Where To Place Your Emergency Funds
Author: savesonline
Joined: 26 Apr 2005
Posts: 2
Posted: Tue Apr 26, 2005 2:49 pm Post subject:Where To Place Your Emergency Funds
Suppose you have some money you may need in emergency. You need to have handy access to it, so you leave them in your saving account with a big/local bank earning miserable 0.1% annually. What a waste! You can actually get 3.0% APR on that. Try Orange Saving Account with INGDIRECT.com.
From their website:
Earn 3.00% Annual Percentage Yield on an FDIC-insured savings account with no fees, required minimums or service charges… no matter how much you have on deposit.
It’s an account linked to one of your bank accounts, and you can easily transfer money between them in as little as 3 working days.
They're pretty good with yield increase, actually beat Federal Reserve in time and rate every time recently. So you can be sure at least your money is keeping up with inflation.
The online bank is backed by ING (NYSE:ING), a global financial institution of Dutch origin offering banking, insurance and asset management to over 60 million private, corporate and institutional clients in more than 50 countries.
More here: http://www.SavesOnline.com/savingtips.php
_________________
www.SavesOnline.com
Smart Shopping, Big Saving
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Author: stevejk
Joined: 22 Sep 2004
Posts: 29
Location: Florida
Posted: Fri Jul 15, 2005 3:07 pm Post subject:Where To Place Your Emergency Funds
There's also Emigrant Direct (http://www.emigrantdirect.com/), a division of Emigrant Savings Bank, which is based on the same model except they pay 3.25%.
Both Emigrant Direct and ING Direct can download transactions with Web Connect for Quicken.
Full Disclosure: I have no pecuniary interest in either ING Direct or Emigrant Direct except as a customer of both.
Steve
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Author: Polonius
Credit Expert (100+ Posts)
Joined: 19 Jan 2004
Posts: 1005
Posted: Sun Jul 17, 2005 1:26 pm Post subject: Where To Place Your Emergency Funds
I posted the following a few months ago:
Quote:
http://www.ingdirect.com/quicken5/
is a link to set up an Ing Direct savings account and get a $50 bonus deposited to your account. It's a promotion that's part of any purchase of Quicken 2005. You have to feed in a product number of a Quicken 2005 version on that page, such as 313737. (CompUSA lists the product numbers on its Web site for each Quicken product!)
The promotion is still valid I think, so there's an extra $50 in your pocket.
Look for my earlier post in this forum for more details. And, of course, I'm not affiliated with Ing in any way and will get no commission or profit by mentioning this. I've got a buck in my ING account right now.
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
-------------------------------------------------------------------------------------
Author: victoria
Joined: 07 Sep 2005
Posts: 8
Posted: Thu Sep 08, 2005 9:23 pm Post subject: Where To Place Your Emergency Funds
Right now Paypal is paying 3.5% on there money market accounts. Just apply for the Paypal debit card. You can transfer money in and out of your bank acount to your paypal account. Use the card like a Mastercard...get cash back and earn 3.5% on your balance. I am still trying to find a reason not to do this one. Seems like a winning situation.
-------------------------------------------------------------------------------------
Author: hesiden
Joined: 14 Jan 2005
Posts: 87
Posted: Fri Sep 09, 2005 8:03 am Post subject: Where To Place Your Emergency Funds
Paypal is not FDIC insured, stay away.
HSBC is offering 3.75% with the same model as ING and EmigrantDirect.
http://www2.us.hsbc.com/1/2/3/personal/savings/savingsaccounts/onlinesavings
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Author: Board Monitor
Board Monitor/ Administrator
Joined: 05 May 2003
Posts: 1144
Posted: Fri Sep 09, 2005 8:52 am Post subject: Where To Place Your Emergency Funds
Can't believe they're not FDIC insured. But, they are owned by Ebay.
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314
Sign up for our free monthly e-mail newsletter!
-------------------------------------------------------------------------------------
Author: stevejk
Joined: 22 Sep 2004
Posts: 29
Location: Florida
Posted: Fri Sep 09, 2005 12:53 pm Post subject:Where To Place Your Emergency Funds
Board Monitor wrote:
Can't believe they're not FDIC insured. But, they are owned by Ebay.
It's actually a money market fund (MMF). They deposit the funds in a Barclays Global Investor's money market mutual fund, which is not FDIC insured. While it is a large financial institution -- offering a variety of ETFs -- the funds themseves are not insured. Although I thought that SIPC (or words to that effect) had some version of insurance in case the company goes TU.
If you want the warm and fuzzy feeling of being federally insured, the PayPal MMF is not the way to go.
I do like the sound of the HSBC Online Savings Account. I may give that a try. Thanks for the heads-up hesiden! Theoretically, HSBC has DirectConnect and WebConnect with Quicken.
BTW, and I know this from watching the History Channel, that HSBC stands for Hong Kong and Shanghai Banking Corporation. It is a British global financial institution with a long history of prudent and conservative banking practices. Which is surprising they'd offer an above market average savings account with ATM access. Maybe it's their "loss leader" to get people to open checking accounts, CDs, and loans?
Steve
-------------------------------------------------------------------------------------
Author:diddlydudette
Joined: 17 Jul 2005
Posts: 53
Posted: Fri Sep 09, 2005 3:13 pm Post subject:Where To Place Your Emergency Funds
Hi y'all.
I put mine in Emigrant. I had mine in savings at my bank for the lousy .1 % interest and took it all out but 1,000 and put into Emigrant. I love it and made almost 20.00 in just my first month of sitting there.
Emigrant is at 3.5% and I wonder if any of you ever have 2 accounts and transfer from one to the other depending on who has highest interest. What would be some pros and cons of that. I like that HSBC interest rate and wouldn't mind switching if worth my while. Is that a introductory rate for a few months? Thanks.
-------------------------------------------------------------------------------------
Author: stevejk
Joined: 22 Sep 2004
Posts: 29
Location: Florida
Posted: Fri Sep 09, 2005 3:24 pm Post subject:Where To Place Your Emergency Funds
diddlydudette wrote:
Emigrant is at 3.5% and I wonder if any of you ever have 2 accounts and transfer from one to the other depending on who has highest interest. What would be some pros and cons of that. I like that HSBC interest rate and wouldn't mind switching if worth my while. Is that a introductory rate for a few months?
It doesn't say it is an intro rate, according to the "terms and conditions" it is the regular rate, but I'm sure they reserve the right to change it at the drop of a hat.
As for multiple accounts, I see it as having multiple points of failure. If one bank goes TU, I'll still have money tucked away elsewhere while working with the FDIC to get my money back.
A con is having multiple accounts to keep track of and reconcile every month.
Steve
-------------------------------------------------------------------------------------
Author:nixuzer
Joined: 18 Apr 2005
Posts: 94
Location: TX, USA
Posted: Mon Sep 12, 2005 10:58 pm Post subject: Where To Place Your Emergency Funds
Are your deposits insured?
It would probably be good to review the FAQ of FDIC insurance if you're not familiar with them.
FAQs About FDIC Insurance
_________________
"No warning can save a people determined to grow suddenly rich." :: Lord Overstone
Joined: 26 Apr 2005
Posts: 2
Posted: Tue Apr 26, 2005 2:49 pm Post subject:Where To Place Your Emergency Funds
Suppose you have some money you may need in emergency. You need to have handy access to it, so you leave them in your saving account with a big/local bank earning miserable 0.1% annually. What a waste! You can actually get 3.0% APR on that. Try Orange Saving Account with INGDIRECT.com.
From their website:
Earn 3.00% Annual Percentage Yield on an FDIC-insured savings account with no fees, required minimums or service charges… no matter how much you have on deposit.
It’s an account linked to one of your bank accounts, and you can easily transfer money between them in as little as 3 working days.
They're pretty good with yield increase, actually beat Federal Reserve in time and rate every time recently. So you can be sure at least your money is keeping up with inflation.
The online bank is backed by ING (NYSE:ING), a global financial institution of Dutch origin offering banking, insurance and asset management to over 60 million private, corporate and institutional clients in more than 50 countries.
More here: http://www.SavesOnline.com/savingtips.php
_________________
www.SavesOnline.com
Smart Shopping, Big Saving
-------------------------------------------------------------------------------------
Author: stevejk
Joined: 22 Sep 2004
Posts: 29
Location: Florida
Posted: Fri Jul 15, 2005 3:07 pm Post subject:Where To Place Your Emergency Funds
There's also Emigrant Direct (http://www.emigrantdirect.com/), a division of Emigrant Savings Bank, which is based on the same model except they pay 3.25%.
Both Emigrant Direct and ING Direct can download transactions with Web Connect for Quicken.
Full Disclosure: I have no pecuniary interest in either ING Direct or Emigrant Direct except as a customer of both.
Steve
-------------------------------------------------------------------------------------
Author: Polonius
Credit Expert (100+ Posts)
Joined: 19 Jan 2004
Posts: 1005
Posted: Sun Jul 17, 2005 1:26 pm Post subject: Where To Place Your Emergency Funds
I posted the following a few months ago:
Quote:
http://www.ingdirect.com/quicken5/
is a link to set up an Ing Direct savings account and get a $50 bonus deposited to your account. It's a promotion that's part of any purchase of Quicken 2005. You have to feed in a product number of a Quicken 2005 version on that page, such as 313737. (CompUSA lists the product numbers on its Web site for each Quicken product!)
The promotion is still valid I think, so there's an extra $50 in your pocket.
Look for my earlier post in this forum for more details. And, of course, I'm not affiliated with Ing in any way and will get no commission or profit by mentioning this. I've got a buck in my ING account right now.
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
-------------------------------------------------------------------------------------
Author: victoria
Joined: 07 Sep 2005
Posts: 8
Posted: Thu Sep 08, 2005 9:23 pm Post subject: Where To Place Your Emergency Funds
Right now Paypal is paying 3.5% on there money market accounts. Just apply for the Paypal debit card. You can transfer money in and out of your bank acount to your paypal account. Use the card like a Mastercard...get cash back and earn 3.5% on your balance. I am still trying to find a reason not to do this one. Seems like a winning situation.
-------------------------------------------------------------------------------------
Author: hesiden
Joined: 14 Jan 2005
Posts: 87
Posted: Fri Sep 09, 2005 8:03 am Post subject: Where To Place Your Emergency Funds
Paypal is not FDIC insured, stay away.
HSBC is offering 3.75% with the same model as ING and EmigrantDirect.
http://www2.us.hsbc.com/1/2/3/personal/savings/savingsaccounts/onlinesavings
-------------------------------------------------------------------------------------
Author: Board Monitor
Board Monitor/ Administrator
Joined: 05 May 2003
Posts: 1144
Posted: Fri Sep 09, 2005 8:52 am Post subject: Where To Place Your Emergency Funds
Can't believe they're not FDIC insured. But, they are owned by Ebay.
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314
Sign up for our free monthly e-mail newsletter!
-------------------------------------------------------------------------------------
Author: stevejk
Joined: 22 Sep 2004
Posts: 29
Location: Florida
Posted: Fri Sep 09, 2005 12:53 pm Post subject:Where To Place Your Emergency Funds
Board Monitor wrote:
Can't believe they're not FDIC insured. But, they are owned by Ebay.
It's actually a money market fund (MMF). They deposit the funds in a Barclays Global Investor's money market mutual fund, which is not FDIC insured. While it is a large financial institution -- offering a variety of ETFs -- the funds themseves are not insured. Although I thought that SIPC (or words to that effect) had some version of insurance in case the company goes TU.
If you want the warm and fuzzy feeling of being federally insured, the PayPal MMF is not the way to go.
I do like the sound of the HSBC Online Savings Account. I may give that a try. Thanks for the heads-up hesiden! Theoretically, HSBC has DirectConnect and WebConnect with Quicken.
BTW, and I know this from watching the History Channel, that HSBC stands for Hong Kong and Shanghai Banking Corporation. It is a British global financial institution with a long history of prudent and conservative banking practices. Which is surprising they'd offer an above market average savings account with ATM access. Maybe it's their "loss leader" to get people to open checking accounts, CDs, and loans?
Steve
-------------------------------------------------------------------------------------
Author:diddlydudette
Joined: 17 Jul 2005
Posts: 53
Posted: Fri Sep 09, 2005 3:13 pm Post subject:Where To Place Your Emergency Funds
Hi y'all.
I put mine in Emigrant. I had mine in savings at my bank for the lousy .1 % interest and took it all out but 1,000 and put into Emigrant. I love it and made almost 20.00 in just my first month of sitting there.
Emigrant is at 3.5% and I wonder if any of you ever have 2 accounts and transfer from one to the other depending on who has highest interest. What would be some pros and cons of that. I like that HSBC interest rate and wouldn't mind switching if worth my while. Is that a introductory rate for a few months? Thanks.
-------------------------------------------------------------------------------------
Author: stevejk
Joined: 22 Sep 2004
Posts: 29
Location: Florida
Posted: Fri Sep 09, 2005 3:24 pm Post subject:Where To Place Your Emergency Funds
diddlydudette wrote:
Emigrant is at 3.5% and I wonder if any of you ever have 2 accounts and transfer from one to the other depending on who has highest interest. What would be some pros and cons of that. I like that HSBC interest rate and wouldn't mind switching if worth my while. Is that a introductory rate for a few months?
It doesn't say it is an intro rate, according to the "terms and conditions" it is the regular rate, but I'm sure they reserve the right to change it at the drop of a hat.
As for multiple accounts, I see it as having multiple points of failure. If one bank goes TU, I'll still have money tucked away elsewhere while working with the FDIC to get my money back.
A con is having multiple accounts to keep track of and reconcile every month.
Steve
-------------------------------------------------------------------------------------
Author:nixuzer
Joined: 18 Apr 2005
Posts: 94
Location: TX, USA
Posted: Mon Sep 12, 2005 10:58 pm Post subject: Where To Place Your Emergency Funds
Are your deposits insured?
It would probably be good to review the FAQ of FDIC insurance if you're not familiar with them.
FAQs About FDIC Insurance
_________________
"No warning can save a people determined to grow suddenly rich." :: Lord Overstone
posted by CardRatings.com at 1:53 PM
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