ING is paying 4.75% until April 15, 2006

[BTC]

Originally Posted by coffeebreak

I agree. For me it's about interest rate AND processing speed.

I agree 100%. ED's interface isn't as polished as ING's, but it works and is therefore a non-issue for me.

[PennyPincher]

I am SO glad that I am a member of this forum. It is the reason I joined Emigrant in the first place, and now I get to benefit AGAIN by taking all that money I took OUT of ING back INTO ING. Emigrant will definitely feel the pain. I would venture to say that just among those on this forum we will withdraw $300,000 or more from ED!!!! And that's just us. (anyone interested in tracking what we as a group pull out...???) I just withdrew $40,000 ~ my entire emergency fund/marriage fund, etc.

I will earn an extra $75 for the 3 months I'll have my money with ING.

This is GREAT news...thanks for sharing!!!

[goodtosave]

As I understand it, the offer is only for funds transferred between 1/19/06 and 4/25/06. After 4/25/06, the rate goes back to regular ING Direct's rates.

However, if you only intend for this to be a temporary move, consider the 2 days of lost interest when you move money in and out of ING Direct.

And you will lose 1 day of interest when transferring funds out of ED.

So for 10K, you will gain an additional 18.75(assume 3 months) - 3.29 for 3 days of lost interest. So your net is about 18.50 for 3 months.

However, my hunch tells me that ED will raise its rates to 4.25 before or after the Fed meeting in a few days. If that's the case, then you will net gain about 9.20 for 10K during this period.

Just something to consider.

[jmjj215]

A good calculator for transferring money when considering interest lost is here

[coffeebreak]

Originally Posted by goodtosave

As I understand it, the offer is only for funds transferred between 1/19/06 and 4/25/06. After 4/25/06, the rate goes back to regular ING Direct's rates.

However, if you only intend for this to be a temporary move, consider the 2 days of lost interest when you move money in and out of ING Direct.

And you will lose 1 day of interest when transferring funds out of ED.

So for 10K, you will gain an additional 18.75(assume 3 months) - 3.29 for 3 days of lost interest. So your net is about 18.50 for 3 months.

However, my hunch tells me that ED will raise its rates to 4.25 before or after the Fed meeting in a few days. If that's the case, then you will net gain about 9.20 for 10K during this period.

Just something to consider.

It took about 24 hours to get money out of ED and into ING; this time. The calculator mentioned below your post says that I need to keep the money in ING for 5.33 day to break even. If it's 2 days then it will take 10 days. A 3 day transfer would take 16 days.

I am a bit surprised that ED didn't raise their rate after the last fed increase. I hope the next rate they offer will be 4.5%. I am going to see what happens at the end of my time with ING before I make a decision about where to keep my savings. It's too easy to transfer money for ED to fall behind the pack.

[Ima saver]

Even thought it is costing us quite a bit of money, I have decided against transferring for my husband's piece of mind. We just don't trust my computer "lack of skills" plus I don't know how to use a printer, so can't seem to open an account at the other banks.

[goodtosave]

Originally Posted by coffeebreak

It took about 24 hours to get money out of ED and into ING; this time. The calculator mentioned below your post says that I need to keep the money in ING for 5.33 day to break even. If it's 2 days then it will take 10 days. A 3 day transfer would take 16 days.

I am a bit surprised that ED didn't raise their rate after the last fed increase. I hope the next rate they offer will be 4.5%. I am going to see what happens at the end of my time with ING before I make a decision about where to keep my savings. It's too easy to transfer money for ED to fall behind the pack.

Did you schedule the transfer from ED and ING for the same day. So both debit and credit hit your checking account on the same day.

[coffeebreak]

Originally Posted by goodtosave

Did you schedule the transfer from ED and ING for the same day. So both debit and credit hit your checking account on the same day.

I started them both on the same day but the two transfers were processed 24 hours apart. The transfer from ED to bank took about 7 hours, then I setup a transfer at ING. The two transfers would have to take place immediately to only take 24 hours so 2 days is probably more accurate.

[Bluezy]

Get this... I transferred monies from SunTrust to ING last Friday. On Monday, ING reported receiving the monies. SunTrust, however, did not record the transfer until today (Thursday). This thrilled me because not only did I earn interest from ING, SunTrust paid interest on my monies until today, albeit an insignificant amount.

I know that I should not get used to this.

[ckcheng]

Are any of you getting 4.75% rate showing on your ING account? Mine is still 3.80% and I wonder whether this 4.75% offer is actually true (until we calculate ourselves?) or is it just a tactic for ING to get more savers back to their account?

[coffeebreak]

Originally Posted by ckcheng

Are any of you getting 4.75% rate showing on your ING account? Mine is still 3.80% and I wonder whether this 4.75% offer is actually true (until we calculate ourselves?) or is it just a tactic for ING to get more savers back to their account?

The 4.75% only applies to new deposits so it probably won't show up until you get your statement. They would have to show how they broke up your money based on interest rate otherwise.