ING Direct vs Emigrant Direct Bank

[cklballs]

I would like to know what these two banks do anyway.
I read the info but I'm still confused. Please advise. Thanks.

[risknothing]

I dont understand your question, "What do these banks do?"

[joseblanco]

Originally Posted by cklballs

I would like to know what these two banks do anyway.
I read the info but I'm still confused. Please advise. Thanks.

They offer high yield savings accounts but online only so no brick-n-mortar teller service, not ATMs etc. You link the account to an existing checking account and you can link it to other accounts. You can then via the internet transfer funds into the account. This can be done on a case-by-case basis or automatically at pre-set time intervals. You can also have your pay check fully or partially deposited directly into the account.

Currently traditional banks are offering about 1% or less for their various traditional checking and savings accounts. ING offers 4.4% plus signup & referral bonuses. ED does not have a bonus now, but has a better rate of 5.15%.

Hope that helps.

[cklballs]

Thanks so much. It did help and I appreciate it. Have a great weekend.

[joseblanco]

You're most welcome. You too. Ciao

[krayziebone33]

I was on Emigrant's site checking my information and noticed that their CD rate. It used to be 5.35% and now is 5.20%. Wow, that's odd. Should one be worried about that? Could we be seeing a trend soon?

[dstratton]

Hello Jeffrey,
What is your view of HSBC?
David

[disneysteve]

amtrustdirect.com is now at 5.26% for their money market account with a $1,000 minimum.

[krayziebone33]

Thanks Disneysteve for posting the Amtrust link. Anyway, my question is this . . . if I opened the 12-month CD with them or anyone and I lock in with them, would I be able to transfer money into that CD or not? I know I would not be able withdraw any of the money, but would I be able to keep adding to it?

[disneysteve]

Originally Posted by krayziebone33

if I opened the 12-month CD with them or anyone and I lock in with them, would I be able to transfer money into that CD or not? I know I would not be able withdraw any of the money, but would I be able to keep adding to it?

I think there are banks that offer a CD product like that but I don't know that Amtrust is one of them. If you have more money to add at a later date, why not just purchase another CD?

[sweeps]

Most banks do not allow you to add funds to a CD. But a few do. Do a google search for "add on certificate of deposit".

[joseblanco]

Originally Posted by dstratton

Hello Jeffrey,
What is your view of HSBC?
David

While I'm not Jeffrey I do have exposure to HSBC. I think they offer the best comprehensive package of banking services that spans/integrates online banking & brick-n-mortar banking. They have a competitive yield, the include online deposits as part of any aggregate deposit requirements to avoid fees or obtain benefits. They have a worldwide branch network, to include branches in all major US cities. You get access to your funds in all the traditional methods + the online methods. I've always experienced top shelf customer service. I've recommended the bank to several friends who've transferred their deposits to HSBC. One cannot go wrong in selecting them for your banking needs. Jose

[Albies5]

ok here is my question- a little math is prob. needed-and i know its prob been asked a zillion times. i have a direct deposit into my current savings acct at my local bank-- i barely get any interest on it- its a very low rate- im thinkiong of switching it to one of these online banks for SAVINGS ACCT. only--
I saw that ING=%4.4
and that HSBC= %5.05
and that ED =%5.15
MY QUESTION IS: which one is the best in terms of rate -IF YOU YOU ADD IN THE $25 YOU GET FOR JOINING ING(im sure that'll make it match up since how long will it take you to make 25 bucks with the other companies) overall ease,customer service ? which do you gusy recommend and why?

[sweeps]

The financial answer depends on how much you have to deposit and how long you plan to leave it on deposit. If for example you have $5 to put into savings, the ING $25 bonus is a no-brainer. If on the other hand you have $50,000, you'll come out ahead with HSBC and ED in just one month's time.

Ease of use, customer service, etc. are more subjective. I've never used ING or ED, so I can't compare.

[disneysteve]

Of course, there is no reason you can't do both. Open an ING account with $250. Leave it for 30 days to collect the $25, then pull it out. Also open with HSBC or Emigrant or Amtrust (5.26%) and keep that as your ongoing account. Too much trouble in my opinion for $25 but certainly something one could consider.

[Albies5]

Thanks- i have about 500 bucks and on top of that i will be putting away into saving 400 bucks each month directly deposited to my savings-- so with that given information- any suggestions which is better to do? is it hard to switch from one acct service to the next? anyone know of good interest calculaotrs i can use for this type of question? also a higher interest rate although nice doesnt always excuse poor service and bad quality and the like. i just want to go with a good safe place.

[Albies5]

one more thing........ are any other companies offering money to join? i think i just heard someplace else is offering $25...........

[joseblanco]

Amboydirect & Metlife bank both offer bonuses consistently. HSBC had one earlier this year but not sure if its still out there as they switched to a 25 USD gift card at bestbuy. This site offers a bonus for ED if you have unuse ING referrals. Bonuses are nice but you can't keep chasing them as you'll have way too many accounts after awhile. On the upside if you do chase bonuses then you'll get an idea of what you want/expect/like/dislike out of an internet bank and can consolidate from all of them into that one you select. That is basically what happened to me. Good luck. Joe

[safari]

Originally Posted by Albies5

one more thing........ are any other companies offering money to join? i think i just heard someplace else is offering $25...........

NetBank is offering $75 bonus, check out this thread NetBank $75 Bonus

[Mathew Green]

Originally Posted by Albies5

Thanks- i have about 500 bucks and on top of that i will be putting away into saving 400 bucks each month directly deposited to my savings

Let's say you put the $500 in ING and leave it there a year. You get the $25 (5%) plus their regular interest rate (4.4%) for a total of 9.4%. Of course you only have to leave the money in the account for 30 days to get the bonus, but I'm with you in not wanting to shuffle money back and forth between accounts.

After the ING account is opened, you can use your next $400-$500 to open an account at a different bank that has a sign-up bonus or a higher interest rate.

You are now free to put additional money into either account or transfer money from one to the other based on interest rate or personal happiness factors.

Something else to consider when you get enough money set aside to do it is the "CD Ladder". It works like this: You buy a 90-day CD at the best interest rate available. 30 days later, you buy another at the new best interest rate. 30 days later you do it again. It has now been 60 days, and you'll have one CD coming due for renewal every 30 days forever!

If you like you can increase the amount of each CD as it comes due, or you can increase the timespan by 30-60 days and buy another CD to fill in the gap. The main point is if you run into financial trouble the CDs coming due every 30 days will provide a predictable stable source of income during the crisis.