ING Direct vs Emigrant Direct Bank

[jmjj215]

Re: ING Direct vs Emigrant Direct Bank

It was very hard during my setup process with Emigrant direct as well. I'm thinking of pulling my money back out.

cambece

But since the wait is past, why would you now pull it out? Seems the hairy ordeal would be over?

[BTC]

Re: ING Direct vs Emigrant Direct Bank

The interest payment I received from Emigrant Direct today was fat. And all this time I thought ING Direct had it goin' on. If I weren't so slow on the uptake, I could have been several hundred dollars closer to millionaire status. If I could have put ING's slick user interface in my wallet, I never would have left.

[weiwentg]

Re: ING Direct vs Emigrant Direct Bank

weiwentg - why do you think that ED will up it's rate after the 13th..?

And who else banks with "mybankingdirect.com"?

I just checked the terms for mybankingdirect.com's money market. they require a $5000 deposit, and have done so for a while. when I opened the account, there was a $25 bonus, and the interest rate was not tiered (I think). when the fed funds rate went to 4.0%, they dropped the bonus. however, now, if the balance drops below $5k, the APR is 2.50% - I just checked. I hadn't realized that before.

[CJsoccerchic]

Re: ING Direct vs Emigrant Direct Bank

OK - thanks for the info weiwentg!!

[CJsoccerchic]

Re: ING Direct vs Emigrant Direct Bank

OH HEY - Guess what ALL!!!
ING just upped it's rate to 3.75%!!! Up by .25% - sweet!!!
I'm stoked... Now I'm really curious to see what ED is going to do!

[okaythen]

Re: ING Direct vs Emigrant Direct Bank

hey if I already open accou8tn with ED or ING..then I can't get the 10 or 25 dollar bonus?
hm maybe I just open a totally different account heh


ya ING upped it....they compunded it monthly vs ED's daily....is there a big difference? just how big difference say a 1000 balance?

4% is pretty high for CD..but not that high for investments....just wondering if you guys invest in another other investments...

[jmjj215]

Re: ING Direct vs Emigrant Direct Bank

hey if I already open accou8tn with ED or ING..then I can't get the 10 or 25 dollar bonus?
hm maybe I just open a totally different account heh


ya ING upped it....they compunded it monthly vs ED's daily....is there a big difference? just how big difference say a 1000 balance?

4% is pretty high for CD..but not that high for investments....just wondering if you guys invest in another other investments...

Lots of people here invest in other investments - but usually for the long haul for their retirement (mutual funds seem to be the main choice)

[kittycat0604]

Re: ING Direct vs Emigrant Direct Bank

INGDIRECT interest rate 3.75% effective 12/05/05 according to their website.

[CJsoccerchic]

Re: ING Direct vs Emigrant Direct Bank

I didn't know that ING compounds their interest monthly.. and Ed compounds daily... Is this true?

[Bluezy]

Re: ING Direct vs Emigrant Direct Bank

I've noticed ING's 3.75% APR while making my transfer this morning. And ING's CD rates are still not bad. I can still stack 3 CD safely, bringing 4.37%. Not a bad place to park some emergency money.

[okaythen]

Re: ING Direct vs Emigrant Direct Bank

talk about emergency money....they say if you want the money it will take 2-3 days to go back to your checking account....is it really 2-3 days..anyone ever waited longer or have problem with this?

[CJsoccerchic]

Re: ING Direct vs Emigrant Direct Bank

I did a "test" to check that the "2-3" theory and I came up with a 5 day wait. and I did it several times to check and see if it was just bad timing and if I had to wait the 5 days and both times yielded same result. Maybe someone else had better timing then me...?

[jmjj215]

Re: ING Direct vs Emigrant Direct Bank

You shouldn't put ALL of your emergency money in an ED/ING-like account. Some emergencies don't allow you to wait 5 days!

[CJsoccerchic]

Re: ING Direct vs Emigrant Direct Bank

I'm still wondering about the compounding of ING... is it monthly or daily? and what about ED?

[sweeps]

Re: ING Direct vs Emigrant Direct Bank

I'm still wondering about the compounding of ING... is it monthly or daily? and what about ED?

I couldn't find compounding information on ING's site. ED compounds daily. But compounding frequency is irrelevant. The numbers they quote you (4.0 and 3.75) are the annual percentage yield -- NOT the actual interest rate. The APY includes the effect of compounding.