ING Direct vs Emigrant Direct Bank

[Armywife]

Re: ING Direct vs Emigrant Direct Bank

LOL Blue beat me to it... ING's at 2.8% YIPPEEEEE!!!
(I can't wait to get that .2% difference in my account this month yayy)

[agold138]

Re: ING Direct vs Emigrant Direct Bank

FYI - ING Direct interest just went up to 2.80%. and there sign-up and customer service are great. No I am not an ING employee. I did a couple of months of research before signing up with an internet back for savings. I'm older and more conservative. Everyone needs to make there own decision on what they want to do. This is a place for information and our experience with any of the banks. Then we can use it to make our own personal decisions. I've had a good experience with ING and that is what I am stating. Their interest rate is still higher than the .50% my local banks are offering.

[So Interest_Rate_Matters you made your decision and I have made mine. Now should I say in my e-mail that you are an ED employee.]

Let's just keep this information please. I've learned from what everyone is saying about the banks and appreciate the input. But again, we all have to decide what is best for ourselves.

[Interest_rate_matters]

Re: ING Direct vs Emigrant Direct Bank

About two months ago I opened an account with ING when their rate was 2.35% I started noticing local banks offering 2.5% for money markets. Then I saw Emigrant Direct offering 3.0% Asked ING when they were going to step up. Got the same canned response that everyone else got. Went immediately to Emigrant Direct and open an account. I will admit that the process is a little more difficult than ING but ED also uses postal mail for part of their security rather than relying only on the internet. I will say this, pay attention to what they ask you to do, follow the instructions and everything will work. I have 95% of my money at ED and 5% at ING just in case. Now ED has raised their rate to 3.25%. Where is ING? Doing nothing I guess. I am very happy with ED and to those who continue to post bad things about ED....I honestly think it's ING employees doing the postings.... They can't compete with interest rates so they do it with bad postings. And to ING who states they have paid the highest rates for 4 years......Past performance is no guarantee of future gains! I LOVE EMIGRANT DIRECT!

No I'm not an ED employee just looking to get the most for my money. IMHO if people are choosing an online bank because of the $25 to open an account then they are in the wrong place. Go to a brick and mortar office. Whether it is an extra .2% or .45% or something else, it adds up when we are talking large sums of money. A lot more than $25. Me personally, I'm not shopping around for customer service, I am shopping around to grow my money. For those who are skeptical about ED, it only takes $5 or $10 to open an account and try it out. Keep accounts at ING and ED open and go where the interest rate is.

For some reason I think there is this huge sucking sound going on at ING like a vacuum pulling all of the money out and sending it to ED.......

[Russell]

Re: ING Direct vs Emigrant Direct Bank

uh oh! let me guess ED employee ? just kidding!

I just sent in my manual application and the check this morning...I would love to get that 3.25%

[smmasi]

Re: ING Direct vs Emigrant Direct Bank

ING raised its rate to 2.8% today!

[Nique]

Re: ING Direct vs Emigrant Direct Bank

The sign up process was much more involved than ING, however it only took me about 2 weeks and I had no problems whatsoever. I transferred a bit of money in to Emigrant today, I will see how that goes and if all goes will most of the rest of it will follow.

[34saving]

Re: ING Direct vs Emigrant Direct Bank

They exist only (or at least primarily) on the internet. They work by linking to your checking account. Many like ING and emmigrant are FDIC insured, so I'd say that's pretty secure. I've been with ING for awhile and have had very good luck. I haven't opened an account with emmigrant, but you can read all about the experiences of others in this thread.

[Some1Shy]

Re: ING Direct vs Emigrant Direct Bank

i been thinking about signing up to ING.. as i really would like a savings account i only have checking at the moment and money is just sitting there after bills are paid... but i wanted to know are they still having that deal with $25 if i sign up?

also once i sign up online do i need to fax them or what? or when i sign up its all done?

[sbsake]

Re: ING Direct vs Emigrant Direct Bank

I have done research on ED and there rates wonts stay high for long... I Have both ING and CapitalOne... I keep most of my money at ING....

[liveandchi]

Re: ING Direct vs Emigrant Direct Bank

Does ING do anything special, or do they just have decent customer service whereas ImigrantDirect doesn't have good customer service?

[stephanburke]

Re: ING Direct vs Emigrant Direct Bank

They just have a realy easy web site and good service. Plus the $25.00 doesn't hurt

[sbsake]

Re: ING Direct vs Emigrant Direct Bank

They have great customer service and Great website. They also offer good investment products, and have one of the best life insurance policy.

I use ING for most of my investments and Life insurance needs.

[goodtosave]

Emigrant vs ING Direct

Emigrant Direct allows you transfer funds in/out of your checking account by next business day if you enter the transaction before 3:30EST the current business day. So if I request a withdrawal from Emigrant Direct into my checking on 3/30/05, the funds will be deposited into my checking on 3/31/05.

ING Direct floats your funds an extra business day. So if you ask ING Direct to deposit into your checking account on 3/30/05. It will be taken out of your ING account on 3/31/05 but not deposited into your checking acct until 4/1/05.

The bottom line is this, ING Direct will earn 2 days of interest from every dollar you deposit with them. One day float on the way in and one day float on the way out.

Just curious if anyone else with ING Direct have noticed this. I have pursued this with them with no avail.

[elkento]

Re: ING Direct vs Emigrant Direct Bank

I have done research on ED and there rates wonts stay high for long... I Have both ING and CapitalOne... I keep most of my money at ING....

What do mean the rates wont stay high for long? What have you found?

[terry1156]

Re: ING Direct vs Emigrant Direct Bank

I'm not sure what he is referring to, but this comes from the EmigrantDirect fequently Asked Questions:

<b>Is EmigrantDirect's 3.25% APY on the American Dream Savings Account a "promotional" offer?</b>

<i>Not at all. In fact, the current APY reflects an increase from 3.00% APY to 3.25% APY effective 3/14/2005. Emigrant Direct is committed to offering the 3.25% APY through 2005. The rate may even increase, based on market conditions.</i>

That says to me that the rate will stay at least that high through the end of the year as long as interest rates don't start declining.