ING Direct vs Emigrant Direct Bank

[Philstar2000]

I here ya! I'll keep all posted on my experiences. By the way I did keep my ING as well as CapitolOne Accounts open and active. P

[Armywife]

After hearing lots of positive reviews about ED from this thread, I decided to inquire about the status of my account which I haven't received any information on since the end of February. After bing put on hold for what appeared to be an eternity, a savvy rep told me to re-apply and not make mistakes in typing in the password (which apparently locked me out of the system the first time around). The customer service "person" informed me that typing the password incorrectly would cause you to be locked out of the system for a week. Well it's been more than a week.. and she still could not tell me why my account opening progress stopped dead in its tracks. Part of me is still a little curious especially with this new 3.25% APY... but I think i'll have to wait until the initial frenzy dies down.

[34saving]

Since their response to my initial problem with them was also "re-apply" (my huband's old driver's license number didn't match his new one . . .silly state of Minnesota with their new "security measures" and all . . .and yes, that is sarcasm . . . see prior post if you want the story) I'm a little concerned that's their responce to a lot of problems. If that's the case do they realize that 1) It's a real pain to re-apply 2) Customers have got to start wondering where all their "old" information went and whether or not it's secure. I'm sticking with ING, but really hoping they at least come close to catching up in APR.

[PennyPincher]

My status with Emigrant:

-applied/signed up online 3/9
-received account info in mail 3/21
-confirmed set up of account 3/22

I am unable to set up any additional deposits at this time, but it should only take a day or two until I have access to that.

So far, my experience with ED has been just fine. Phew.

[bluek9]

Yeah "PennyPincher" I'm with you in that I've been one of the lucky ones to have had only minor issues with setting up my account. I, like you, also had to call them to give my account 'full' access (ie xferring capabilites) which they granted right away while the rep was on the phone with me. I already moved most of my ING over & glad I did (so far). Today ING raised their rate to 'just' 2.8 in expectation of the fed hike today. We'll see if E.D. raises it even more above the current 3.25. Recent history (ie the last fed hike) shows they will. Either way 3.25 beats capital ones 3.05 & ING's 2.8 .
Frankly, the less people that sign up the more of a rate they'll need to give to attract (supply & demand works well here).

A good & profitable savings day to all!

[Armywife]

LOL Blue beat me to it... ING's at 2.8% YIPPEEEEE!!!
(I can't wait to get that .2% difference in my account this month yayy)

[agold138]

FYI - ING Direct interest just went up to 2.80%. and there sign-up and customer service are great. No I am not an ING employee. I did a couple of months of research before signing up with an internet back for savings. I'm older and more conservative. Everyone needs to make there own decision on what they want to do. This is a place for information and our experience with any of the banks. Then we can use it to make our own personal decisions. I've had a good experience with ING and that is what I am stating. Their interest rate is still higher than the .50% my local banks are offering.

[So Interest_Rate_Matters you made your decision and I have made mine. Now should I say in my e-mail that you are an ED employee.]

Let's just keep this information please. I've learned from what everyone is saying about the banks and appreciate the input. But again, we all have to decide what is best for ourselves.

[Interest_rate_matters]

About two months ago I opened an account with ING when their rate was 2.35% I started noticing local banks offering 2.5% for money markets. Then I saw Emigrant Direct offering 3.0% Asked ING when they were going to step up. Got the same canned response that everyone else got. Went immediately to Emigrant Direct and open an account. I will admit that the process is a little more difficult than ING but ED also uses postal mail for part of their security rather than relying only on the internet. I will say this, pay attention to what they ask you to do, follow the instructions and everything will work. I have 95% of my money at ED and 5% at ING just in case. Now ED has raised their rate to 3.25%. Where is ING? Doing nothing I guess. I am very happy with ED and to those who continue to post bad things about ED....I honestly think it's ING employees doing the postings.... They can't compete with interest rates so they do it with bad postings. And to ING who states they have paid the highest rates for 4 years......Past performance is no guarantee of future gains! I LOVE EMIGRANT DIRECT!

No I'm not an ED employee just looking to get the most for my money. IMHO if people are choosing an online bank because of the $25 to open an account then they are in the wrong place. Go to a brick and mortar office. Whether it is an extra .2% or .45% or something else, it adds up when we are talking large sums of money. A lot more than $25. Me personally, I'm not shopping around for customer service, I am shopping around to grow my money. For those who are skeptical about ED, it only takes $5 or $10 to open an account and try it out. Keep accounts at ING and ED open and go where the interest rate is.

For some reason I think there is this huge sucking sound going on at ING like a vacuum pulling all of the money out and sending it to ED.......

[Russell]

uh oh! let me guess ED employee ? just kidding!

I just sent in my manual application and the check this morning...I would love to get that 3.25%

[smmasi]

ING raised its rate to 2.8% today!

[Nique]

The sign up process was much more involved than ING, however it only took me about 2 weeks and I had no problems whatsoever. I transferred a bit of money in to Emigrant today, I will see how that goes and if all goes will most of the rest of it will follow.

[34saving]

They exist only (or at least primarily) on the internet. They work by linking to your checking account. Many like ING and emmigrant are FDIC insured, so I'd say that's pretty secure. I've been with ING for awhile and have had very good luck. I haven't opened an account with emmigrant, but you can read all about the experiences of others in this thread.

[Some1Shy]

i been thinking about signing up to ING.. as i really would like a savings account i only have checking at the moment and money is just sitting there after bills are paid... but i wanted to know are they still having that deal with $25 if i sign up?

also once i sign up online do i need to fax them or what? or when i sign up its all done?

[sbsake]

I have done research on ED and there rates wonts stay high for long... I Have both ING and CapitalOne... I keep most of my money at ING....

[liveandchi]

Does ING do anything special, or do they just have decent customer service whereas ImigrantDirect doesn't have good customer service?

[stephanburke]

They just have a realy easy web site and good service. Plus the $25.00 doesn't hurt

[sbsake]

They have great customer service and Great website. They also offer good investment products, and have one of the best life insurance policy.

I use ING for most of my investments and Life insurance needs.

[goodtosave]

Emigrant Direct allows you transfer funds in/out of your checking account by next business day if you enter the transaction before 3:30EST the current business day. So if I request a withdrawal from Emigrant Direct into my checking on 3/30/05, the funds will be deposited into my checking on 3/31/05.

ING Direct floats your funds an extra business day. So if you ask ING Direct to deposit into your checking account on 3/30/05. It will be taken out of your ING account on 3/31/05 but not deposited into your checking acct until 4/1/05.

The bottom line is this, ING Direct will earn 2 days of interest from every dollar you deposit with them. One day float on the way in and one day float on the way out.

Just curious if anyone else with ING Direct have noticed this. I have pursued this with them with no avail.

[elkento]

Originally Posted by sbsake

I have done research on ED and there rates wonts stay high for long... I Have both ING and CapitalOne... I keep most of my money at ING....

What do mean the rates wont stay high for long? What have you found?

[terry1156]

I'm not sure what he is referring to, but this comes from the EmigrantDirect fequently Asked Questions:

<b>Is EmigrantDirect's 3.25% APY on the American Dream Savings Account a "promotional" offer?</b>

<i>Not at all. In fact, the current APY reflects an increase from 3.00% APY to 3.25% APY effective 3/14/2005. Emigrant Direct is committed to offering the 3.25% APY through 2005. The rate may even increase, based on market conditions.</i>

That says to me that the rate will stay at least that high through the end of the year as long as interest rates don't start declining.