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Re: ING Direct vs Emigrant Direct Bank
Aren't ING, ED and HSBC all fdic insured?
Aren't ING, ED and HSBC all fdic insured?
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Re: ING Direct vs Emigrant Direct Bank
They all are FDIC insured.
FYI. A married couple can have FDIC up to 400K.
200K in a joint account.
100K each in an individual.
POD(Payable on death) have even more FDIC coverage depending on # of dependents.
Here's the FDIC website for more info.
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Re: ING Direct vs Emigrant Direct Bank
yes, i figured... I am an individual, but was wondering if other people keep money in an account over the FDIC insurance limit...
They are all FDIC insured...
Please also refer to the following thread:
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Re: ING Direct vs Emigrant Direct Bank
Thanks for that information good to save. I did not know that you can have 200k in a joint account and be fdic insured. We have 200K in a joint account earmarked to build a spec house. I am glad to know that I am covered.Comment
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Re: ING Direct vs Emigrant Direct Bank
Has anyone figured out how much you need to have saved to make a .25% switch worth the effort?Comment
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Re: ING Direct vs Emigrant Direct Bank
It's really not a question of how much you have to save, but how many days you've lost in the transfer. The breakeven formula is:
Days at New Rate to Break Even = Old Rate / (New Rate - Old Rate) * Days Lost
If you have your money at the higher rate for longer than the days to break even, then you're in the positive.
In the case of HSBC transfers, the days lost is 3 or 4. Of course another variable is, if you have a promo rate, does it apply to "new" money (i.e. ING) or to "all" money (i.e. HSBC).Comment
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Re: ING Direct vs Emigrant Direct Bank
Sweepsplayer,
would you mind checking your math on that equation?Comment
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Re: ING Direct vs Emigrant Direct Bank
What's the problem?Comment
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Re: ING Direct vs Emigrant Direct Bank
Example:
if you are moving 50,000 from ING to HSBC and the rate difference is 3.8% (ING apy) versus 4.8% (HSBC apy), it would be $2400 earned over 1 yr approximately for HSBC versus $1900 earned at ING over 1 yr. Or per 365days that's $6.57/day of interest at HSBC versus $5.21/day at ING approximated roughly. The daily difference is $1.36/day between the two rates. So if it took 10 days to transfer the money from ING to HSBC, you'd lose about $52.10 interest that you could have earned at ING. Once you got the money into HSBC assuming 10days before you started earning interest, how long before you could make up that $52.10? At $6.57/day, it should take over 38 days shouldn't it? (52.10 divided by $1.36/day difference).
Your equation gives a different answer (off by a factor of 100).Comment
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Re: ING Direct vs Emigrant Direct Bank
How do you figure?Originally posted by pyotr
.038 / (.048 - .038) * 10
.038 / .01 * 10
3.8 * 10
38
Looks pretty good to me...Comment
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Re: ING Direct vs Emigrant Direct Bank
this is a dead discussion, but how do you jump from (.038 divided by (.01 x 10)) to [=] "3.8 x 10"!! you can't randomly multiply your result by 100 unless you explicitly tell us you did so.
.038 divided by (.01 x 10) is .038 divided by 0.1
.038 divided by 0.1 is 0.38 not 38 in every universe we know of.
your equation should be
Days at New Rate to Break Even = Old Rate (100) / (New Rate - Old Rate) * Days Lost
Check it anyone.Comment
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Re: ING Direct vs Emigrant Direct Bank
pyotr, this is basic math. Do a google search on arithmetic precedence. Multiplication and division must be done left to right. If someone tells you to do 2 * 2 / 2, you do the multiplication first and then the division second. That makes a big difference between the result being 2 or 1/2.
You're right -- this is a dead discussion.Comment
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Re: ING Direct vs Emigrant Direct Bank
Sweeps,
I'm not a math expert, but your arithmetic precedence says that parentheses overrides the left to right rule. So your written equation makes it look like the parenthetical denominator is multiplied by 10 and not the whole unit on the left. The equation as written on the link (mymoneyblog) you provided is very clear, but not the way you wrote it - that's all I'm saying. Just wanted to clarify for all. Was not intending to step on your toes(ego) over it.Comment
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Re: ING Direct vs Emigrant Direct Bank
With the exception of Sweepsplayer, you guys didn't fare very well in math, did you?Comment
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Re: ING Direct vs Emigrant Direct Bank
BTC,
I hereby challenge you to a duel in a public location.
In fact, I challenge ye both simultaneously. My choice is the katana.Comment
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