ING Direct vs Emigrant Direct Bank

[sweeps]

BTC is right, JPWRana. Why lock up your money for a whole year for just a slight increase in yield? Interest rates are going up and your hands will be tied while savings account yields are rising.

BTC: Paypal is not FDIC insured. 4.3% is the yield. Info here.

[jmjj215]

They're not FDIC insured - but no money market is. It's the yield.

[BTC]

Originally Posted by jmjj215

They're not FDIC insured - but no money market is.

That's not an accurate statement. Paypal may not offer FDIC insured money market accounts, but they do exist. I would make an educated guess that most any money market deposit account offered through a bank is going to be FDIC insured.

[JPWRana]

Originally Posted by Sweepsplayer

BTC is right, JPWRana. Why lock up your money for a whole year for just a slight increase in yield? Interest rates are going up and your hands will be tied while savings account yields are rising.

BTC: Paypal is not FDIC insured. 4.3% is the yield. Info here.

Because I won't lock up ALL of my money. I'd say about 2000-3000 of it. The rest would go to ING or HSBC.

I'm not a big spender, so it's ok. That 1 year I will have higher interest rate than ALL of you (4.4% APY).

[sweeps]

Originally Posted by JPWRana

Because I won't lock up ALL of my money. I'd say about 2000-3000 of it. The rest would go to ING or HSBC.

I still don't understand the logic of locking up any of your money for a whole year in these conditions. Maybe I'm missing something...

[ken1706]

ING Direct just announced its Winter Save Up Sale. Get 4.75% on new deposits from now till April 15, 2006.

http://home.ingdirect.com/products/p...s.asp?s=SaveUp

You're in luck if you had already moved all of your money to ED or HSBC. Transfer it back to the ING savings account and it will be eligible for the 4.75%. There are two details. One, only new money is eligible for the 4.75%, and two, it'll go back to ING's regular rates on April 15.

You're out of luck if you've been loyal to ING. Money can't be withdrawn and redeposited. That money won't be eligible.

Hopefully, this will help spur ED to finally make that 0.5% increase.

[BTC]

Originally Posted by ken1706

ING Direct just announced its Winter Save Up Sale. Get 4.75% on new deposits from now till April 15, 2006.

http://home.ingdirect.com/products/p...s.asp?s=SaveUp

You're in luck if you had already moved all of your money to ED or HSBC. Transfer it back to the ING savings account and it will be eligible for the 4.75%. There are two details. One, only new money is eligible for the 4.75%, and two, it'll go back to ING's regular rates on April 15.

You're out of luck if you've been loyal to ING. Money can't be withdrawn and redeposited. That money won't be eligible.

Hopefully, this will help spur ED to finally make that 0.5% increase.

I'm gonna have to jump all over that.

[sweeps]

Originally Posted by ken1706

ING Direct just announced its Winter Save Up Sale. Get 4.75% on new deposits from now till April 15, 2006.

http://home.ingdirect.com/products/p...s.asp?s=SaveUp

You're in luck if you had already moved all of your money to ED or HSBC. Transfer it back to the ING savings account and it will be eligible for the 4.75%. There are two details. One, only new money is eligible for the 4.75%, and two, it'll go back to ING's regular rates on April 15.

You're out of luck if you've been loyal to ING. Money can't be withdrawn and redeposited. That money won't be eligible.

Hopefully, this will help spur ED to finally make that 0.5% increase.

Excellent, Ken, thanks! Any idea if you can still get an opening bonus with this offer?

[sweeps]

Also I would think that ED and HSBC have to respond to this? Otherwise there will probably be a giant sucking sound of deposits leaving their banks?

[Ima saver]

Even though I still have a small account at ING, can I open a new account and get the 4.75%?

[jeffrey]

Originally Posted by Ima saver

Even though I still have a small account at ING, can I open a new account and get the 4.75%?

You don't have to open a new account to get the 4.75% rate. Just deposit new money.

Everyone, run the numbers before making the switch. It's a teaser rate and only lasts 87 days if you can get the money in today. Also factor in the float from your bank to ING and from ING back to your bank where you won't earn any interest before deciding whether it is worthwhile.

[BTC]

I just set up a transfer from Emigrant Direct to my checking account. This is my first withdrawal from Emigrant. I'm interested in seeing how long it takes to process. Hopefully, it will process as promptly as a deposit.

4.75 is a great rate. It's too bad it's only temporary.

[Ima saver]

I just went to the site provided and it looks like I can just add to my existing account and earn that rate until april 15th. sounds like a good deal!

[ken1706]

Originally Posted by Sweepsplayer

Excellent, Ken, thanks! Any idea if you can still get an opening bonus with this offer?

I had the same thought. Perhaps ING would end these bonuses as this new 4.75% promo rate takes effect.

However, I checked my account and the referral page is still available. So it seems like the referral bonus plan will continue.

[sweeps]

Originally Posted by jeffrey

Everyone, run the numbers before making the switch. It's a teaser rate and only lasts 87 days if you can get the money in today. Also factor in the float from your bank to ING and from ING back to your bank where you won't earn any interest before deciding whether it is worthwhile.

Good point. It's funny -- on its web site, ING refers to a "blended APY" of 4.03% if you keep your money there until the end of the year.

I'm still anxious to see if/how ED and HSBC respond to this.

[jmjj215]

For those of us who haven't put our money in an ED account, we're actually doing better

[sweeps]

Way to go, Jesse

[jeffrey]

Originally Posted by ken1706

I had the same thought. Perhaps ING would end these bonuses as this new 4.75% promo rate takes effect.

However, I checked my account and the referral page is still available. So it seems like the referral bonus plan will continue.

They are actually promoting the 4.75% rate in the referral mail they send out.

[swm2000]

I'd go with ING. Their site just seems more polished. I can't believe how bad Emigrant's UI is. I looks like they just slapped it together so they could be "on the web" and offer this direct accout.

[BTC]

I've posted this in another thread, but it seems appropriate for this discussion as well.

The transfer I requested yesterday from ED was in my checking account this morning, so I was able to go ahead and set up the transfer to ING. People can say what they want about ED's user interface, but the expediency with which they process their transactions leaves nothing to be desired. I couldn't be more impressed.