ING vs Emigrant accounts

[Jimothy12]

I have a decent amount of money in my bank account which is gaining very minimal interest. What do you all think about ING Direct Orange Accounts and/or Emigrant Direct? 2.65% and 3.25% respectively.

www.emigrant-direct.com/info.php

I am looking for an option where I can dump my money but can withdrawal it at any time incase I find a house.

If you had 50K in your savings what would you do?

[snowlarbear]

i use Ing, no complaints. the transfers can take a bit long (2-3 days sometimes) but if you plan ahead, it's not a problem.

haven't tried emigrant but i have heard it is similar. as i'm sure everyone will tell you, if you join ing it is better to get referred from someone, since you both will get a bonus. 25 dollars, i think it is.

[RunDownHouse]

ING is at 2.8%.

[TN_POKER_MAN]

I too have been with ING for quite some time and I've got no complaints.

You'll need to "link" your existing bank account to your ING account so that you can make transfers between the accounts. This isn't a big deal, but it can take a few days to complete...unlike a traditional bank account where all you have to do is write a check or visit a branch.

ING rates are great, but you'll want to keep some money in a regular bank account for immediate access.

Netbank is another account that you might want to check out. They pay nice rates and do give immediate access with no wait.

[eric5148]

I have an ING account and it's perfect. They just raised the rate to 2.8% a couple days ago. If you want a referral bonus, just PM me your name and email, you'll get $25 and I'll get $10.

[fat_nutz]

I had the same question a week or so ago, and ended up going with Emigrant. It sounds like the transactions have similar turnaround times (1-3 days), so my question is, why is it a question about which e-bank to go with? 3.25 vs. 2.8. Simple as that. On a 50k balance, comes out to something like an extra $300/year.

[phuc]

You should create an account at multiple online savings banks. Currently I have one with Capital One (3.15% APY), Emigrant Direct (3.25% APY), and ING Direct (2.8% APY). They all require no minimums and have similar money transfer times (I think ING might be slightly faster than the others, not sure though). Just keep them all open and transfer money to the one that will give you the highest APY at the time (since they are still competing with rates...Capital one has been increasing its rates almost every week for a few weeks now).

[Derek in NYC]

The only reason to keep funds at more than one place is if you are over the FSLIC/FDIC limit. 45 basis points is definitely worth moving money around for, assuming your principle is reasonable. I was at ING until I discovered the Emigrant Direct offer.