ING Direct vs Emigrant Direct Bank

[doglar]

Re: ING Direct vs Emigrant Direct Bank

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]

Re: ING Direct vs Emigrant Direct Bank

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]

Re: ING Direct vs Emigrant Direct Bank

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]

Re: ING Direct vs Emigrant Direct Bank

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]

Re: ING Direct vs Emigrant Direct Bank

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

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

[terry1156]

Re: ING Direct vs Emigrant Direct Bank

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]

Re: ING Direct vs Emigrant Direct Bank

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]

Re: ING Direct vs Emigrant Direct Bank

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]

Re: ING Direct vs Emigrant Direct Bank

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.

[Triggerfish]

Re: ING Direct Bank vs Emigrant Direct Bank

For those who would like a free $25, simply send your full name to info@savingadvice.com and we will send you an invitation right away. You must be a US citizen to qualify. .

US citizen or a just a legal US resident? Meaning us citizens and permanent legal immigrants. Just US citizens seem a bit odd.

[jeffrey]

Re: ING Direct vs Emigrant Direct Bank

My mistake...US resident

[crosses]

Re: ING Direct vs Emigrant Direct Bank

How much is convenience worth? I find the Emigrant website difficult to use compared to the ING website so I just feel more comfortable with my money in ING.

[goodtosave]

Re: ING Direct vs Emigrant Direct Bank

I have accounts with both Emigrant Direct and ING Direct. In spite of the startup time, I like Emigrant because of the higher rates and transfer time. With ING direct, I just experienced losing 2 days of interest. I entered my transfer on Friday, the transaction was posted on Monday, my funds was withdrawn from ING Direct on Monday and only deposited to my checking account on Wednesday. I talked to a rep. yesterday and he was aware of the problem and blamed it on the ACH company that ING Direct uses. The point is you could lose up to 2 days of interest EVERY TIME you make a transfer with ING Direct. ING Direct claims that beginning and end of month are bad times to do transfers. So much for Internet banking if they can blame it on the ACH which can't handle the number of transfers from ING Direct.

With Emigrant Direct, you can get you funds the next business day if you enter the transfer before 3:30EST on the current business day.

NO LOST INTEREST.

[genchan]

Re: ING Direct vs Emigrant Direct Bank

Here is a question. Does the ease of use that ING provides make up for the slightly lower interest rate they pay? More and more of my friends are refusing to go after the highest rate because they like the ease of use of ING.

[mom-from-missouri]

Re: ING Direct vs Emigrant Direct Bank

"slightly lower interest rate"?? Its not lower for me--my local bank currently pays 1.25% on a savings account. ING pays more than that....