ING Direct vs Emigrant Direct Bank

[jmjj215]

Re: ING Direct vs Emigrant Direct Bank

You need to elect to have your account be a money market (no longer FDIC insured). Also, my paypal account is of business type. I'm not sure if that factors in -I doubt it does.

[CRFSaver]

Re: ING Direct vs Emigrant Direct Bank

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.

A Money Market DEPOSIT account is a transaction account (you can write checks off of it) that is insured by the FDIC. A regular Money Market account (such as offered by a brokerage) is not insured by the FDIC. MMDA's were authorized in the early 80's by the DIDCMCA and Garn St. Germain acts. A savings account is different in that it is non-transactional, i.e. you cant write a check off of it.

On a side note I have both an ING and an Emigrants Direct account. I have had no problems with either one. Emigrants gets a better rate but ING Direct's user interface is so much nicer.

[PFJournal]

Re: ING Direct vs Emigrant Direct Bank

I have an ING Direct account and highly recommend them. I haven't tried Emigrant Direct Bank, though.

[Amytheamazing]

Re: ING Direct vs Emigrant Direct Bank

Has anyone ever had any trouble with ING?

I am having tremendous issues with ING right now.

I opened my account online 3 weeks ago. I never got anything in the mail saying "blah blah blah Thank you for chosing ING. This is your account number etc." Then I received an email last week that my statement is ready for viewing.

I tried to call the 1-888-ING-0727 and every time I call, I get a message that the number is not working. The only other number for ING I can find is a number to Canada and those people tell me to call the US number which doesn't work.

Any ideas or other phone numbers on your statements that I can call.

[34saving]

Re: ING Direct vs Emigrant Direct Bank

ING sends an e-mail (or web screen right after you sign up?) with your account number. I don't think I ever got anything in the mail from them. I just called their call center and got through just fine. They did say they had one call center than was down for awhile because of a storm, so maybe you should try again now?

[Amytheamazing]

Re: ING Direct vs Emigrant Direct Bank

Still can't get that 888 # to work so I called the long distance number 302-xxx-xxxx and spoke to a real person!!! My account is now open although I can't verify my account since the hurricane destroyed my bank's 800# system and website server stuff so I'm mailing them a check and that will count.

I won't get cable (internet or TV) back until January so they are letting me mail a check. No word on when landlines will be operating. All in all, my ING account is set and ready to start making money

[CJsoccerchic]

Re: ING Direct vs Emigrant Direct Bank

I FINALLY ended up going and getting the ING. Hoping for the best...

[terry1156]

Re: ING Direct vs Emigrant Direct Bank

It seems that Emigrant Direct raised their interest rates to 4%

[ken1706]

Re: ING Direct vs Emigrant Direct Bank

Yup, Emigrant Direct raised their rates by 0.5% today! Now they're 0.7% above ING's rates.

It'll be interesting to see how ING reacts. How long will it take? How much will they raise it?

[Russell]

Re: ING Direct vs Emigrant Direct Bank

Yup, Emigrant Direct raised their rates by 0.5% today! Now they're 0.7% above ING's rates.

It'll be interesting to see how ING reacts. How long will it take? How much will they raise it?

That's it, I'm finally switching to ED.

ING is no longer the leader in offering high rates. Last time they responded with 3.3% vs. ED's 3.5% - so their response didn't even match ED. They may prove me wrong this time but even if they offer 4.1% its not that big of a diff. However, 3.3 vs. 4.0 is big.

[jmjj215]

Re: ING Direct vs Emigrant Direct Bank

I'm going to have to move over to Emigrant if ING doesn't respond in the next 30 days. Paypal still giving a nice 3.5% - that will probably go up soon too - as it seems to adjust naturally.

[Bluezy]

Re: ING Direct vs Emigrant Direct Bank

I checked my Emigrant account last night, only to find that Emigrant is now paying 4%! SO to all who have Emigrant accounts, rejoice

[genchan]

Re: ING Direct vs Emigrant Direct Bank

Is ING really meeting the challenge these days? Emigrand Direct ups their rate to 4% and all ING can do to counter is 3.4%. Yes, they have a good website and yes itis easy to use, but it seems they are falling off the ball with their rates.

[Bluezy]

Re: ING Direct vs Emigrant Direct Bank

I decided not to chase all the bonus offers and stay with one online savings account, my Emigrant Direct. Even though the website has no frills and is quite basic, I'd rather have the top rate for my savings account.

[CJsoccerchic]

Re: ING Direct vs Emigrant Direct Bank

JUST when I went to ING, did ED decide to rasie the rates. What bad luck! Wait.. Does ED give the $25 incentive too?