ING Direct vs Emigrant Direct Bank

[twins0203]

Does the ED Cashback card's monthly statement show you your potential cash back earned or do you have to wait until they credit your ED savings?

[krayziebone33]

Originally Posted by Sweepsplayer

Final note: Don't get paralysis by analysis. Pick a bank and get your money to work.

Agreed!!!

[genchan]

I figure that we won't be seeing many rate increases in the near term. Do you think that the rates will actually fall?

[sweeps]

My crystal ball says rates will not fall. We will plateau for a while and then resume the rate hikes. I think GMAC jumped the gun on dropping its MMA rate. Just MHO.

[sweeps]

Funny ING story -- there were a dozen or so people dressed in orange cow outfits in downtown Chicago yesterday. They were pushing their orange savings accounts pretty hard. One of the guys was loudly saying "4.4%!!! I GUARANTEE your savings account does not pay more than that!!

I said "Wanna bet?" He hesitated for a second and then started chanting other things about how the account is easy to open, etc.

[disneysteve]

Originally Posted by Sweepsplayer

One of the guys was loudly saying "4.4%!!! I GUARANTEE your savings account does not pay more than that!!

So what kind of "guarantee" was he offering?

[Great to be Debt Free]

HORRID HSBC! Okay, so we opened an HSBC online account last month and did the confirmation and everything -- FINALLY got the customer ID and paswword in the mail (it had been sent to an old address!) and the ATM card and PIN (which were sent to the right address!). BUT I CAN'T LOG IN!!!

I called customer service and was on hold for 40 MINUTES! Then the gal disconnected me. Finally got on with a guy and he had me change internet options and cookie stuff BUT IT STILL DIDN't WORK! Of course, the computer was so slow rebooting and everything the guy said it would surely work, but if not, I could just call back later! Right! As if I can afford to keep my blood pressure that high all night!

ANd he nor anyone could tell me why they sent my FINANCIAL INFO to an old address (as of last November old). Especially considering they got it right when they sent the ATM card and PIN. Ugh! I am so frustrated -- I wish I'd just stuck with ING! And I'll get to deal with them tomorrow or it'll be another week before I can because I'll be in NH all next week and won't likely have access to a computer!

Thanks for letting me vent

[jmjj215]

Originally Posted by Sweepsplayer

My crystal ball says rates will not fall. We will plateau for a while and then resume the rate hikes. I think GMAC jumped the gun on dropping its MMA rate. Just MHO.

Just received an email this morning:

EmigrantDirect's savings rate was decreased effective September 30, 2006 to 5.05% APY

Sweeps, you need to shake the crystal ball before using...everybody knows that!

[sweeps]

Yeah, ouch. But in my defense, I was referring to the Fed funds rate. Now if the Fed cuts rates than I will gladly take my 10 lashes.

There could be several reasons why an individual bank drops its rates. My guess is ED has gotten a major inflow of deposits recently due to its relatively high interest rate and its recent software upgrade. They probably need to back off a bit to digest all these new funds.

Hopefully E-LOAN doesn't suffer the same fate. Hey, everyone, avoid E-LOAN, will ya?

[jmjj215]

Originally Posted by Sweepsplayer

Yeah, ouch. But in my defense, I was referring to the Fed funds rate. Now if the Fed cuts rates than I will gladly take my 10 lashes.

There could be several reasons why an individual bank drops its rates. My guess is ED has gotten a major inflow of deposits recently due to its relatively high interest rate and its recent software upgrade. They probably need to back off a bit to digest all these new funds.

Hopefully E-LOAN doesn't suffer the same fate. Hey, everyone, avoid E-LOAN, will ya?

Really just needed a good excuse to talk about shaking the crystal ball...

[WellManicuredMan]

Originally Posted by jmjj215

Just received an email this morning:

EmigrantDirect's savings rate was decreased effective September 30, 2006 to 5.05% APY

Sweeps, you need to shake the crystal ball before using...everybody knows that!

Dang. Was this email from Emigrant? Well this makes my decision to move to E-LOAN easier. At least they picked a good time so we can grab our monthly interest and run.

[fratkid21]

well, i need some opinions for you all.... with the ED rate decrease and their recent 2 star rating, I am thinking of moving all of my cash out of their bank...

options: I just recently opened a Citibank e-savings and EZ checking acct. (only because they offered me 10,000 bonus AA miles to do it)... however their rate is 5.00%... I only have a few grand in there, and was thinking of transferring my ED money their... I like this idea because I have an ATM card access to my cash (just as I do with GMAC and HSBC)...

the other option is going with ELOAN or AMTRUST for the higher rate; but, is it worth it??? Citibank is pretty secure and has a lot of branches?

any thoughts will be appreciated, since i think it is time to get out of ED now....

[jmjj215]

Originally Posted by WellManicuredMan

Dang. Was this email from Emigrant? Well this makes my decision to move to E-LOAN easier. At least they picked a good time so we can grab our monthly interest and run.

It was from a person that handles at least a portion of ED's internet affiliate marketing. They're contracted out by ED to do the marketing. Just wanted to clarify.

[okaythen]

I went to ingdirect and the estatement only up to june? what's up with that? no estatement after june?

[risknothing]

I have mine from July and August

[safari]

I believe they only issue statements in the months when there is some activity, i.e. transfers.

[wyett3]

Originally Posted by jeffrey

...For those who would like a free $25, simply <a href="http://www.savingadvice.com/forums/showthread.php?t=12132">click here</a> where you can use a referral link immediately...

Amboy Premium savings raised to 5.25% a few weeks ago. Still just a bare bones interface but my new account with them gives me 25 referral links with a $25 bonus on the new account (and $10 on mine ) Is there a system here for me to open these up to forum users?

[okaythen]

I checked my statement in ingdirect and ED...ingdirect only have statment up to june and emigrantdirect only up to sept....is it the same thing for you guys? also haven't receiv email about monthly statement..old

[krayziebone33]

I don't recall seeing anything posted but I'll ask the question anyway . . . has anyone given OneUnited a try? I've been looking at their website a lot and the 5.25% APY is very attractive, especially since ED lowered their rate. I want to move a portion of my ED money to another account with a higher yield. OneUnited is one of the online banks that I am looking at very closely. Can ANYBODY tell me anything about them?

[safari]

Originally Posted by krayziebone33

I don't recall seeing anything posted but I'll ask the question anyway . . . has anyone given OneUnited a try? I've been looking at their website a lot and the 5.25% APY is very attractive, especially since ED lowered their rate. I want to move a portion of my ED money to another account with a higher yield. OneUnited is one of the online banks that I am looking at very closely. Can ANYBODY tell me anything about them?

There are a bunch of banks currently offering 5.25% or higher interest rates. If I were you, I'd consider GMAC, AmTrust, Amboy or E-Loan, just because they are all well-established banks and have a lot of positive reviews (E-Loan just started offering saving accounts online, but they've been in online business for years). OneUnited is a dark horse, maybe it's good, but why take a risk when you can get the same or better interest rate from other reputable banks.