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

[mrvirgo]

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

I tried "start" on March 23 when I opened my HSBC account but nothing happened. I telephoned and the rep said the bonus offer had ended. Ten days later (4/3/2006) the account is set up, funded but I am waiting for HSBC to send me my PIN number via snail mail. Without it I can't log on to my internet savings account even though I know it's established since I phoned to make sure it was. It's all a matter of security with HSBC. It's frustrating but at the same time comforting to know they take a lot of precautions to prevent fraud.

[genchan]

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

Is HSBC offering any type of bonus now? I signed up for the $25 one when it was available and have a friend looking for a bonus to sign up. Any help would be appreciated. Thanks

[robby]

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

I don't think they currently have a bonus. Have any of the online banks raised their rates since the Fed raised interest rates?

[sweeps]

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

Presidential Bank has. 4.87% for balances up to $35,000. Unfortunately their web site is way too amateurish for my tastes though. Bank Deals has more info.

[sweeps]

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

HSBC going to 4.65% APY. According to Bank Deals.

[parafly]

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

HSBC going to 4.65% APY. According to Bank Deals.

Sweet. Any idea as to why they didn't just go to 4.65% APY when their promotional APY ended April 31, 2006?

[sweeps]

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

I'm not sure, but here are some possibilities:

1. Since people would be upset about a drop anyway, they figured they would low-ball it at 4.5%, so when they "raised" it to 4.65% it would seem like a good thing.

2. They were waiting out results on inflation data to gauge whether the Fed will continue to raise rates. (Looks like the Fed will be raising rates at least 2 or 3 more times.)

3. They were losing a lot of deposits to other investments (such as GMAC MMA) and felt they had to go back up a little to stop the hemorrhaging.

[JoyJoy]

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

I'm going to stay with HSBC instead of going with Citibank as I don't need another checking account. Citibank has a tendency to change their checking account rules after awhile. I do plan to take out a CD with GMAC and that's about it. Ing is advertising heavily in our papers here in New York to join their savings account and receive a $25.00 bonus for joining. Ing is paying 4.15 APY. Tiaa-Cref Money Market Fund is paying us good interest too.

[mrvirgo]

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

Poor IngDirect! From leader to dead last. I pulled all but $5.00 out of my savings account two days ago when Citi announced their new rate. Since I already have a EZ checking account with them and a money market savings as well, it was a no-brainer what to do with my savings.

I am taking Catherine D. Palmieri at her word. If Citi backs breaks its promise [as quoted below], there are plenty of other on-line banks to switch to.

"In March, Citibank, a unit of Citigroup, introduced a high-yield savings account — one of the few with a checking component — along with a vow to offer one of the highest rates in the land. Citibank Direct's e-Savings account pays an annual yield of 4.5 percent and does not require a minimum balance. "We are going to maintain the rate" at a very high level, said Catherine D. Palmieri, managing director for Citibank.com. "When the Fed increases rates, we will go up as well."

[JPWRana]

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

HSBC has (as of right now) taken the thrown from Emigrant Direct, and demoted ING as the joker

Clicky

[pyotr]

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

I was considering the GMAC option, but with HSBC's layered security and their rate now 4.65%APY, I'm going to wait and see what GMAC or someone else does. Only $8.33/month difference between the two banks for a $100k deposit. Whereas going to a 5% bank would net you an additional $29/month. I saw my Experian fico score drop from 815 to 798 from being a rateWh*re for the past year, so I'm going to sit tight for now as I'm considering moving houses in the next couple years. The falling back of EmigrantDirect and IngDirect tells you that they've gotten fat and complacent. I wished INGdirect would lose a ton of business so they'd get back in the game - I LOVED their interface.

[BTC]

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

Why would moving your savings around effect your credit score? That doesn't make sense to me.

Is there a convenient list of factors that effect your credit rating anywhere?

[sweeps]

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

Moving around your savings won't affect your credit score, but opening accounts at banks that do hard inquiries on your credit will.

Having said that, the whole point of building up your credit score is to make use of it when it counts, i.e. to decrease your interest rate on loans or increase your interest rate on savings. A drop from 815 to 798 is inconsequential in my opinion, especially if it means you're earning an extra $10, $20, $30 a month.

[genchan]

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

It looks like they have a new promotion for a $25 Best Buy Gift Card

http://www.hsbcdirect.com/1/2/bestbuy

[jmjj215]

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

I'm not a fan of the gift card bonuses myself. I wonder how much they paid best buy for those $25 cards.