ING Direct vs Emigrant Direct Bank

[risknothing]

Re: ING Direct vs Emigrant Direct Bank

So once you schedule them they are that way for life? you can never turn back?

[poundwise]

Re: ING Direct vs Emigrant Direct Bank

but wuth amboy you can not cancel schedule transactions

I'm not sure what the meaning of this is. You certainly can cancel and/or change scheduled transactions.

[BTC]

Re: ING Direct vs Emigrant Direct Bank

What's the deal with Amboy Direct not providing links to their highest yielding accounts from their homepage? Has anyone ever inquired about this? Unless it's just an oversight, it almost seems like they're trying to keep it a secret or could be trying to limit the amount of deposits they might receive.

[joseblanco]

Re: ING Direct vs Emigrant Direct Bank

What's the deal with Amboy Direct not providing links to their highest yielding accounts from their homepage? Has anyone ever inquired about this? Unless it's just an oversight, it almost seems like they're trying to keep it a secret or could be trying to limit the amount of deposits they might receive.

Yes they got me, I signed up for the wrong account because of this. The links are somewhere in this string but I've also included it below.

http://www.amboydirect.com/premiumsavings/

[poundwise]

Re: ING Direct vs Emigrant Direct Bank


I can understand the frustration, however, the accounts a clearly marked in terms of they offer; including rate, etc.

By visiting the amboybank.com web site, you can see that is the site for the bank itself. The brick-n-mortar operation that has physical branch locations in NJ.

When you visit amboydirect.com, you see their typical online branch bank offerings. It is true that they do not link to the Premium Savings from this page. Instead, they offer an account called eSavings, which currently offers a 4.28% APY provided that you have a balance of at least $3000. The Premium Savings, which can found at the link the OP posted above presently offers an APY of 5.15% with no minimum requirement.

As to why they do this, I am not exactly sure. Perhaps they are shielding themselves from all of their local accounts wanting to switch over to the Premium Savings? Or, perhaps they are using the Premium offer to simply amass more accounts. It could very well be that one day they may merge the accounts, or they may do away with one or the other. Perhaps someone could write Amboy and ask them why they offer both or why they do not link to the Premium from the amboydirect.com location.

By the way, Amboy is not the only bank to do this. A few others offer a basic MMA, a premium MMA, and then a jumbo, or large balance version, MMA.

[wyett3]

Re: ING Direct vs Emigrant Direct Bank

I thnk this "hidden accout" thing has to be something like a mutual fund closing its door to new applicants to keep things from overheating. BankUnited (http://bankunited.com/) has one too (http://sweetdeal.bankunited.com/).

[joseblanco]

Re: ING Direct vs Emigrant Direct Bank

I thnk this "hidden accout" thing has to be something like a mutual fund closing its door to new applicants to keep things from overheating. BankUnited (http://bankunited.com/) has one too (http://sweetdeal.bankunited.com/).

Yep, but see my posting on the bankunited thread to see about how deeply bankunited is into NegAmOptArms to the point the booking of deferred interest is what's allowing them to be in the black and I think that even with the discovery of the hidden link to this "sweetdeal" you'd best stay away for now.

[wyett3]

Re: ING Direct vs Emigrant Direct Bank

Yep, but see my posting on the bankunited thread to see about how deeply bankunited is into NegAmOptArms to the point the booking of deferred interest is what's allowing them to be in the black and I think that even with the discovery of the hidden link to this "sweetdeal" you'd best stay away for now.

I wouldn't want to let my $5K just sit there in order to get the top rate and not be able to use it for anything else anyway.

[BTC]

Re: ING Direct vs Emigrant Direct Bank

I called Bank United twice to inquire about their savings account. That's all that was necessary to scare me away and I'm pretty reckless with my money.

[joseblanco]

Re: ING Direct vs Emigrant Direct Bank

One must still be very careful with their money even if the bank is a brick-n-mortar US bank with a web presence. If you do not like the bank's fundamentals then pass. Sometimes the peace of mind that your funds are in bank you're comfortable with is worth more than a few basis points in rate/yield. I think that is why INGDirect has retained so many customers despite losing the online rate war.

[lrjohnson]

Re: ING Direct vs Emigrant Direct Bank

I have my ED and ING both set to take 100 from my checking every week on Friday. My ED posts on Friday, my ING posts Monday. I suppose I'd have to reset the scheduled transaction for Thurs or Wed if I really wanted it to post Friday. (I prefer both hit my checking the same day; easier to track with 8 plus transactions a month.)

[LuxLiving]

Re: ING Direct vs Emigrant Direct Bank

We have had accounts with both ING & Emigrant for several years now and are very happy with the services that both provide. ING seems a little more hip in the interface area but that's about the only negative we've had w/Emigrant.

[risknothing]

Re: ING Direct vs Emigrant Direct Bank

Right before ED changed their interface I decided to switch from ING to a better rate. GMAC bank had 5.10 but before i could get my money in went down to 5. Looking back i would probably have went to ED if i knew what i know now.

ED just lowered their CD rate down to 5.2 from 5.35

[WellManicuredMan]

Re: ING Direct vs Emigrant Direct Bank

ED just lowered their CD rate down to 5.2 from 5.35

I noticed that yesterday. Seems strange to me. Well here's hoping the Fed raises rates again on the 20th.

[joseblanco]

Re: ING Direct vs Emigrant Direct Bank

I noticed that yesterday. Seems strange to me. Well here's hoping the Fed raises rates again on the 20th.

I'd say the opposite, that it makes perfect sense. Between the inverted yield curve for long & short term bonds, online banks' rate wars and it still being a toss-up if the fed will bump rates ED is just hedging its bet to insure it retains some cushion in its rate spread/profit margin.