ING Direct vs Emigrant Direct Bank

[Russell]

Re: ING Direct vs Emigrant Direct Bank

Well, after your post I didn't think the outcome would be any different for me either so I didn't bother calling them. I guess I lost interest already...hope ING can catch up to them soon...

[joseblanco]

Re: ING Direct vs Emigrant Direct Bank

I am an ING direct account holder for about a year and took the 25 USD bonus. They now offer a 50 USD signup bonus if you get certain tax software, I found one in taxcut. I opened an Emigrant Direct account w/ a small deposit to just see what they were about. I have no complaints about the opening process nor the subsequent customer service from my inquiries. The messaging system Emigrant has is just fine by me. I visited NYC recently and went to a branch, everything is on the up and up with them. I called ING once to see if they were going to respond to Emigrant's entry at 3% and the customer service rep had no idea. Then a few days later it went up to 2.6% Emigrant has responded with 3.25% I've held off long enough to see that Emigrant is legit and that ING is not responding to the challenge on what is the key term, interest rate. ING's experience and sophistication in the online banking realm, and their one time bonus can only go so far. When it was 0.4% I said I'll stay. At 0.65% its time to move a significant portion of the funds over. If bonus is an issue, Metlife bank has a 50 USD bonus for their MMA and 2.5% if you open w/ 5k USD & leave it there for 90 days. Capital one has 2.7% but their credit card branch wronge me once so I would never give them my business. They are all FDIC insured and have ratings of 3 stars and 3 CAEL or above. This is the fullest disclosure I can give on the topic, the ultimate financial decision is up to each individual as to what they are comfortable with.

[bozpan]

Re: ING Direct vs Emigrant Direct Bank

Its' all about the rate folks. 65 basis points is just too much to ignore when both accounts are FDIC insured. Just opened Emigrant with no problems. And they are new to the game. Any problems they have had will be ironed out. I just sent an email to ING that they had better start catching up. Perhaps if we all did that........?

[bluek9]

Re: ING Direct vs Emigrant Direct Bank

My first xfer to E.D. went off just fine no hitches. See ya ING! (for now that is).

Any of us who have studied or work(ed) in the financial field know about the theory of efficient markets. That is, one can really never beat the market on a consistent long term basis. Reason is, the law of large numbers. Once everyone finds out about a good investment (or savings acct) it's just a matter of time that the return of that investment will be diminished. In other words, E.D. will only keep this rate as long as they need the dinero. Once everyone floods into this rate they, like ING, will trail the next "E.D." But for now, that's why I decided to get in early. Long live competion in the markets!

Way to go the E.D.'s of the world!

[Russell]

Re: ING Direct vs Emigrant Direct Bank

Update: I called ED on Tue, they said I would be getting a 'special' registration link via email within 24 hours. As of Fri 9AM I'm still waiting...

Why was I not automatically redirected to this 'special' link when the 'regular' registration form didn't go through is beyond me.

[kashi]

Re: ING Direct vs Emigrant Direct Bank

funny that this thread has convinced some people to sign up with Emigrant...it has convinced me not to.

[Philstar2000]

Re: ING Direct vs Emigrant Direct Bank

I had problems with Emigrant Direct signing up and had a long talk with them about the web site and reminding them that it must work and be user friendly. After one call and a very helful person all was ok and I was set for transfers via my checking account with another bank. So far so good. I have an ING as well and you may want to check out Capitolo one's saving they are 3.25 or do as of this date. good luck all!

[PennyPincher]

Re: ING Direct vs Emigrant Direct Bank

I am still waiting for my letter in the mail with account number. Unfortunately, the $1000 deposit was withdrawn from my account days ago. I hope that means I'm already earning interest! Stupid me for not transferring a small amount ~ I just wanted to be done with it!

This thread made me switch, but my fiancee is staying with ING. (I guess he's letting me be the guinea pig!)

[Philstar2000]

Re: ING Direct vs Emigrant Direct Bank

Well I think they launched the site too soon with out working out the quirks....My credit union switched over and they too had some tech issues but all is good. It did take a little time to make it all right. I am watching Emigrant Direct very close but I think all will be OK in the long run.

You might want to check out Capitolone.com I was able to link a second funding account using the banks routing number..Take care! P

[jmjj215]

Re: ING Direct vs Emigrant Direct Bank

I'm sticking w/ ING for the moment. The switching and waiting isn't worth the extra basis points at the moment. Hopefully ING answers back

[Philstar2000]

Re: ING Direct vs Emigrant Direct Bank

I here ya! I'll keep all posted on my experiences. By the way I did keep my ING as well as CapitolOne Accounts open and active. P

[Armywife]

Re: ING Direct vs Emigrant Direct Bank

After hearing lots of positive reviews about ED from this thread, I decided to inquire about the status of my account which I haven't received any information on since the end of February. After bing put on hold for what appeared to be an eternity, a savvy rep told me to re-apply and not make mistakes in typing in the password (which apparently locked me out of the system the first time around). The customer service "person" informed me that typing the password incorrectly would cause you to be locked out of the system for a week. Well it's been more than a week.. and she still could not tell me why my account opening progress stopped dead in its tracks. Part of me is still a little curious especially with this new 3.25% APY... but I think i'll have to wait until the initial frenzy dies down.

[34saving]

Re: ING Direct vs Emigrant Direct Bank

Since their response to my initial problem with them was also "re-apply" (my huband's old driver's license number didn't match his new one . . .silly state of Minnesota with their new "security measures" and all . . .and yes, that is sarcasm . . . see prior post if you want the story) I'm a little concerned that's their responce to a lot of problems. If that's the case do they realize that 1) It's a real pain to re-apply 2) Customers have got to start wondering where all their "old" information went and whether or not it's secure. I'm sticking with ING, but really hoping they at least come close to catching up in APR.

[PennyPincher]

Re: ING Direct vs Emigrant Direct Bank

My status with Emigrant:

-applied/signed up online 3/9
-received account info in mail 3/21
-confirmed set up of account 3/22

I am unable to set up any additional deposits at this time, but it should only take a day or two until I have access to that.

So far, my experience with ED has been just fine. Phew.

[bluek9]

Re: ING Direct vs Emigrant Direct Bank

Yeah "PennyPincher" I'm with you in that I've been one of the lucky ones to have had only minor issues with setting up my account. I, like you, also had to call them to give my account 'full' access (ie xferring capabilites) which they granted right away while the rep was on the phone with me. I already moved most of my ING over & glad I did (so far). Today ING raised their rate to 'just' 2.8 in expectation of the fed hike today. We'll see if E.D. raises it even more above the current 3.25. Recent history (ie the last fed hike) shows they will. Either way 3.25 beats capital ones 3.05 & ING's 2.8 .
Frankly, the less people that sign up the more of a rate they'll need to give to attract (supply & demand works well here).

A good & profitable savings day to all!