HSBC Direct $25 Bonus vs Emigrant Direct Bank (Is ING even in the competition?)

[fratkid21]

Re: HSBC Direct $25 Bonus vs Emigrant Direct Bank (Is ING even in the competition?)

rex-

yeah, i did the extra step as well...

however, this is not uncommon... as with HSBC, the funding account does not automatically become linked, I had to do it separately with HSBC as well.

ING and ED, both automatically added the funding account as the externally linked account, if i remember correctly...

let me know your trials and triumphs... will keep you posted...

[fratkid21]

Re: HSBC Direct $25 Bonus vs Emigrant Direct Bank (Is ING even in the competition?)

rex-

also i opened the account with $500, initially, and in my account it says that the interest rate is 4.45%, when it should really say 4.55%, can you check and see what yours says?

Click on "account list", then click on your "account number", and it will give your an "account summary"

[fratkid21]

Re: HSBC Direct $25 Bonus vs Emigrant Direct Bank (Is ING even in the competition?)

my percentage rate just went up to 4.55 as well, with the yield now 4.65... cool, i am happy with them so far, they post the money to your account same day!

[ken1706]

Re: HSBC Direct $25 Bonus vs Emigrant Direct Bank (Is ING even in the competition?)

EmigrantDirect just increased the savings account rate to 4.50% APY.

It's a little disappointing since HSBC, ING and VirtualBank are higher.

ED also started to offer CDs that can be funded from your ED savings accounts. The min is $1K. The only problem is tha the shortest term is 18 months and the APY is only 5%. I had been hoping for 5% on the savings.

[sweeps]

Re: HSBC Direct $25 Bonus vs Emigrant Direct Bank (Is ING even in the competition?)

Thanks as always, Ken. Looks like ED is suffering from rate envy...

Do you have a prediction on where HSBC will land after the promo ends?

[fratkid21]

Re: HSBC Direct $25 Bonus vs Emigrant Direct Bank (Is ING even in the competition?)

Well, I was planning on moving my ED money to GMAC, think its wortht the 0.15%?

Also, HSBC will probaly go down to 4.5 as well after april 30th. The question, is: where the hell is ING, and where are they going with their rates?!?!

[coffeebreak]

Re: HSBC Direct $25 Bonus vs Emigrant Direct Bank (Is ING even in the competition?)

The new 4.5% rate for ED is good but the 5% CD isn't. If it were 5.25% for a year I might buy a few.

There are 7 more fed meetings just this year. One is on March 28. My guess is the rate will go up to 4.75% from 4.5%. I would not want to get locked into 5% for 18 months. Inflation pressures still exist.

[fratkid21]

Re: HSBC Direct $25 Bonus vs Emigrant Direct Bank (Is ING even in the competition?)

well, the maket hit a high point yester day, based on the thought that interest rates will not go up at the next fed meeting, and the market is up some 50+ points so far today... any thoughts?

[ken1706]

Re: HSBC Direct $25 Bonus vs Emigrant Direct Bank (Is ING even in the competition?)

Thanks as always, Ken. Looks like ED is suffering from rate envy...

Do you have a prediction on where HSBC will land after the promo ends?

HSBC has kept its savings account rate very close to the Fed funds rate over the last year. So if the Fed raises the funds rate to 4.75% on March 28, I think there's a good chance that HSBC may actually keep it at 4.8% after April 30th.

[pyotr]

Re: HSBC Direct $25 Bonus vs Emigrant Direct Bank (Is ING even in the competition?)

I'm willing to bet that by april 30 when HSBC's rate promotion ends, they'll change their rate to ABOVE 4.8% - I'll bet on 5%. My bet is if the rate is not 5% I'm getting naked and posting pics of myself for all of your viewing (dis)pleasures.

[sweeps]

Re: HSBC Direct $25 Bonus vs Emigrant Direct Bank (Is ING even in the competition?)

LOL!! Now I have 2 reasons to root for a 5% rate from HSBC.

[sweeps]

Re: HSBC Direct $25 Bonus vs Emigrant Direct Bank (Is ING even in the competition?)

ING is a has-been. I don't even know why we're still talking about it.

ED, GMAC and HSBC are the only real players in this game.

[fratkid21]

Re: HSBC Direct $25 Bonus vs Emigrant Direct Bank (Is ING even in the competition?)

Okay, I am super-impressed with how fast GMAC works... My initial deposit is already "available" !!! My external checking account is already linked and I opened the account 2 or 3 days ago! Their system is very user friendly also.

[coffeebreak]

Re: HSBC Direct $25 Bonus vs Emigrant Direct Bank (Is ING even in the competition?)

I'm sure I could probably transfer out and back in to capitalize but I don't think my bank should make me work quite that hard. that's why I switched.


or am I missing something?

You can't withdraw money from ING and then redeposit and get the 4.75% rate. Withdrawls are subtracted.

Here's what they say:

To determine what portion of your Orange Savings Account balance will earn the 4.75% APY, during the Sale Period we add up all of your new deposits from an external source and then subtract all withdrawals from the account (whether internal or external) from that total. If that amount is greater than zero, it is eligible for the 4.75% APY.

[coffeebreak]

Re: HSBC Direct $25 Bonus vs Emigrant Direct Bank (Is ING even in the competition?)

GMAC has some fairly good short-term CD rates:

http://www.gmacbank.com/cd-rates.do

$500 minimum and 4.95% for only 6 months.