ING Direct vs Emigrant Direct Bank

[akaivyleaf]

Re: ING Direct vs Emigrant Direct Bank

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]

Re: ING Direct vs Emigrant Direct Bank

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]

Re: ING Direct vs Emigrant Direct Bank

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]

Re: ING Direct vs Emigrant Direct Bank

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]

Re: ING Direct vs Emigrant Direct Bank

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" ?

[PennyPincher]

Re: ING Direct vs Emigrant Direct Bank

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]

Re: ING Direct vs Emigrant Direct Bank

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]

Re: ING Direct vs Emigrant Direct Bank

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

[baselle]

Re: ING Direct vs Emigrant Direct Bank

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]

Re: ING Direct vs Emigrant Direct Bank

ing just seems to have risen the rate to 3.15%

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

[doglar]

Re: ING Direct vs Emigrant Direct Bank

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]

Re: ING Direct vs Emigrant Direct Bank

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]

Re: ING Direct vs Emigrant Direct Bank

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]

Re: ING Direct vs Emigrant Direct Bank

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]

Re: ING Direct vs Emigrant Direct Bank

^ lol exactly