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Emigrant Direct savings now 5.05% APY
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Reading their terms right now...don't really like this part. Is this standard? I'm planning on putting alot of money in there.
Refusal To Permit Withdrawal: The Bank may refuse to permit withdrawals in cases such as, but not limited to, the following:
The Bank chooses to exercise its legal rights to require up to 60 days' advance written notice of any intended withdrawal from this Account and the 60 days have not passed since we received the required notice from you;
The withdrawal would consist of funds deposited in the form of a check or other instrument and is not yet available for withdrawal in accordance with the Bank's Funds Availability Schedule;
There is a dispute about the Account - unless a court has ordered the Bank to permit the withdrawal;
Refusal To Permit Withdrawal: The Bank may refuse to permit withdrawals in cases such as, but not limited to, the following:
The Bank chooses to exercise its legal rights to require up to 60 days' advance written notice of any intended withdrawal from this Account and the 60 days have not passed since we received the required notice from you;
The withdrawal would consist of funds deposited in the form of a check or other instrument and is not yet available for withdrawal in accordance with the Bank's Funds Availability Schedule;
There is a dispute about the Account - unless a court has ordered the Bank to permit the withdrawal;
I've been with Emigrant since march this year, and I was able to withdraw
anywhere between $500 and $2000 every now and then. It DOES take time
for the money to appear in you checking account, 3-4 days usually, much like
paypal. I have not tried to withdraw sums over $10K though ...
If you have at least $1000 to invest, Emigrant should be a better deal than ING. The $25.00 sign-up bonus with ING is worth about 0.25% for the first year. Compounding would make it worth a bit more, but not much. I think Emigrant would be the way to go.
All banks can require a delay before letting you have your money from a money market account. I would not worry about it. (By the way, a money market account is not the same thing as a money market fund at a fund company like Fidelity or Vanguard.)
All banks can require a delay before letting you have your money from a money market account. I would not worry about it. (By the way, a money market account is not the same thing as a money market fund at a fund company like Fidelity or Vanguard.)
OK, I will bump this back up as it's an awesome deal...
BUT, I had a question. I just got into my Emigrant account and I'm trying to deposit more money, I have read all FAQs and it claims I should be able to click "External Funding" somewhere to do this but for the life of me I can't find it! Can someone with an Emigrant account point me in the direction of how to actually deposit more money?
EDIT: Doh! From the snail mail letter "it may take one full business day before you can process any additional deposits to your EmigrantDirect account."
BUT, I had a question. I just got into my Emigrant account and I'm trying to deposit more money, I have read all FAQs and it claims I should be able to click "External Funding" somewhere to do this but for the life of me I can't find it! Can someone with an Emigrant account point me in the direction of how to actually deposit more money?
EDIT: Doh! From the snail mail letter "it may take one full business day before you can process any additional deposits to your EmigrantDirect account."
pX that is right. I did the same thing as you about 4 days ago. so tomorrow(maybe even tonight 12am) you will see the external transfer link. you can add up to 2 external banks. so I had to mail in a check of $1 to EmigrantDirect. and they will add the 2nd bank for you. I mailed in the check on monday, and after checking emigrant direct website today..my 2nd external bank shows up on Thursday. So the process is pretty fast.
PS I have been using ing direct for about 4 yrs now. just trying out emigrant direct bc of the higher interest rate. Will prob park most of money in Emigrant, then some in ING. then few in the regular checkings.
--also anyone that tried linking ING to emigrant direct? and know how long it takes to transfer money from ING to emigrant and VS Versa? thanks!
---
PS I have been using ing direct for about 4 yrs now. just trying out emigrant direct bc of the higher interest rate. Will prob park most of money in Emigrant, then some in ING. then few in the regular checkings.
--also anyone that tried linking ING to emigrant direct? and know how long it takes to transfer money from ING to emigrant and VS Versa? thanks!
---
Finally set up. The process was a major PITA. Anyway, I set this account up to deposit a significant sum and I'm seeing an interest rate of 3.92%. I'm curious what others are seeing for a rate? It's not a terrible problem but Emigrantdirect clearly advertises 4% on their home page.
It's 4.00% APY (annual percentage yield). The APR (annual percentage rate) is 3.92%. When this is compunded daily, your APY will be 4.00%. They are all giving rates now as APY not APR, it looks better.
This is from Emigrants website:
EMIGRANTDIRECT?S ?AMERICAN DREAM? SAVINGS ACCOUNT AGREEMENT
INTEREST and INTEREST RATE RELATED INFORMATION
Rate Information: The current Annual Percentage Yield and Interest Rate paid on this Account are available on the EmigrantDirect website (EmigrantDirect.com) and in additional disclosures that you will receive from the Bank from time-to-time. The Bank, at its sole discretion, may change the interest rate on the Account at any time.
imported_KuJaX
Platinum Member
4% APY (or 3.92% APR) isnt that dandy is it folks? I guess for extremely low risk, but why don't you folks invest wisely and diversify in the stock market with the money?
phlashphire
Golden Member
Cuz that involves more research and possible risk 🙂
Easy lazy route = ED/ING
signed up for emigrant, the sign up process is a royal pain, you need to wait for deposits in your checking account, when thats confirmed you STILL cant login to your account but rather have to wait for a letter to come in the mail with your account number on it. Started the process over a week ago, still not complete.
phlashphire
Golden Member
No promo active... but you eventually do get a free fugly cap.
Good point but there are reasons for everything. I just closed on a cash-out refinance and need to sit on the cash for about 4 months before I can renovate and add a loft to my condo. I locked last month b/c I was worried about the rates in 4 months. I was able to get a 1/8% better at 5 5/8% 30 yr fixed, which seems like a damn good rate considering the recent spike. So, I need the best rate I can get with no risk for 4 months. I'm open to better suggestions. Right now, I have to eat the 1 5/8% difference but I figure it's worth it for peace of mind.
Dear Paul,
ING DIRECT does not base rates on one competitor, we base them on overall market conditions as well as on our competition.
Even though another bank may currently offer a higher rate, we feel that we offer the better deal for several key reasons.
ING DIRECT has consistently paid one of the nation's highest yield with no fees and no minimums for more than 4 years. We have a low cost business model that allows
us to continue to offer these high rates over the long term.
ING DIRECT's privacy policy exceeds government standards. We have an opt-in policy, which means that we do not share private Customer information with affiliates and
other third parties without express permission from our Customers. Other banks may share this type of Customer information automatically, unless the Customer tells
them not to.
ING DIRECT has Sales Associates who are thoroughly trained on all of ING DIRECT's products answering the phone. Our Customers can always speak to a "person". ING
DIRECT Sales Associates strive to answer the phone in 20 seconds or less to provide an excellent Customer experience.
If you are simply looking for a higher rate, keep in mind that we also offer CDs which earn as high as 4.80% APY depending on the term that you select.
If you have any more questions, give us a call 1-800-ING-DIRECT.
Thanks for your interest in ING DIRECT,
Dave
ING DIRECT does not base rates on one competitor, we base them on overall market conditions as well as on our competition.
Even though another bank may currently offer a higher rate, we feel that we offer the better deal for several key reasons.
ING DIRECT has consistently paid one of the nation's highest yield with no fees and no minimums for more than 4 years. We have a low cost business model that allows
us to continue to offer these high rates over the long term.
ING DIRECT's privacy policy exceeds government standards. We have an opt-in policy, which means that we do not share private Customer information with affiliates and
other third parties without express permission from our Customers. Other banks may share this type of Customer information automatically, unless the Customer tells
them not to.
ING DIRECT has Sales Associates who are thoroughly trained on all of ING DIRECT's products answering the phone. Our Customers can always speak to a "person". ING
DIRECT Sales Associates strive to answer the phone in 20 seconds or less to provide an excellent Customer experience.
If you are simply looking for a higher rate, keep in mind that we also offer CDs which earn as high as 4.80% APY depending on the term that you select.
If you have any more questions, give us a call 1-800-ING-DIRECT.
Thanks for your interest in ING DIRECT,
Dave
DBL ... good point about keepin em all and just moving the money to whoever is top dog. I have ING (have since day one), Emigrant (for over a year), HSBC (just opened for $35 bonus), and Presidential (for last year). Keep under $25K in Presidential checking at 4%, park my longer term liquid savings at Emigrant, and use ING to transfer tween local credit union and Presidential/Emigrant.
ING has sweet interface, and only takes 2 days to xfr (plus 5 day hold for incoming) but the extra $$ in interest from the others is too good to pass up.
ING has sweet interface, and only takes 2 days to xfr (plus 5 day hold for incoming) but the extra $$ in interest from the others is too good to pass up.
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