ING Direct vs Emigrant Direct Bank

[ken1706]

Re: ING Direct vs Emigrant Direct Bank

EmigrantDirect has been consistent this year on keeping their rates high.

I remember when they were one of the first to offer 3.0% on their accounts while ING was only in the low 2%. When ING finally reached 3.0%, EmigrantDirect moved to 3.25% and recently to 3.50%.

I guess you never know for sure, but recent history seems to suggest EmigrantDirect will keep their rates high.

[Bluezy]

Re: ING Direct vs Emigrant Direct Bank

There will always be an alternative if Emigrant's rates plummet. I'm not thinking that way given the bank's history, but in times like these one can never tell.

[2moretrees]

Re: ING Direct vs Emigrant Direct Bank

Has anyone ever had any trouble with ING?

[skippy]

Re: ING Direct vs Emigrant Direct Bank

ING and Emigrant are by no means the only options available, and they don't rank among those offering the highest yields.

Check out bankrate.com and you can get a ranked listing of top money market/savings acct. yields. Note: MetLIfe currently offering 3.10%; the higher rate posted was a typo, their cust rep confirmed for me.

PS I wouldn't go with a bank that has less than a 4 star rating on this site.

I agree there are many banks with higher returns. Not sure I understand why the bank's rating matters. These places are all FDIC insured.

[crosses]

Re: ING Direct vs Emigrant Direct Bank

If you have a small amount of money (under $2500) is it still worth chasing the best rate?

[jmjj215]

Re: ING Direct vs Emigrant Direct Bank

Has anyone ever had any trouble with ING?

I've never had a bit of trouble with them.

[goodtosave]

Re: ING Direct vs Emigrant Direct Bank

If you have a small amount of money (under $2500) is it still worth chasing the best rate?

It's about $5 a year difference for $2500 between 3.5% ED and 3.3% ING Direct. It just depends on whether the $5 year is worth your while. My hunch is that it's not.

[CJsoccerchic]

Re: ING Direct vs Emigrant Direct Bank

So WHICH is the better bank? ING Direct or Emigrant??

[CJsoccerchic]

Re: ING Direct vs Emigrant Direct Bank

I read in another post on another thread that Emigrant Direct is a MM account - and ING is a saving account. Is this true?

[ken1706]

Re: ING Direct vs Emigrant Direct Bank

I read in another post on another thread that Emigrant Direct is a MM account - and ING is a saving account. Is this true?

I think they're both considered a savings account. Probably the reason they call it a savings account rather than a money market account is that money market accounts usually require a high minimum balance.

From Bankrate.com:

A money market account is a savings account offered by banks and credit unions, insured by the Federal Deposit Insurance Corp., and requiring a high minimum balance -- averaging between $100 and $2,500.

[jmjj215]

Re: ING Direct vs Emigrant Direct Bank

My paypal account is getting 3.5% currently. Up from 3.28% last month. They seem to stay a bit ahead of ING and right w/ Emigrant.

[CJsoccerchic]

Re: ING Direct vs Emigrant Direct Bank

I have a paypal account - but i don't thinkI am getting interest on it. I only use it for ebay purposes... How do you get your ebay account to accrue interest?

[mom-from-missouri]

Re: ING Direct vs Emigrant Direct Bank

I have a paypal account - but i don't thinkI am getting interest on it. I only use it for ebay purposes... How do you get your ebay account to accrue interest?

By leaving some money in your paypal account, instead of transferring it back to your bank. (Money you get when you sell something and it goes to your paypal account)

[CJsoccerchic]

Re: ING Direct vs Emigrant Direct Bank

I'm not a seller on ebay. Just a buyer - but still I can get interest?!

[crosses]

Re: ING Direct vs Emigrant Direct Bank

I'm not a seller on ebay. Just a buyer - but still I can get interest?!

If you have money in your account, yes, you can place it in their money market and get interest on it.