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Moving Money to Higher Paying Account

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    #16
    Re: Moving Money to Higher Paying Account

    Just a sec...I think you are forgetting one thing BTC...

    ING's Winter Save Up rate is 4.75 not 4.00. (Of course that only applies to new money deposits). But I suspect just like HSBC, that they will have a new rate increase (or decrease) after the special is over. Just yesterday, 4/14/06 they hiked their 1 year CD to 5% APY.

    I don't think ING is out of the game by a long shot. After all, wasn't ING the leader in this high-interest internet banking phenom? They of all people should know what it takes to stay competitive. Just like some stocks, you're better off hanging in there for the long run...than chasing elusive quick returns. There's always a price to pay for too much jumping around.

    Sure I may be a bit of a cockeyed optimist when it comes to my loyalty to ING. But there are other reasons besides the highest interest rate that keeps me there. Not least of which is their user-friendly website. Easy in easy out - no hassles - no long waits for transfers. Easy to set up auto payments and auto deposits. No fees, no hassles etc.

    I am not impressed with Emigrant Direct. I think they're still a prisoners to a brick&mortar bank mentality. This is most evident when going through the sign up process. You can't be in any hurry to get an account with them. (2 weeks or longer to get an account finally set up) ...and I'm still waiting....

    Time will tell with all the above.

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      #17
      Re: Moving Money to Higher Paying Account

      I don't really think I've forgotten anything. ING's non-promotional yield was recently increased from 3.8 to 4. Emigrant's yield is currently 4.5. I don't know what HSBC's yield will be after their promotion ends, but I would bet it will be considerably higher than what ING will be offering. Maybe ING will get back in the game. Maybe they won't. As long as they're able to generate satisfactory new deposit revenue while offering less than competitive rates, they really have no incentive to offer higher yields.

      I don't have a personal vendetta against ING. The most important thing for me, beyond the security of my money, is who pays me the most to use my money. ING doesn't do that. I also didn't mind the lengthy sign-up processes for ED and HSBC. It's just another layer of security and I appreciate that. As far as ED's interface, it ain't beautiful, but it does what I need it to do and their processing times have been considerably faster for me than either ING or HSBC.

      I'm also not moving my money around on a daily basis. That would be counter productive. I took advantage of ING's promotional offer because it meant earning more money than standing pat. I will be moving my money out of ING for the same reason. It's just a matter of deciding where I'm going to put it.

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        #18
        Re: Moving Money to Higher Paying Account

        Maybe it comes down to this BTC, "To each his own".


        BTW - I just got my ED account letter in the mail today (after only waiting 2 weeks!)

        SUSPICION CONFIRMED....

        I am not happy with ED or their sign-up process at all!

        In fact I had to sign up TWICE. Once when I first signed up for an account - and AGAIN when I got the confirmation letter. Don't appreciate that. Plus I don't like having to keep a record around of the 5 stupid answers to 5 out of 10 questions they ask you if you happen to misplace your password.... Lose your password AND your questions and I guess it's just too bad for you ...!

        Something else I noticed. Has anyone seen my interest?

        They've had my money now for 2 weeks (not to mention time in a no-interest checking accont). And there is no record anywhere of any interest. I'd rather know the score day to day and not have to wait til the end of the month to know what I've made in interest. So now I have to wait until the end of the month to see if they've credited me the 2 weeks??? Wonderful.

        You call that better??

        I'm sorry...I say that downright stinks.

        I'm not going to hold my breath to see how easy it is to actually USE the account....!

        <-----no ED convert here

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          #19
          Re: Moving Money to Higher Paying Account

          Our priorities are clearly different. There's no need to be so defensive about it.

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            #20
            Re: Moving Money to Higher Paying Account

            SuzeOFan: use a calculator or spreadsheet

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              #21
              Re: Moving Money to Higher Paying Account

              For me it's not about the interest rate so much as service, accessability and *reasonability*.

              ED has a looong way to go in that area.

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                #22
                Re: Moving Money to Higher Paying Account

                There are more players in the game than just ING and ED.

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                  #23
                  Re: Moving Money to Higher Paying Account

                  Talk about slow! Get a Citi checking account up and available makes HSBC and ED seem like the quintessence of speed. I opened the account over the phone to take advantage of a promotion (MVR3) that gives new customers $100 for opening the account and another possible $100 for transfering money from checking to any Citi credit card to pay the balance. I applied on April 6th and so far the account is locked until Citi does all it's paper work.
                  On the up side, Citi has a great website, is safe, has ATMs all over Los Angeles and has attractive rates.
                  Every account I have opened (Ing, ED, HSBC) has been time consuming. I guess the secret is to be patient and to let the bank do what it must do to assure the safety of your money.

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