ING Direct vs Emigrant Direct Bank

[CJsoccerchic]

Re: ING Direct vs Emigrant Direct Bank

OK - OK - I'm sold - I'm going to open an ED bank!!!! .6% is just too much to ignore...
But I really like the 25$ opening incentive and the 10$ incentive - so I'll keep both!

[CJsoccerchic]

Re: ING Direct vs Emigrant Direct Bank

OH - hey - did you guys know that ED is going to have a credit card with the "best cash back rewards" that supposedly comes in November... another reason to go to Emigrant..
But I still like ING!!!

[mannda]

Re: ING Direct vs Emigrant Direct Bank

Too bad about ING, I really like them and have been with them since the beginning but .6% cannot be ignored. Since 9/20 I've been slowly moving my 500k from ING to Emigrant in 100k chunks. I figure it takes 17-20 days to make back the loss from the transfer.

I'm really loathe to do it because ING is one of the largest, most respectable banks in the world and would never let any of its businesses default whereas Emigrant sounds like a Columbian laundering outfit. I hope this isn't a mistake.

[34saving]

Re: ING Direct vs Emigrant Direct Bank

I hope you're transferring it to 5 different accounts. (FDIC insurance only goes to 100K)

[Russell]

Re: ING Direct vs Emigrant Direct Bank

I started my ING->ED transfer on Mon and it finally got done today, so it takes a good 4-5 days.

Can you open multiple accounts under your name with the same bank just to get FDIC insurance on each ?

On $500k the .6% diff comes out to be $3k per yr and that doesn't include compounding.

[dolfinrose]

Re: ING Direct vs Emigrant Direct Bank

here is a cool calculator to figure out if it is worth it to switch or not. the calculator figures earnings on interest and compound interest

http://www.math.com/students/calculators/source/compound.htm

[ken1706]

Re: ING Direct vs Emigrant Direct Bank

That is a pretty nifty calculator. Here's one example that I tried:

5 years with initial $5K balance and $100 monthly contributions:

EmigrantDirect's 4%
1 : 6425.95
2 : 7910
3 : 9454.51
4 : 11061.95
5 : 12734.88

ING Direct's 3.4%
1 : 6391.55
2 : 7831.16
3 : 9320.48
4 : 10861.24
5 : 12455.21

Final difference is $279.67. Of course the interest rates will vary, but based on this year's history, EmigrantDirect will likely average 0.5% higher than ING Direct.

[midnight]

Re: ING Direct vs Emigrant Direct Bank

Is there any cost involved by switching money from bank to bank?

[terry1156]

Re: ING Direct vs Emigrant Direct Bank

Is there any cost involved by switching money from bank to bank?

There is no direct charge, but you lose a couple of days of interest as the funds are being transferred.

[CJsoccerchic]

Re: ING Direct vs Emigrant Direct Bank

WOW - do you think that ING will match the 4% that ED is doing?? Especially knowing that ED is it's biggest competitor?

[Armywife]

Re: ING Direct vs Emigrant Direct Bank

I absolutely hope so! I sure could use 4%

[genchan]

Re: ING Direct vs Emigrant Direct Bank

I don't think that ING will raise their rates - if they are in a position where they can "fire" customers, then having the top rate isn't that important to them - only staying somewhat competitive.

[Snakpac]

closing accounts

For those that have closed their accounts at ING. How do you do it? Do you have to call? I have multiple savings accounts with different things I'm saving for with them. Their are at least 1 or 2 that I am done using, and I don't know how to close them. Also, I may move my emergency fund to ED, and I would want to close that.

Thanks.

ED's relationship with ING

[jmjj215]

Re: ING Direct vs Emigrant Direct Bank

Ha, funny animation! I want to switch to ED, but don't want to hassle with everything

[Firefly]

Re: ING Direct vs Emigrant Direct Bank

I did not know about Emigrant Direct. I recently opened an account with ING because I thought they had the best interest rate for savings and we wanted a respected bank. I can't believe they fire high maintenance customers!