ING Direct vs Emigrant Direct Bank

[krayziebone33]

Originally Posted by safari

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.

Yeah, I hear you. Thanks for the advice. The reason why I was considering OneUnited is because they are relatively "untalked" about and the general consensus on here is that once a certain online bank gets talked about a lot and receives a lot of new deposits, the rates inevitably drop soon thereafter. I know that's silly thing to think about but I have to admit that I was so upset when ED lowered their rate even though it was not by much. I don't want to have to move my money every few months just to take advantage of a very high, competitive rate.

[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..odd

[poundwise]

Originally Posted by safari

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.

What risk?

They are a bank. They have established locations on both coasts. Deposits are FDIC insured. They were the first to offer 5.25% APY and are still offering it. I don't see the risk.

What makes them less reputable?

I think OneUnited suffers from some sort of stigma because of their stance as the self-described "first Black-owned" online bank. I'm not necessarily talking about racism here (although there may be some of that too.) For instance, imagine if there was a bank called "FemBank" that stated it was the "first female-owned bank" designed to help women. I expect that would limit their deposits from men. OneUnited may very well want to limit their deposits or it may be that they are proud to stand for what they do and don't concern themselves with whether it limits their deposits or not. In any case, your premise may be right in terms of high-rate because OneUnited has been the top, or near the top, of the list in terms of rate for more than 90 days now with a consistent rate offering.

Still, I don't consider them any more of a risk or any less reputable that most of the other banks.

[safari]

Originally Posted by poundwise

What risk?

They are a bank. They have established locations on both coasts. Deposits are FDIC insured. They were the first to offer 5.25% APY and are still offering it. I don't see the risk.

What makes them less reputable?

I think OneUnited suffers from some sort of stigma because of their stance as the self-described "first Black-owned" online bank. I'm not necessarily talking about racism here (although there may be some of that too.) For instance, imagine if there was a bank called "FemBank" that stated it was the "first female-owned bank" designed to help women. I expect that would limit their deposits from men. OneUnited may very well want to limit their deposits or it may be that they are proud to stand for what they do and don't concern themselves with whether it limits their deposits or not. In any case, your premise may be right in terms of high-rate because OneUnited has been the top, or near the top, of the list in terms of rate for more than 90 days now with a consistent rate offering.

Still, I don't consider them any more of a risk or any less reputable that most of the other banks.

I didn't mean that there is a risk of losing money, OneUnited is FDIC insured after all. When I said that there is some risk, I was talking about a possibility of any of the following:

- Buggy web interface, going down often, etc.
- Slow transfers
- Bad customer service

That to me is a risk.

[poundwise]

Originally Posted by safari

I didn't mean that there is a risk of losing money, OneUnited is FDIC insured after all. When I said that there is some risk, I was talking about a possibility of any of the following:

- Buggy web interface, going down often, etc.
- Slow transfers
- Bad customer service

That to me is a risk.

Understood. And that makes sense. However, everything I have heard seems to indicate that while the interface is nothing special, everything works well. Customer service is excellent, according to the few reports I've seen.

[robby]

I heard a rumor that ING might disconinue their $25 bonus starting at the beginning of 2007. Has anyone else heard about this or is this just a rumor?

[poundwise]

Originally Posted by robby

I heard a rumor that ING might discontinue their $25 bonus starting at the beginning of 2007. Has anyone else heard about this or is this just a rumor?

I haven't heard. I do know that they are advertising it heavily lately it seems. I don't know why would they would discontinue it, it has worked very well for them. If they do discontinue it, perhaps they'll have a new offer in its place.

[lrjohnson]

Emigrant Direct sent me some personalized notepaper. I've received no stationery from Emigrant Direct yet.

[Great to be Debt Free]

DH and I finally had to request a check for the $250 inital deposit into a new HSBC account. We have tried to access the accout since Mid-September and have dealth with numerous people in their technical department, but never could access it. What a waste of time and energy! UGH! I guess we'll either try Emigrant or just open an ING in his name.

[robby]

There hasn't been much news out of any of these banks lately which has been kind of disappointing since for awhile there is seemed that each was trying to out do each other. It seems they have all peaked, especially after Emigrant lowered their rate. I guess I'm being too hopeful that we will see rises in the interest rates they are paying again soon?

[jeffrey]

ING has raised their rates to 4.5%

[JPWRana]

I just noticed it this morning... I wonder how it will affect my earnings

Perhaps in 7 months they'll bump it up another 0.05% APY... I may be too optomistic though

[genchan]

Can't believe this thread finally died. Thought it would go on forever

[PRICEPLUS]

This is the thread that never ends
It just goes on and on my friends
Some people started posting here, it seemed so very long
and they'll continue posting here until this board is gone

(Repeat Ad Infinitum!)

[krayziebone33]

As stated in another thread, OneUnited has raised their APY to 5.30%. However, you have to have and maintain a balance of $1,000 to open and earn said interest. I opened the account when you could still open it with just $10, but since I have not moved all of my money yet, my balance in not the required balance and I am not earning interest on my money.

[ItsDubC]

Originally Posted by robby

I heard a rumor that ING might disconinue their $25 bonus starting at the beginning of 2007. Has anyone else heard about this or is this just a rumor?

I sent an ING Direct savings account referral to a family member a few days ago so it seems that they have not discontinued it as of yet. $25 bonus to new customers and $10 bonus to referrers.

As a sidenote, I've had my ING Direct account for over a year and a half, and have only experienced downtime on their site once. I am more than pleased w/ the web interface and their continual improvements to security and usability. I also like how I can grade ING Direct on various aspects of the service and then can access ING's "report card" to see what grades other users are giving the service. At the very least, this system conveys a sense of continual improvement.

[robby]

I miss the online rate wars. It was fun watching as every week or so one of the online banks tried to outdo the others. I'd love for that to come back.

[project15]

I hate that I have to login to ING using a long random number. I much prefer a username which is why I switched to Emigrant

[krayziebone33]

HSBC sent me an e-mail saying that between now and April 30, 2007, any new money that is transferred to an HSBC account from a non-HSBC account will receive 6% interest. That's nuts

[Aleta]

That's the rate. I just enrolled today. I was going to do a CD, but why should I tie it up when you can get 6% for 3 months.