New Interest Rates: Choosing a Good Bank - Tilted Forum Project Discussion Community

jorgelito · 09-20-2005, 02:56 PM

So I've mentioned this before in a previous thread but I wanted to re-do it sort of.

As of today, the Feds raised the interest rate.

Now, I hav an ING account at 3.30%.

But I just saw an advert for Emigrant Direct Bank for 4.0%!

My question is: Should I switch over or put some money into a new account there or is it just nickel-and-diming?

The scenario I'm running: $10,000 in ING. I have another $3000 coming so I wanted to either open a new account with Emigrant and put the $3000 in there, or all of it or any other combo. Or is it just a waste of time cause the difference is negligible.

iccky · 09-20-2005, 05:46 PM

You're talking about a difference of about $6 a month. Not a lot, but it depends how much you value your time.

One thing to consider is the Emmigrant Direct accounts are kind of a pain to open. Not only do you have to do the verify a small deposit in your bank accout but you have to wait for something to come in the mail. The whole process can take two weeks.

Another thing to consider is that ING generally increases rates when other banks do. Emmigrant Direct has historically been higher then ING by a few tenths of a point, but usually when Emmigrant Direct or Capitol One go up, ING does a bit later. Not to quite the same level, but close.

I personally think that ING has a nicer interface as well.

By the way, I have accounts at both banks, one's my long term savings and the other is my place to stash cash I won't need for a few weeks.

soma · 09-20-2005, 06:05 PM

Does emigrant charge any fees?

I too really like ING's interface (the new pin entry feature is quite nifty), but more money is more money.

jorgelito · 09-20-2005, 08:42 PM

Hmmm....thanks for the info iccky, it's good to know Emigrant is not as user-friendly. Also thanks for doing the math; damn if it's only a difference of $6 a month.... You know, if Emigrant offered some kind of incentive like $25 for opening an account, I might have done it.

I just wanted to explore other options because it's good to know what's out there. Still, I like my Orange.

How come you have both?

Xazy · 09-20-2005, 10:01 PM

Here are 2 quick thoughts. One is ing direct normally takes 2-3 days for money trasnfers, while emitgrant-direct seems to take 5 days for some reason. So if you want to take out money you got a significant longer wait.

As far as a plus thing. Emitgrant is one of the few privately owned banks. It was owned by 2 brothers that were fighting over the bank, and about 9 months ago or so, one brother bought the other one out. So if there is a time that they might go public it would perhaps be now. Considering that an initial offering would be made to all account holders, it might not be bad to have an account. I have had 3 initial offerings from different banks,a nd they have always tripled any money I invested in it.

So take it for what it is worth, I would open an account there if I were you no matter what even if it is for 1k, and just leave it there in case they go public.

jorgelito · 09-20-2005, 10:12 PM

Wow, thanks Xazy, I never even knew about that at all; I have never heard of offerings to account holders (I had CompuBank, then NetBank). That's awesome that you had 3 offerings.

In order to qualify for a "possbile" offering, do you think there would be a minimum balance to qualify?

Xazy · 09-21-2005, 07:09 AM

I have heard that some banks might allow you to only buy a certain number of shares based on how much is in your account. I have not had that experience in of my personal offerings. It is up to them to make that decision.

Actually in my last offering I bought shares not just for myself, but everyone in my family bought in thru me. I had, I believe around $700 in that account.

In Emigrant I have about 7k in an account.

iccky · 09-21-2005, 09:48 PM

I opened my ING accoutn before I knew about emmigrant, the opened the emmigrant account to store my long term money in. i don't touch it much, so things like interface, time it takes to transfer money, etc aren't too important.

Rodney · 09-28-2005, 03:53 PM

ING's interst rate just bumped up to 3.4 percent. So they're keeping pace, if a bit farther back. It seems very well-run and above-board. And while they guarantee only a 2-3 business day lag for funds transfer, I got funds out of ING overnight last week. So, that 2-3 day window is a lower limit, and they sometimes do bette. They just don't want to guarantee it.

Personally, I have heard the argument not to worry about investing in CDs, because the currency or interest rates can't go out of control in just 13 months. Tell that to the folks down in Chile and Argentina. We are a debtor nation now, and depend on the good will of other creditor nations who keep willing to subsidize us as we go further and further into debt. At some point, things will have to change, and they may change on a dime... Anyway, that's why I'm in ING instead of CDs.

soma · 10-04-2005, 08:04 AM

I'm signing up at Emigrant, and just have a quick question. Are the following two sites the exact same?

Emigrantdirect.com
Emigrant-Direct.com

Or is one a phishing scam?

iccky · 10-04-2005, 08:21 PM

Quote:

Originally Posted by soma

I'm signing up at Emigrant, and just have a quick question. Are the following two sites the exact same?

Emigrantdirect.com
Emigrant-Direct.com

Or is one a phishing scam?

I did a whois look up and the second one is registered to Flying Point Media, Inc. Flying Point Media appears to be Emigtant Direct's ad agency. So it's probably safe. But I'd use the first site just to make sure.

09-20-2005, 02:56 PM	#1 (permalink)
jorgelito All important elusive independent swing voter... Location: People's Republic of KKKalifornia	New Interest Rates: Choosing a Good Bank So I've mentioned this before in a previous thread but I wanted to re-do it sort of. As of today, the Feds raised the interest rate. Now, I hav an ING account at 3.30%. But I just saw an advert for Emigrant Direct Bank for 4.0%! My question is: Should I switch over or put some money into a new account there or is it just nickel-and-diming? The scenario I'm running: $10,000 in ING. I have another $3000 coming so I wanted to either open a new account with Emigrant and put the $3000 in there, or all of it or any other combo. Or is it just a waste of time cause the difference is negligible.

09-20-2005, 06:05 PM	#3 (permalink)
soma Addict Location: USA	Does emigrant charge any fees? I too really like ING's interface (the new pin entry feature is quite nifty), but more money is more money. __________________ Having Girl Problems?

09-28-2005, 03:53 PM	#9 (permalink)
Rodney Observant Ruminant Location: Rich Wannabe Hippie Town	ING's interst rate just bumped up to 3.4 percent. So they're keeping pace, if a bit farther back. It seems very well-run and above-board. And while they guarantee only a 2-3 business day lag for funds transfer, I got funds out of ING overnight last week. So, that 2-3 day window is a lower limit, and they sometimes do bette. They just don't want to guarantee it. Personally, I have heard the argument not to worry about investing in CDs, because the currency or interest rates can't go out of control in just 13 months. Tell that to the folks down in Chile and Argentina. We are a debtor nation now, and depend on the good will of other creditor nations who keep willing to subsidize us as we go further and further into debt. At some point, things will have to change, and they may change on a dime... Anyway, that's why I'm in ING instead of CDs. Last edited by Rodney; 09-28-2005 at 04:33 PM..

10-04-2005, 08:04 AM	#10 (permalink)
soma Addict Location: USA	I'm signing up at Emigrant, and just have a quick question. Are the following two sites the exact same? Emigrantdirect.com Emigrant-Direct.com Or is one a phishing scam? __________________ Having Girl Problems?

09-20-2005, 05:46 PM	#2 (permalink)
iccky Psycho Location: Princeton, NJ	You're talking about a difference of about $6 a month. Not a lot, but it depends how much you value your time. One thing to consider is the Emmigrant Direct accounts are kind of a pain to open. Not only do you have to do the verify a small deposit in your bank accout but you have to wait for something to come in the mail. The whole process can take two weeks. Another thing to consider is that ING generally increases rates when other banks do. Emmigrant Direct has historically been higher then ING by a few tenths of a point, but usually when Emmigrant Direct or Capitol One go up, ING does a bit later. Not to quite the same level, but close. I personally think that ING has a nicer interface as well. By the way, I have accounts at both banks, one's my long term savings and the other is my place to stash cash I won't need for a few weeks.

09-20-2005, 08:42 PM	#4 (permalink)
jorgelito All important elusive independent swing voter... Location: People's Republic of KKKalifornia	Hmmm....thanks for the info iccky, it's good to know Emigrant is not as user-friendly. Also thanks for doing the math; damn if it's only a difference of $6 a month.... You know, if Emigrant offered some kind of incentive like $25 for opening an account, I might have done it. I just wanted to explore other options because it's good to know what's out there. Still, I like my Orange. How come you have both?

09-20-2005, 10:01 PM	#5 (permalink)
Xazy People in masks cannot be trusted Location: NYC	Here are 2 quick thoughts. One is ing direct normally takes 2-3 days for money trasnfers, while emitgrant-direct seems to take 5 days for some reason. So if you want to take out money you got a significant longer wait. As far as a plus thing. Emitgrant is one of the few privately owned banks. It was owned by 2 brothers that were fighting over the bank, and about 9 months ago or so, one brother bought the other one out. So if there is a time that they might go public it would perhaps be now. Considering that an initial offering would be made to all account holders, it might not be bad to have an account. I have had 3 initial offerings from different banks,a nd they have always tripled any money I invested in it. So take it for what it is worth, I would open an account there if I were you no matter what even if it is for 1k, and just leave it there in case they go public.

09-20-2005, 10:12 PM	#6 (permalink)
jorgelito All important elusive independent swing voter... Location: People's Republic of KKKalifornia	Wow, thanks Xazy, I never even knew about that at all; I have never heard of offerings to account holders (I had CompuBank, then NetBank). That's awesome that you had 3 offerings. In order to qualify for a "possbile" offering, do you think there would be a minimum balance to qualify?

09-21-2005, 07:09 AM	#7 (permalink)
Xazy People in masks cannot be trusted Location: NYC	I have heard that some banks might allow you to only buy a certain number of shares based on how much is in your account. I have not had that experience in of my personal offerings. It is up to them to make that decision. Actually in my last offering I bought shares not just for myself, but everyone in my family bought in thru me. I had, I believe around $700 in that account. In Emigrant I have about 7k in an account.

09-21-2005, 09:48 PM	#8 (permalink)
iccky Psycho Location: Princeton, NJ	I opened my ING accoutn before I knew about emmigrant, the opened the emmigrant account to store my long term money in. i don't touch it much, so things like interface, time it takes to transfer money, etc aren't too important.