ING Direct vs Emigrant Direct Bank

[PennyPincher]

jmjj.... I agree. $25,000 yields an additional $38.57 annually with the rate increase. That's what I get for going on here from work! ~ Mistakes are part of the territory...

Just a follow-up question...how many others out there using ING have referred people? If so, how many have actually signed up?

I've had 3 sign up in 3 years...not an impressive rate, but I'm happy to spread the news of a good company and product. (And earn $30 along the way...)

[34saving]

My one-year-old was happy to sign up Most of my family has signed up too. I'm surprised how many people would rather have their money sit at 1% than sign up with ING. . . .but lots of things people do in the financial realm surprise me, so . . .

[genchan]

A big round of applause for Imigrant Direct - they now offer 3.5%!!!!!

[baselle]

Originally Posted by PennyPincher

Just a follow-up question...how many others out there using ING have referred people? If so, how many have actually signed up?

I've had a couple of people sign up in four months, two more possibly in the next week or two. The important thing is to pre-invite first, then send the invite. Sending it 'cold' is usually a waste. If you have a co-worker who also has an ING account, that's helpful. Also helps if your invitee has computer skills, and the FDIC insurance is big.

[mehmeh]

ing just seems to have risen the rate to 3.15%

Edit: I digress, I'm late and emigrant is up higher

Since February 2, 2005 I've had 8 people sign up with referrals I sent them for ING, which means I've made $80 in referrals so far. Yay!

[doglar]

I have yet to see ING beat capital one in interest rate. Each time ING increases their rate, it is to match Capital One's. A few days later, Capital One jump up out of reach of ING. When ING jumped to 3.15% APY to match CapOne between 7/18 & 7/21...CapOne jumped to 3.30% APY on 7/27 (although I wished it would have been sooner). So with CapOne you know you are either better off or as good as ING. Get your $25 lifetime freebee and get out of ING.
My other issue with ING is they identify you by your phone number, so at a friend's house, use their phone to transfer their money around....

[jmjj215]

My other issue with ING is they identify you by your phone number, so at a friend's house, use their phone to transfer their money around....

Don't they make you give them your customer number though?

[mehmeh]

I'm one of the internet-savers that hasn't transfered my funds over to Emigrant from Ing yet. I think it's worth the few extra dollars a year in interest for me, but I'd hate to transfer and then see Emigrant implement a bonus, thus missing that bonus. Any other folks consider this?

[terry1156]

Originally Posted by doglar

I have yet to see ING beat capital one in interest rate. Each time ING increases their rate, it is to match Capital One's. A few days later, Capital One jump up out of reach of ING. When ING jumped to 3.15% APY to match CapOne between 7/18 & 7/21...CapOne jumped to 3.30% APY on 7/27 (although I wished it would have been sooner). So with CapOne you know you are either better off or as good as ING. Get your $25 lifetime freebee and get out of ING.
My other issue with ING is they identify you by your phone number, so at a friend's house, use their phone to transfer their money around....

Why aren't you in Emigrant Direct? They are paying 3.5% which is better than Capital One.

[mehmeh]

^ lol exactly

[doglar]

I am currently opening an Emigrant account...before they jumped to 3.5%, I was opening a Western Financial Bank account 3.4% with the min $5k....it is true (as I read from a bloger) that the WFB did electronically transfer the initial deposit amount, but this account is "frozen" until the signature cards are signed and returned for the withdrawal side of things AND until a form is returned stating all banks and account #s that will be depositing into the WFB account. So it looks like it might be a while before any money moves to or from there (this is a MM so one must be careful with linking the account and the small deposits used for verification may count towards the 6 transactions allowed for the month). So the funds that were to go to WFB will probably make their way to emigrant instead.....ah too bad!! I guess I'll have to make an extra 0.10%...

[mom-from-missouri]

I have an ING question. I just opened my ING account today (thanks Tammy for the invite). Can I also open one for each of my daughters even though it would be linked to the same checking account (they are too young for their own), and they have no drivers license? I assume I could get around the drivers license issue, but making it a joint with me, and by using my drivers license, but I was not sure about the bit of using my same checking account. I tried to read all the info on their website, but, didn't see it. Also, can they get the same $25 for signing up? I suppose after my deposits are confirmed and all, I maybe able to get more info off their site and issue invites myself...

[doglar]

checking their T&C for ING saving account

"Who Can Open an Account: You can open a deposit account with us if you are a citizen or permanent resident (per the U.S. Citizenship and Immigration Services) of the 50 United States and the District of Columbia (the "U.S."), have a social security number and U.S. address. Taxpayer IDs ("TINs") are not acceptable and your Linked Account must be with a bank chartered in the U.S."

So it sounds like without a social, one may not be able to open an account.

looks like they only offer 2 types of account (individual & Joint)....you could open one for yourself only and 2 others as joint accounts (you+#1 and you+#2) and that should take care of the social issue (who will be paying the taxes on the earned interest).

"Types of Account Ownership:

* Individual Account. This type of account is owned by one person only, and only that person can take money out.
* Joint Account. This type of account is owned by two people. Except for certain retirement benefits like Social Security, if one person dies, the money in the account then belongs only to the survivor (and not to the estate of the deceased person). If a husband and wife own the account, the legal term for how they own it is as "tenants by the entireties"; otherwise, the owners of the account are called "joint tenants". Any owner of the account may: (i) withdraw or transfer the balance without the other owner's consent; (ii) make deposits, close or pledge the account to us as collateral for a debt owed to us; and (iii) endorse and deposit checks payable to any joint owner. Your obligations under this agreement are joint and several."

there was no mention of the $25 in the T&Cs

they also state....
"Additional personal identification in the form of a Drivers License or State Issued ID is required for customers over 16 years of age."

[doglar]

Found the following on the internet ... back in '02 ING was above CapOne at 3.50% vs 3.30%. CapOne is currently at 3.30%....where is ING???? (3.15%) resting on its Laurels?

Money
January 01, 2002
Byline: Compiled by Derek Manson
% Min.
TOP CURRENT YIELDS yield invest. Telephone

Bank money-market accounts

AVERAGE 1.27
Western Financial Bank (Calif.) 3.55 $5,000 877-932-1234
ING Direct (Del.) 3.50 1 800-464-3473
IndyMac Bank, FSB (Calif.) 3.40 1,000 800-734-6063
Capital One FSB (Va.) 3.30 10,000 800-564-7426
Giantbank.com (Fla.) 3.26 1,000 877-446-4200

[doglar]

ahhh ... turn around one second and here we go ...3.75% $5K min

http://www.presidential.com/PremierSavings.htm

[terry1156]

Originally Posted by doglar

AVERAGE 1.27
Western Financial Bank (Calif.) 3.55 $5,000 877-932-1234
ING Direct (Del.) 3.50 1 800-464-3473
IndyMac Bank, FSB (Calif.) 3.40 1,000 800-734-6063
Capital One FSB (Va.) 3.30 10,000 800-564-7426
Giantbank.com (Fla.) 3.26 1,000 877-446-4200

I think that should be Imigrant Direct at 3.5%

[terry1156]

Originally Posted by mom-from-missouri

I have an ING question. I just opened my ING account today (thanks Tammy for the invite). Can I also open one for each of my daughters even though it would be linked to the same checking account (they are too young for their own), and they have no drivers license? I assume I could get around the drivers license issue, but making it a joint with me, and by using my drivers license, but I was not sure about the bit of using my same checking account. I tried to read all the info on their website, but, didn't see it. Also, can they get the same $25 for signing up? I suppose after my deposits are confirmed and all, I maybe able to get more info off their site and issue invites myself...

I know several members here have done it. I believe as long as you open the account up under a different social security number, then you can get the bonus for both you and your kids. I know a driver's license isn't necessary (had a neighbor open an account who doesn't drive), but I think she had to call to do it.

[newbie saver]

Does ING still offer their $25 sign up bonus through invite? If so is anyone willing to send it to me. My plan is to sign up with ING to get the $25 free then move to Emigrant to take advantage of their 3.50% rate.

[jeffrey]

Sent.

The ING offer is still good for the $25. Simply send an email to info@savingadvice.com with your full name and we will send you an invite.