ING Direct vs Emigrant Direct Bank

[sweeps]

Re: ING Direct vs Emigrant Direct Bank

JPWRana: I don't think Ima was criticizing, she was just surprised that you had taken the time to read through the entire thread. She was just offering up some information from the HSBC thread. I agree with you though -- the fact that HSBC is based in London (instead of, say, New York) is largely irrelevant.

[Ima saver]

Re: ING Direct vs Emigrant Direct Bank

Sorry, I did not mean anything wrong with my remark. I just read somewhere they are foreign owned. I know very little about the three banks. I think I did know that ING is netherland based too. I did open an account with ING and it was easy. I had planned to transfer more money into ING, but the local bank has been offering 4.14 for over 7 months now.
I know that HSBC is paying the best rate, but some posters are experiecing some difficulties with opening accounts. So I will wait and see. I was surprised that you had read the entire thread. I am new here and new to computers. Please don't get mad at a little old grandma !!

[BTC]

Re: ING Direct vs Emigrant Direct Bank

My experiences with Emigrant Direct, ING Direct & HSBC Direct have all been uneventful thus far. My money will be with whomever is offering the best rate.

[Ima saver]

Re: ING Direct vs Emigrant Direct Bank

Glad you have experienced no trouble. I handled everything with ING thru the mail since I am not familar with computers. This is the first one I have ever touched in my life.

[JPWRana]

Re: ING Direct vs Emigrant Direct Bank

I apologize.

Yeah, I did read the entire thing. It took quite some time, but throughout the way I did get VERY GOOD tips n stuf.

I just hadn't seen the relevance of HSBC to my "summary post".

I think a CD from ING (1 year @ 4.4% APY) is THE BEST OPTION.

we'll see though.

[Ima saver]

Re: ING Direct vs Emigrant Direct Bank

Sounds smart to me!! I just went and read all the posts about HSBC. There does not appear to be too many complaints until you read the "fat wallet" site. Everyone on here seems happy with their HSBC accounts.

[BTC]

Re: ING Direct vs Emigrant Direct Bank

I think a CD from ING (1 year @ 4.4% APY) is THE BEST OPTION.

we'll see though.

I think someone will be beating that rate pretty soon. With a CD, your money is tied up. That's not necessarily a good thing in times of rising interest rates, but I'm certainly no financial whiz.

[jmjj215]

Re: ING Direct vs Emigrant Direct Bank

FYI - Paypal's money market is now offering 4.3%

[BTC]

Re: ING Direct vs Emigrant Direct Bank

FYI - Paypal's money market is now offering 4.3%

Is that a yield or an interest rate? Are Paypal money market accounts FDIC insured?

[sweeps]

Re: ING Direct vs Emigrant Direct Bank

BTC is right, JPWRana. Why lock up your money for a whole year for just a slight increase in yield? Interest rates are going up and your hands will be tied while savings account yields are rising.

BTC: Paypal is not FDIC insured. 4.3% is the yield. Info here.

[jmjj215]

Re: ING Direct vs Emigrant Direct Bank

They're not FDIC insured - but no money market is. It's the yield.

[BTC]

Re: ING Direct vs Emigrant Direct Bank

They're not FDIC insured - but no money market is.

That's not an accurate statement. Paypal may not offer FDIC insured money market accounts, but they do exist. I would make an educated guess that most any money market deposit account offered through a bank is going to be FDIC insured.

[JPWRana]

Re: ING Direct vs Emigrant Direct Bank

BTC is right, JPWRana. Why lock up your money for a whole year for just a slight increase in yield? Interest rates are going up and your hands will be tied while savings account yields are rising.

BTC: Paypal is not FDIC insured. 4.3% is the yield. Info here.

Because I won't lock up ALL of my money. I'd say about 2000-3000 of it. The rest would go to ING or HSBC.

I'm not a big spender, so it's ok. That 1 year I will have higher interest rate than ALL of you (4.4% APY).

[sweeps]

Re: ING Direct vs Emigrant Direct Bank

Because I won't lock up ALL of my money. I'd say about 2000-3000 of it. The rest would go to ING or HSBC.

I still don't understand the logic of locking up any of your money for a whole year in these conditions. Maybe I'm missing something...

[ken1706]

Re: ING Direct vs Emigrant Direct Bank

ING Direct just announced its Winter Save Up Sale. Get 4.75% on new deposits from now till April 15, 2006.

http://home.ingdirect.com/products/products.asp?s=SaveUp

You're in luck if you had already moved all of your money to ED or HSBC. Transfer it back to the ING savings account and it will be eligible for the 4.75%. There are two details. One, only new money is eligible for the 4.75%, and two, it'll go back to ING's regular rates on April 15.

You're out of luck if you've been loyal to ING. Money can't be withdrawn and redeposited. That money won't be eligible.

Hopefully, this will help spur ED to finally make that 0.5% increase.