ING Direct vs Emigrant Direct Bank

[CJsoccerchic]

Re: ING Direct vs Emigrant Direct Bank

OK - thanks!!! WOW, Ed still has not upped it's rate yet?

[Realtor]

Re: ING Direct vs Emigrant Direct Bank

Capital One savings and money market account went up to 4.0%.

[okaythen]

Re: ING Direct vs Emigrant Direct Bank

ok for ED if you transfer money into saving acct..it takes about 2-4 days...but can you transfer it back to checking immediately or you have to wait another few more days? When I first open I think you have to wait like 15 days or something? I hope that doesn't apply to everytime I xfer money....??

same question for ING..they say it takes 2-3 days....so after I transfer from my checking...in 2-3 days can I transfer it right back?

[ken1706]

Re: ING Direct vs Emigrant Direct Bank

Deposits after the intial deposit are not available for withdrawal for 5 business days from both ING and ED.

Here are the details from ING on this:

http://home.ingdirect.com/faqs/faqs.asp?s=OrangeSavings#deposits

This amount of time does seem too long. ING claims this is due to security reasons.

So be careful not to transfer too much out of your checking account.

[CJsoccerchic]

Re: ING Direct vs Emigrant Direct Bank

it "says" 2-3 days, but when i did my own experiments, it came mor eout to like 5 days when it was available to take out of my regular account. I encourage everyone to try to have a couple of experiments to see if maybe this is accurate. It might just be my credit union that could be the hold up.
On the safe side, I would assume that it took 5 days so if ING is your emergency fund, make sure it can wait 5 days..

[ken1706]

Re: ING Direct vs Emigrant Direct Bank

GMAC Bank's Money Market Savings just went up to 4.30% APY.

Now both Emigrant and ING Direct's rates look bad. But perhaps Emigrant will respond on Tuesday after the next Fed funds rate hike.

[okaythen]

Re: ING Direct vs Emigrant Direct Bank

can someone explain to me a little about what makes rate go up and down? well you can explain a lot I would liek to learn

[jmjj215]

Re: ING Direct vs Emigrant Direct Bank

can someone explain to me a little about what makes rate go up and down? well you can explain a lot I would liek to learn

Cometition from rival banks makes the rate go up. The rate at which bank can borrow causes the rate to go up or down.

[okaythen]

Re: ING Direct vs Emigrant Direct Bank

how about I mean like government raise or lower the rate...what causes it to go up or down

[ken1706]

Re: ING Direct vs Emigrant Direct Bank

how about I mean like government raise or lower the rate...what causes it to go up or down

Found a good resource that may help answer this @ franklintempleton.com

Here's an excerpt:

The Federal Reserve Board (Fed) has the power to raise or lower the federal funds target rate (Fed funds rate), which in turn influences the market for shorter-term securities. The Fed funds rate is the rate banks charge other banks for overnight loans. The Fed may raise the rate to keep inflation in check or lower it to stimulate the economy.

[CJsoccerchic]

Re: ING Direct vs Emigrant Direct Bank

Wow - ING and ED have certainly become a spectator sport for all of us here at savingadvice.com
This is super cool!!

[BTC]

Re: ING Direct vs Emigrant Direct Bank

I don't think ING is really in the game. They just happen to be very visible.

[jmjj215]

Re: ING Direct vs Emigrant Direct Bank

ING lets go of customers that are too customer service intensive. I think they're still in the game - using their brand in a way that lets them pay a slightly lesser rate.

[okaythen]

Re: ING Direct vs Emigrant Direct Bank

so like if you call them too much or ask too much questions...ING will close your acct or somethign?

[jmjj215]

Re: ING Direct vs Emigrant Direct Bank

Well, I don't know exactly how simple it is, but yes, they fire customers on occasion

http://www.banktechnews.com/article.html?id=20051201D6IL5GB0

But here's another cost killer: The bank "fires" about 3,600 of its 2 million customers every year. Ditching clients who are too time-consuming saves the company at least $1 million annually. ING Direct has driven its cost per account to a third of the industry average, even as its total assets have climbed to $30 billion since it entered the U.S. market in 2000.

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