Emigrant Direct Rate drops to 5.05% effective 9/30/06

[jmjj215]

Re: Emigrant Direct Rate drops to 5.05% effective 9/30/06

Corroborated here

[poundwise]

Re: Emigrant Direct Rate drops to 5.05% effective 9/30/06


Wishful thinking aside, Emigrant's rate is 5.05% APY.

[rennigade]

Re: Emigrant Direct Rate drops to 5.05% effective 9/30/06

I've been keeping track of my daily interest with ED. For some reason, Saturday, Sunday, and Monday, my interest rate stays the same. Im curious why i'm not getting interest for these 3 days. Is anyone else having this problem?

[BTC]

Re: Emigrant Direct Rate drops to 5.05% effective 9/30/06

Emigrant calculates the interest for weekends and adds it to the running total of interest earned reflected on Saturdays. There is no change to the running total displayed on Sundays or Mondays. I'm not sure if this is also the case for holidays.

Their home page has clearly stated 5.05 for a few days, but my account details have yet to reflect a change and the amount of interest they credited for 10/01 was at the 5.15 yield. Things may be adjusted tonight as I'm guessing their update jobs haven't run since late Friday evening/early Saturday morning.

Regardless, I opened an E-Loan account earlier this evening. I'm going to draw down and consolidate both my ED & HSBC accounts.

[WellManicuredMan]

Re: Emigrant Direct Rate drops to 5.05% effective 9/30/06

I've been keeping track of my daily interest with ED. For some reason, Saturday, Sunday, and Monday, my interest rate stays the same. Im curious why i'm not getting interest for these 3 days. Is anyone else having this problem?

That's because Saturday and Sunday are not business days. If you watch, you'll see that the interest at the end of the day on Friday will credit you for Saturday and Sunday because it jumps by a lot more than the other days during the week. And you won't see it change again until the end of the day on Monday which is usually pretty late at night.

[BTC]

Re: Emigrant Direct Rate drops to 5.05% effective 9/30/06

It appears my account has been adjusted accordingly overnight. Sayonara ED. I hardly knew ye. I'll miss your new interface and lightening fast transfers. I really hope E-Loan isn't as slow as HSBC.

[krayziebone33]

Re: Emigrant Direct Rate drops to 5.05% effective 9/30/06

No, E-LOAN is really bad. Avoid them like the plague... Long live ING and ED!

Can you elaborate?

[krayziebone33]

Re: Emigrant Direct Rate drops to 5.05% effective 9/30/06

Unless I accidentally deleted it, I never received email notification of the rate drop. Also, although Emigrant's home page shows their APY as 5.05%, my account summary page still indicates that I'm earning 5.15% and the interest accrued for 10/01 is at the 5.15 rate. Of course this could all be adjusted at some point over the weekend.

Is everyone's account summary page still indicating 5.15%. I'm just curious if the rate reduction might only apply to those having opened their accounts after a certain date. I guess I will find out for sure on Monday.

Mine is indicating 5.05% now.