ING Direct vs Emigrant Direct Bank

[poundwise]

Re: ING Direct vs Emigrant Direct Bank

Yes, they seem to playing the race card. It exudes an atmosphere of "sister-Bertha-better-than-you"

That is not exactly my implication either. I'm sure they are simply proud to be what they are and mean well in taking the approach that they do in promotion of their bank and services. I just believe that approach (and people's perception thereof) has resulted, in part at least, in their lack of 'fame' and a lack of enthusiasm among potential customers on this forum and at-large.

That is all.

[wyett3]

Re: ING Direct vs Emigrant Direct Bank

Everyone's certainly getting different vibes from this!

[joseblanco]

Re: ING Direct vs Emigrant Direct Bank

Objectivity is a challenge in everyday life. When you inject even a hint of a sensational topic objectivity can easily go out the window. Fortunately the main outlook/attitude of participants in this forum is the sharing of information on savings. Numbers are empirical and debates center around what is best to optimize/maximize wealth. Therefore such wrinkles in the debate are easily smoothed out and we get back to the main thrust of our participation, the sharing of information regarding financial issues to benefit us all.

[risknothing]

Re: ING Direct vs Emigrant Direct Bank

well said

[robby]

Re: ING Direct vs Emigrant Direct Bank

Can I just say that this is one of the reasons I really like these forums. Topics like this can be discussed and opinions given and it doesn't turn into a flaming war.

I'm curious as to why ING seems to be the only bank that offers a sign-up bonus as a long term strategic plan? Is there a reason for this and why others don't follow suit?

[joseblanco]

Re: ING Direct vs Emigrant Direct Bank

I'm curious as to why ING seems to be the only bank that offers a sign-up bonus as a long term strategic plan? Is there a reason for this and why others don't follow suit?

Only thing I can think of is that the competition feel the rate spread is sufficient to keep and attract depositors. The initial use of bonsues is necessary to just get critical mass and crack into the market. Once achieved then the delta on rate works to get more depositors. Many on the forum say they open INGdirect to get the bonus but then switch to other banks to get the better rate. ING must hope inertia will cause some depositors to stay, at least until the get all their referral bonuses used up!!

[yellow heel]

Re: ING Direct vs Emigrant Direct Bank

I just opened a ED account 2 weeks ago and it went very quickly.

1. I applied on-line.
2. They sent me a small deposit
3. I went back to the ED website and confirmed the deposit amount

This time it too was around a week. Just the time they needed to deposit into my account. I am pleased with them so far.

[jmjj215]

Re: ING Direct vs Emigrant Direct Bank

Only thing I can think of is that the competition feel the rate spread is sufficient to keep and attract depositors. The initial use of bonsues is necessary to just get critical mass and crack into the market. Once achieved then the delta on rate works to get more depositors. Many on the forum say the open INGdirect to get the bonus but then switch to other banks to get the better rate. ING must home inertia will cause some depositors to stay, at least until the get all their referral bonuses used up!!

As far as attracting depositors go, I was about as loyal to ING as anyone, but with the enhanced, much improved ED interfact, ability to open subaccounts extremely quickly, ability to time transfers at useful intervals, etc. I opened my first ED account about 10 minutes ago.

Over the next month I'll be methodically moving my money from ING to ED. While the difference still only means a little bit in terms of extra money we make having another 70 bp, I have no compelling reason why I shouldn't move the money.

[jeffrey]

Re: ING Direct vs Emigrant Direct Bank

ING raised rates from 4.35% to 4.4%

[JPWRana]

Re: ING Direct vs Emigrant Direct Bank

Hey jmjj, can you give us some screen shots of ED's user interface?

[WellManicuredMan]

Re: ING Direct vs Emigrant Direct Bank

Hey jmjj, can you give us some screen shots of ED's user interface?

I could post some screen-shots but ironically I'm not able to pull up their site right now. Might be issues on my end but I'm able to post on this site and look at other sites just fine at the moment.

[poundwise]

Re: ING Direct vs Emigrant Direct Bank


I doubt seriously it is just on your end. I have seen many reports lately of sporadic issues with ED's site.

[wyett3]

Re: ING Direct vs Emigrant Direct Bank

No sporadic issues with ED's site over here after the conversion jam settled down. Here are some screen shots of their UI.

[risknothing]

Re: ING Direct vs Emigrant Direct Bank

What worries me about ED is that Bankrate gives them a low score on their Bank Safe and Sound rating. This is probably not an issue but on the otherhand Amboy has a very strong rating and the same rate. I personally use GMAC and still have CD's in ING.

[RJB1180]

Re: ING Direct vs Emigrant Direct Bank

but wuth amboy you can not cancel schedule transactions