ING is paying 4.75% until April 15, 2006

[coffeebreak]

ING has an offer to pay, even existing accounts, 4.75% interest starting today and ending April 15, 2006 - for new deposits only. I am going to transfer my Emigrant balance to my bank then to ING then back to ED when the offer ends. You have to make your deposit from an external source to get the higher rate.

Withdrawing money from ING and putting it in your bank account then transfering it back to ING, won't work. Read the fine print. Withdrawls are figured into how they calculate the amount that qualifies for the higher rate.

[sweeps]

Thanks, coffeebreak. There is some discussion about this going on in the mondo ING vs. ED thread.

[Ima saver]

I just read about that. At first i thought you had to open a new account, but you can just add to your old account. I opened mine at ING, preparing to transfer 100k to it, but I got a better rate right here at home, so I stayed with it. I am just a little leary transferring funds over a computer because I have never done that before. Do you all do that, or use the mail?

[coffeebreak]

Originally Posted by Sweepsplayer

Thanks, coffeebreak. There is some discussion about this going on in the mondo ING vs. ED thread.

I thought there might be. Now someone that doesn't look at everything will be able to see it. I just transferred money from ED to my bank and changed all my deposits from ED to ING. Maybe after April 15 they'll have a better rate than 3.8.

[coffeebreak]

Originally Posted by Ima saver

I just read about that. At first i thought you had to open a new account, but you can just add to your old account. I opened mine at ING, preparing to transfer 100k to it, but I got a better rate right here at home, so I stayed with it. I am just a little leary transferring funds over a computer because I have never done that before. Do you all do that, or use the mail?

I transfer everything over the internet. I have never had any problems.

[coffeebreak]

Even if I don't gain a lot in interest, if it pushes ED to raise their rate I'll be happy. ED should start hearing the sucking sound around 2pm Eastern today.

[PRICEPLUS]

Good news for me!

[Ima saver]

Thanks coffeebreak!

[34saving]

I do everything over the internet, but I'm not sure I'd do all 100k in one transaction . . . Probably just a psychological thing though . . .

[Ima saver]

I think you are right, 34saving.

[BTC]

ING's promotional rate is 18.75% higher than what I'm currently getting. One month should cover any lost interest due to float times etc. I'm all in.

[jmjj215]

Movng moolah from Paypal to ING today - to sit until April 15 - and then we'll reevaluate.

[DivaJen]

Thanks for the heads up!

[coffeebreak]

My ED funds were transferred to my bank account in 7 hours. They started the transfer at 2pm PST and by 9pm PST the money was in the bank. It could have happened faster but I didn't check until then. That's quite a bit faster than usual but it was never slower than the next day.

[Ima saver]

I discussed this with my husband last night. We would make about $270 more in we moved our 100K from the local bank to ING. But he has never touched a computer and he is too nervous about me moving the money.

[BTC]

Originally Posted by coffeebreak

My ED funds were transferred to my bank account in 7 hours. They started the transfer at 2pm PST and by 9pm PST the money was in the bank. It could have happened faster but I didn't check until then. That's quite a bit faster than usual but it was never slower than the next day.

The transfer I requested yesterday from ED was in my checking account when I checked this morning, so I was able to go ahead and set up the transfer to ING. People can say what they want about ED's user interface, but the expediency with which they process their transactions leaves nothing to be desired. I couldn't be more impressed.

[coffeebreak]

Originally Posted by BTC

The transfer I requested yesterday from ED was in my checking account when I checked this morning, so I was able to go ahead and set up the transfer to ING. People can say what they want about ED's user interface, but the expediency with which they process their transactions leaves nothing to be desired. I couldn't be more impressed.

I agree. For me it's about interest rate AND processing speed. The money was transferred so fast I almost feel guilty about switching it to ING.

Just a thought but maybe the faster processing speed is how ED is going to deal with the higher interest rate ING and others are offering. After April 15 I will test ING's speed then decide what I'm going to do. Up to this current offer, I kept fast cash with ED and bought short term CDs from ING. That's where I'll probably end up again.

[sweeps]

Isn't ED cutting its own throat by offering fast transfer speeds but not raising rates? All it will do is encourage people to instantly pull their money out whenever the next deal comes along.

Another thing I wonder about is the high volatility these online banks are experiencing. How can they reasonably lend or invest these savings assets when millions of dollars are pulled out at the drop of a hat?

[coffeebreak]

Originally Posted by Ima saver

I discussed this with my husband last night. We would make about $270 more in we moved our 100K from the local bank to ING. But he has never touched a computer and he is too nervous about me moving the money.

If you have transferred money between accounts over the internet before, sit your husband down at the computer and just transfer a small amount to your bank and then to ING. If he's comfortable with what he sees, transfer all of it. $270 is darn near enough to get a cup of coffee at Starbucks.

[Ima saver]

No I have never transferred money over the internet before. I opened my ING account using the mail. See, I don't really know how to use a computer to transfer money either. Good thing neither one of us likes coffee and I have never even seen a Starbucks.