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Moving Money to Higher Paying Account

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  • mrvirgo
    replied
    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.

    Leave a comment:


  • Sweepsplayer
    replied
    Re: Moving Money to Higher Paying Account

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

    Leave a comment:


  • SuzeOFan
    replied
    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.

    Leave a comment:


  • RJB1180
    replied
    Re: Moving Money to Higher Paying Account

    SuzeOFan: use a calculator or spreadsheet

    Leave a comment:


  • BTC
    replied
    Re: Moving Money to Higher Paying Account

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

    Leave a comment:


  • SuzeOFan
    replied
    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

    Leave a comment:


  • BTC
    replied
    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.

    Leave a comment:


  • SuzeOFan
    replied
    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.

    Leave a comment:


  • BTC
    replied
    Re: Moving Money to Higher Paying Account

    Originally posted by SuzeOFan
    Sorry, I may be a little slow in math, I'll be the first to admit it! But where do you get this 12.5%? The last time I checked ED has only a 4.5% interest rate. ING has 4%. Where's the 12.5% difference?

    One thing good though that's come of all these johnny-come-lately's is good ol fashion competition. Good for us! I'm not complacent. I'm keeping a very close eye on everything. Hence finding this forum...!

    I'm just waiting for that offer I can't refuse....!
    Show me one ...and I'll be there in a nanosecond!
    I was an independent consultant with ING. I have no bones to pick. It was actually a great place to work.

    To calculate the yield difference in terms of percentage, I polished off my 3rd grade math skills. Emigrant Direct's yield of 4.5% is 12.5% higher than ING's yield of 4.0%. .5/4 = .125 * 100 = 12.5%. HSBC's promotional yield of 4.8% is 20% higher than ING's 4.0% yield. That equates to 12.5% or 20% more carrots.

    Sorry. Didn't mean to spoil the Cheeto Party.

    Leave a comment:


  • Snoopy2645
    replied
    Re: Moving Money to Higher Paying Account

    I am an interest chaser but I only do banks that our in our city or close to it for my cds I dont feel comfortable investing alot in a cd with only a website no reall branch that I can go to KWIM

    Leave a comment:


  • mrvirgo
    replied
    Re: Moving Money to Higher Paying Account

    Thanks SuzeOFan for posting the new (4/14/2006) Ing 5% CD rate info. I had a feeling Ing would do something to stay in the game. I am in no hurry to move money from my Ing savings. I'd feel like a moron if I started shuffling my money around to ED or HSBC only to find out that Ing decided to up their savings account rates as well at the end of April. But if their rate stays at a flat 4% too long and ED and HSBC raise their rates at the end of the month, I will make a move to another bank.

    Leave a comment:


  • SuzeOFan
    replied
    Re: Moving Money to Higher Paying Account

    Sorry.... just had to add that INGDirect just entered the game again and upped the ante...


    They are now offering a 12month CD with a 5% APY at a 5% interest rate.
    (Effective 4/14/06)


    That beats ED CD rate of 5% for 18 months.

    Nothing like some good ol fashioned competition to keep things lively!

    Leave a comment:


  • SuzeOFan
    replied
    Re: Moving Money to Higher Paying Account

    I think you may have a personal bone to pick with your previous employer? You shouldn't let that color your thinking.
    The HSBC rate IS only temporary. Like I said before, what will the REAL rate be after the 3 month happy hour? ING too has been having a special winter savings rate of 4.75%.

    I'm as curious as anyone what they will all do when the carrot days are over!
    Then we can revisit this conversation and compare notes.

    Leave a comment:


  • SuzeOFan
    replied
    Re: Moving Money to Higher Paying Account

    Sorry, I may be a little slow in math, I'll be the first to admit it! But where do you get this 12.5%? The last time I checked ED has only a 4.5% interest rate. ING has 4%. Where's the 12.5% difference?

    One thing good though that's come of all these johnny-come-lately's is good ol fashion competition. Good for us! I'm not complacent. I'm keeping a very close eye on everything. Hence finding this forum...!

    I'm just waiting for that offer I can't refuse....!
    Show me one ...and I'll be there in a nanosecond!

    Leave a comment:


  • BTC
    replied
    Re: Moving Money to Higher Paying Account

    Not to dog ING as I used to work there, but their rates are no longer competitive and will likely remain that way as long as their customer base remains largely complacent. Even after their recent increase they still trail Emigrant Direct by 12.5% and that's likely to increase. Assuming HSBC's post promotional yield remains at 4.8, that's a 20% disparity. That ain't just carrots, IMO. With a little math you can figure out whether the move is worth it and how long it will take to recover any lost earnings due to float.

    Leave a comment:

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