ING Direct vs Emigrant Direct Bank

[CJsoccerchic]

Re: ING Direct vs Emigrant Direct Bank

OH MAN, that's SWEET getting the 4.4 locally.
Oh for anyone that wonders about ING transfers incase of an emergency, I just tested THAT out ONCE again. My DH dad passed away and of course we needed $$ on the fly. It took 5 days for a COMPLETE transfer, it was "OUT" of the ING account in 3 days and 2 days later it showed up in my credit union account. So, I'm glad that we didn't need the cash RIGHT THEN, because if we did, that would have been very bad, forcing us to wait on buying the tickets and when you have to fly for 18 hours straght, at $2000 /perticket/per person, you are looking at what could potentially be a BAD thing!

[CJsoccerchic]

Re: ING Direct vs Emigrant Direct Bank

But yeah - I just wanted to get that out there about the transfer rate of ING. Lesson is, make sure you have money right there accessible in case of a REAL emergency!

[sweeps]

Re: ING Direct vs Emigrant Direct Bank

For TRUE emergencies, I recommend having a small amount of cash stored someplace safe in your house. Even local banks rely on networks and computers. A virus, DOS attack, or some other problem could prevent you from withdrawing money.

[CJsoccerchic]

Re: ING Direct vs Emigrant Direct Bank

I agree - but then I'm scared to have $4000 lying around so that I can buy a plane ticket on the fly, if you know what I mean...

[milkjugs]

Re: ING Direct vs Emigrant Direct Bank

Am I the only one who thinks that this is the perfect situation for a credit card....emergency use. Put the tickets on the card....pay it with your savings when the bill comes. You collect another month of interest with your savings and dont have any late fees or interest on the credit card. Credit cards do have their purpose. A lot better than having cash laying around.

[sweeps]

Re: ING Direct vs Emigrant Direct Bank

I agree - but then I'm scared to have $4000 lying around so that I can buy a plane ticket on the fly, if you know what I mean...

I'm referring to emergency needs like food, water, gasoline, etc. I'm not sure how a $4,000 plane ticket qualifies as an emergency? Even so, a credit card is just fine for that.

EDIT: Ok, I read about why you needed the plane ticket in a pinch, but again, a credit card should be used for that. I wouldn't recommend dropping $4,000 in cash at the American Airlines ticket counter. People will be wondering which bank you just robbed.

[BTC]

Re: ING Direct vs Emigrant Direct Bank

Am I the only one who thinks that this is the perfect situation for a credit card....emergency use. Put the tickets on the card....pay it with your savings when the bill comes. You collect another month of interest with your savings and dont have any late fees or interest on the credit card. Credit cards do have their purpose. A lot better than having cash laying around.

I agree. I use credit cards for emergencies. I guess there could be situations where you might need cash. Large narcotics purchases come to mind.

[genchan]

Re: ING Direct vs Emigrant Direct Bank

I noticed that ING raised their rates to 3.8% I wish they could have done a bit better.

[CRFSaver]

Re: ING Direct vs Emigrant Direct Bank

Part of the problem with ING Direct is how successful they have become at gathering deposits. If you look at their Call report they have about 35 Billion in deposits at the moment. And with the yield curve as flat as it is they most likely will be parsiminous with their rate increases.

Emigrant is still in the process of growing and in addition their website is not extremely user friendly so they have to pay a bit more. HSBC has all those credit card assets paying nice high rates so can pay nice high rates as well.

[robby]

Re: ING Direct vs Emigrant Direct Bank

That sure wasn't much of a rate hike.

[genchan]

Re: ING Direct vs Emigrant Direct Bank

I'm surprised we haven't seen a move by Emigrant lately with so many banks moving to 4.25%

[Ima saver]

Re: ING Direct vs Emigrant Direct Bank

What is emigrant paying now?

[BTC]

Re: ING Direct vs Emigrant Direct Bank

Emigrant is still at 4.0% APY.

[jmjj215]

Re: ING Direct vs Emigrant Direct Bank

Despite the claims of Paypal being a bit risky with money, I'm leaving some there and getting 4.22%. They've consistently been above ED.

[robby]

Re: ING Direct vs Emigrant Direct Bank

Despite the claims of Paypal being a bit risky with money, I'm leaving some there and getting 4.22%. They've consistently been above ED.

How risky do you think paypal is?