ING Direct vs Emigrant Direct Bank

[BAGAGT1]

Originally Posted by coffeebreak

Hmmm... ING has some fairly good short term CD rates:
http://home.ingdirect.com/products/cds_content.html

How is 3.7% for a 2 year CD with no minimum deposit and no fees? Are there better deals out there?

Yes there is how about 4.2% for a one year CD with a $1000 minimum balance?

www.americanchartered.com

I recently opened a CD there when it was at 4.05%, I wish I had waited.

[sbsake]

I have several accounts with ING. I am looking for better account. I like ING and am looking for a place that allows me to transfer money in and out and has atm or check options

I think you can do that with PayPal? and it has a MMA 3.22% interest rate, so any money you have in there you earn interest. But I am pretty sure you pay fees on every withdrawal/deposit you make (see how little I know about it. lol).

[sbsake]

Yes ... I know paypal.. I have never had any problems but others have and they have been sues in the past for how they handle the money ... not FDIC insured so not worth the risk.. for a small amount ok .. but nothing else

[sbsake]

what do u thing abt http://us.hsbc.com/personal/personal_home_page.html

[sbsake]

I just opened an account with Emigrant Direct Bank ** do they have a nice online system or not ??

[sbsake]

Does anybody know of a good bank with a great rate ...???

[baselle]

Just in case any one hadn't noticed, ING bumped their interest rate to 3.15%.

[sbsake]

yup thats right ... ing is on the move ... cd rates increased last week

[Bluezy]

Is that 3.15 % for all accounts or new accounts?

[terry1156]

Originally Posted by Bluezy

Is that 3.15 % for all accounts or new accounts?

That is for all accounts

[Bluezy]

Bless them then I shall look into an ING account. I'm also hoping they still over incentives for opening an account.

[jeffrey]

Originally Posted by Bluezy

Bless them then I shall look into an ING account. I'm also hoping they still over incentives for opening an account.

I'll have Nate send you an invite in case you need it for the free $25

[jmjj215]

So, w/ a hypothetical $25,000 balance, each year you're making another $37.50 - it doesn't seem like a lot when looked at that way - but hey, it's $37.50 you wouldn't have otherwise.

[PennyPincher]

Originally Posted by jmjj215

So, w/ a hypothetical $25,000 balance, each year you're making another $37.50 - it doesn't seem like a lot when looked at that way - but hey, it's $37.50 you wouldn't have otherwise.

Just to piggyback on jmjj...Not only is it money you didn't have before...but on that example I believe it would be more like $44.73 in interest after just one year ~ since it compounds. The first month you'd gain an extra $3.13, then $3.22, then $3.32, then $3.43, etc. So by the end of year one, it's already made a $44+ difference! (Assuming we all have $25,000 in our accounts!!!) I just wanted to remind us of the beauty of compounding. And that benefit is gained year after year. Eventually, that .15% starts to make a nice difference. Especially since we're earning 3.15% on the extra .15% we didn't have before...

I'll take it! (Any any more they want to provide...)

[akaivyleaf]

How many accounts are too many to have?

I"m being sarcastic since this thread seems to be going on and on about one account versus the other.

[34saving]

I think you can have as many as you want, but only one bonus per SSN. However, if you have kids each of them can have their own account with their own bonus.

[jmjj215]

Penny pincher, good point. I didn't get $44 on my second calc though - $38.57. Is it compounded daily?...Let me see. Yeah, if it's compounded dailiy you get another $.10 up to $38.67. I did these calcs as if they upped it on January 1, and took a look at the hypothetical balance on 12/31. I was off by $1.07. Keeping it in for 40 years? It's a difference of $5,111.44 before taxes and inflation.

[baselle]

Originally Posted by jmjj215

So, w/ a hypothetical $25,000 balance, each year you're making another $37.50 - it doesn't seem like a lot when looked at that way - but hey, it's $37.50 you wouldn't have otherwise.

Too true. On the other hand, you should have an emergency fund that's both perfectly liquid and safe. You might just as well have it earn you a little something while its biding its time.

[jmjj215]

I"m being sarcastic since this thread seems to be going on and on about one account versus the other.

Actually, it's covered quite a few topics

On the other hand, you should have an emergency fund that's both perfectly liquid and safe.

True Baselle. Why can't it just earn me a "little" more "something" ?