13, though, and I also expect that Mybankingdirect will match them a little later.

[okaythen]

cool I just open with ing and now I gonna open with ED yay

[jeffrey]

You can now earn a <a href="http://www.savingadvice.com/forums/showthread.php?t=12224">$10 Bonus</a> for signing up with Emigrant Direct.

[CJsoccerchic]

YAY - I'm not going to sign up with ED - although I have been VERY happy with ING!

[CJsoccerchic]

I mean, *BLUSH* I AM going to sign up with ED! Sorry - my bad - typo!

[CJsoccerchic]

weiwentg - why do you think that ED will up it's rate after the 13th..?

And who else banks with "mybankingdirect.com"?

[weiwentg]

Originally Posted by CJsoccerchic

weiwentg - why do you think that ED will up it's rate after the 13th..?

And who else banks with "mybankingdirect.com"?

others on this forum have noticed that ED tends to raise its rates after every 2 Fed funds rate raises. this is usually accompanied with ED tooting its own horn quite loudly. of course, they have quite good reason to toot it.