Higher Interest Rate than a CD
Author: diddlydudette
Posted: Tue Sep 20, 2005 9:29 pm
Post subject: Emigrantdirect.com just raised interest rates to 4.0%
Dang, that's great. I just received e-mail informing me of this. I highly recommend it.
Author: Board Monitor
Board Monitor/ Administrator
Posted: Wed Sep 21, 2005 7:26 am
Post subject: EmigrantDirect has Higher interest rate than a CD
Great and thanks for the post. Is this the best rate out there now? Also, I checked their site out and it says this is a money market account, but that you can use your existing checking account. How exactly does that work?
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314
Author: diddlydudette
Posted: Wed Sep 21, 2005 8:42 am
Post subject: EmigrantDirect has Higher interest rate than a CD
Well Curtis according to bankrate.com, it's the highest rate right now at 4%. I imagine it's just a matter of time before others raise their rates due to competition huh? I think ING is still at only 3.3%.
It's pretty easy to set up if interested in joining. You fill out app. online at Emigrantdirect.com. You give them your routing number from checking acct. Emigrant transfers a few pennies into your checking to make sure every thing linked ok with your bank. Then you verify you received funds from them in your checking acct. Then Emigrant sends you a letter to verify every thing ok and then after letter, you're able to register and login and start transferring money from your checking into your new Emigrant acct. There's no fees involved to transfer or to apply and only need 1.00 to open. I did that first to make sure everything ok before I sent more money. I felt safe with 1.00. It's fun watching money grow and I feel so much better putting money in here than at my regular in-town bank where I was only getting .6%.
Board Monitor
Board Monitor/ Administrator
Posted: Thu Sep 22, 2005 9:09 am
Post subject: EmigrantDirect has Higher interest rate than a CD
Neat. 4% sounds competitive with most CD rates that I've seen, but obviously you're money isn't tied up with ING. Do you have to write so many checks each month?
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314
Author: diddlydudette
Posted: Thu Sep 22, 2005 7:18 pm
Post subject: EmigrantDirect has Higher interest rate than a CD
Hi Curtis,
No, I never had an online account until a couple months ago when I joined Emigrant. I was impressed with the 3.5% interest compared to my bank's .6%. I had like 20,000 sitting in my savings waiting while I get ready to buy house at end of year or beginning of next year. I figured I didn't want to long term invest so opted for the Emigrant so I could take out whenever without penalty and make a little money. It's done really well in just a couple months and now that's it 4% will do even better. I almost hate to take it out ever because it's fun to watch it grow.
I'm not sure what you mean if I have to write so many checks each month. This is just a savings acct. When I deposit money into the Emigrant savings acct, I transfer from my personal checking account from my in-town bank. It's drafted out and transferred online into the savings. It's very easy to transfer back and forth. It's all done online. They even mention coming out with a new cash back credit card. I can't wait for that.
Here's email I received from Emigrant:
We are pleased to announce that effective today, Tuesday,
September 20, your American Dream Savings Account from EmigrantDirect now yields 4.0% APY, the highest rate in the country with no fees and no minimums, FDIC insured. Responding immediately to the most recent news from the Federal Reserve, EmigrantDirect is pleased to be able to offer this unmatched rate to our loyal customers.
You may wish to take this opportunity to put all your available funds to work for you. If you have deposits earning less interest at other institutions, now is a good time to consolidate those savings at EmigrantDirect. Electronic transfers into and out of your account are free and our new 4.0% APY is guaranteed through December 31, 2005 (subject to upward adjustments only).
Additionally, we are also pleased to announce the upcoming launch of a no-fee credit card from EmigrantDirect offering the highest cash back rebate in the country on all your purchases – from the first dollar spent on your card to the very last. This revolutionary credit card featuring platinum-level benefits will be offered only to EmigrantDirect customers and be available before yearend. Cash back amounts will be deposited into your American Dream Savings Account automatically not once, but twice a year for added convenience. If you would like to be sent a priority invitation to apply for the card once it becomes available, please send a quick email with your name and email address to emigrantdirect@emigrant.com. We hope that you will become a cardholder and discover yet another way that EmigrantDirect serves and rewards its customers with outstanding value
Author: Board Monitor
Board Monitor/ Administrator
Posted: Fri Sep 23, 2005 8:25 am
Post subject: EmigrantDirect has Higher interest rate than a CD
Interesting about the credit card. Please let us know the terms when you get more info.
Regarding the rate, are you sure the 4% rate isn't just temporary? They mention that it may expire on 12/31.
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314
Author: diddlydudette
Posted: Fri Sep 23, 2005 10:00 am
Post subject: EmigrantDirect has Higher interest rate than a CD
Well, I thought that too about the rate...that it might go down, but if you notice it states that if it changes, it will be an upward change and not go down. So I would welcome a change actually. Just looking back on history of their interest rates, I've never seen them go down but only go upward and quite often at that.
I'll let you know about the credit card. I'm very interested in what they offer.
Author: stevejk
Posted: Sat Sep 24, 2005 10:13 pm
Post subject: EmigrantDirect has Higher interest rate than a CD
Board Monitor wrote:
Regarding the rate, are you sure the 4% rate isn't just temporary? They mention that it may expire on 12/31.
Between ING Direct and HSBC, et al., I'm sure they would feel pressure to maintain a reasonably high return else people will bail out to other institutions.
I was about ready to bail Emigrant Direct (3.5% at the time) for HSBC (3.75%) when I received word of the increase to 4.0% and now the cash back credit card.
We'll see what happens in January.
Author: Maddybeagle
Posted: Tue Sep 27, 2005 7:59 pm
Post subject: EmigrantDirect has Higher interest rate than a CD
I have an ING mm account, but these guys must really want to put on the pressure. ING is a little lower, but they give you a 50 buck bonus to start so that helps. From what I read from other forums ING is a favorite. I really like these since you can link your local checking account and transfer. I think it takes a few days to transfer, but a good place to park your money but still have fairly quick access to it.
Author: diddlydudette
Posted: Wed Sep 28, 2005 7:10 am
Post subject: EmigrantDirect has Higher interest rate than a CD
What does this mean on the ING 50.00 promotion?
This offer is only valid for purchasers of Quicken 2005 with valid PN numbers. Valid through 12/31/05.
Do you have to purchase some type software Quicken in order to receive the 50.00?
Author: diddlydudette
Posted: Wed Sep 28, 2005 7:33 am
Post subject: EmigrantDirect has Higher interest rate than a CD
Well, I just called ING and the 50.00 promo is if you purchase Quicken.
Author: maddybeagle
Posted: Fri Sep 30, 2005 9:15 am
Post subject: EmigrantDirect has Higher interest rate than a CD
I got the credit from ING. Just use a code. Otherwise, there are offers for 25 bucks floating around. I saw one in kiplingers mag.
Author: tonygoldston
Posted: Fri Sep 30, 2005 11:12 pm
Post subject: EmigrantDirect has Higher interest rate than a CD
I have both Emigrant and ING accounts. They work exactly the same. MM with a limit of 6 withdrawals per month. Biggest difference in the two is the web interface. ING's site is very user friendly and easy to navigate. Emigrant's is not so fun. It is functional but ugly. (my local bank WSFS uses the same system.)
I would definitely sign up for ING (free money from them.) If anyone wants a referal let me know. You get $25 for opening and I get $10 What I would do then is refer to your friends, wife, etc. and rack up some money.
ING has a 5 Business day hold on all deposits thru transfer so you have to be aware of that. Emigrant I don't think does.
I have my paycheck direct deposit into ING (no hold) and then I have multiple accounts (very simple to sign up for them once you are a member, just "open a new account" and it adds it to your "customer #") I have auto transfers from my "paycheck" account into accounts to seperate money (i have one for the car insurance, one for the mortgage, etc.) keeps my money that is tied up seperate from money that is spendable.
I also would suggest Presidential.com (it's a bank out of Bethesda, MD) that has an internet only checking account that is paying 4% now (max of $25,000 balance) but it's a checking.
So I have Emigrant for savings, ING for management, and then Presidential for paying bills. (I use MBNA;s online system for most of them.) I also have a local account for depositing checks and auto payment of mortgage which is through them. But other than about $500 in the local bank, the lowest interest rate I am getting on anything is ING's 3.4%
I also use Emigrant for putting money I pull from CC offers (0% BT) to sit and make money. Just paid off $8000 from a citi card that has been earning intrest for 9 months. Getting ready to pull another $10,000 from citi.
Tony
Posted: Tue Sep 20, 2005 9:29 pm
Post subject: Emigrantdirect.com just raised interest rates to 4.0%
Dang, that's great. I just received e-mail informing me of this. I highly recommend it.
Author: Board Monitor
Board Monitor/ Administrator
Posted: Wed Sep 21, 2005 7:26 am
Post subject: EmigrantDirect has Higher interest rate than a CD
Great and thanks for the post. Is this the best rate out there now? Also, I checked their site out and it says this is a money market account, but that you can use your existing checking account. How exactly does that work?
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314
Author: diddlydudette
Posted: Wed Sep 21, 2005 8:42 am
Post subject: EmigrantDirect has Higher interest rate than a CD
Well Curtis according to bankrate.com, it's the highest rate right now at 4%. I imagine it's just a matter of time before others raise their rates due to competition huh? I think ING is still at only 3.3%.
It's pretty easy to set up if interested in joining. You fill out app. online at Emigrantdirect.com. You give them your routing number from checking acct. Emigrant transfers a few pennies into your checking to make sure every thing linked ok with your bank. Then you verify you received funds from them in your checking acct. Then Emigrant sends you a letter to verify every thing ok and then after letter, you're able to register and login and start transferring money from your checking into your new Emigrant acct. There's no fees involved to transfer or to apply and only need 1.00 to open. I did that first to make sure everything ok before I sent more money. I felt safe with 1.00. It's fun watching money grow and I feel so much better putting money in here than at my regular in-town bank where I was only getting .6%.
Board Monitor
Board Monitor/ Administrator
Posted: Thu Sep 22, 2005 9:09 am
Post subject: EmigrantDirect has Higher interest rate than a CD
Neat. 4% sounds competitive with most CD rates that I've seen, but obviously you're money isn't tied up with ING. Do you have to write so many checks each month?
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314
Author: diddlydudette
Posted: Thu Sep 22, 2005 7:18 pm
Post subject: EmigrantDirect has Higher interest rate than a CD
Hi Curtis,
No, I never had an online account until a couple months ago when I joined Emigrant. I was impressed with the 3.5% interest compared to my bank's .6%. I had like 20,000 sitting in my savings waiting while I get ready to buy house at end of year or beginning of next year. I figured I didn't want to long term invest so opted for the Emigrant so I could take out whenever without penalty and make a little money. It's done really well in just a couple months and now that's it 4% will do even better. I almost hate to take it out ever because it's fun to watch it grow.
I'm not sure what you mean if I have to write so many checks each month. This is just a savings acct. When I deposit money into the Emigrant savings acct, I transfer from my personal checking account from my in-town bank. It's drafted out and transferred online into the savings. It's very easy to transfer back and forth. It's all done online. They even mention coming out with a new cash back credit card. I can't wait for that.
Here's email I received from Emigrant:
We are pleased to announce that effective today, Tuesday,
September 20, your American Dream Savings Account from EmigrantDirect now yields 4.0% APY, the highest rate in the country with no fees and no minimums, FDIC insured. Responding immediately to the most recent news from the Federal Reserve, EmigrantDirect is pleased to be able to offer this unmatched rate to our loyal customers.
You may wish to take this opportunity to put all your available funds to work for you. If you have deposits earning less interest at other institutions, now is a good time to consolidate those savings at EmigrantDirect. Electronic transfers into and out of your account are free and our new 4.0% APY is guaranteed through December 31, 2005 (subject to upward adjustments only).
Additionally, we are also pleased to announce the upcoming launch of a no-fee credit card from EmigrantDirect offering the highest cash back rebate in the country on all your purchases – from the first dollar spent on your card to the very last. This revolutionary credit card featuring platinum-level benefits will be offered only to EmigrantDirect customers and be available before yearend. Cash back amounts will be deposited into your American Dream Savings Account automatically not once, but twice a year for added convenience. If you would like to be sent a priority invitation to apply for the card once it becomes available, please send a quick email with your name and email address to emigrantdirect@emigrant.com. We hope that you will become a cardholder and discover yet another way that EmigrantDirect serves and rewards its customers with outstanding value
Author: Board Monitor
Board Monitor/ Administrator
Posted: Fri Sep 23, 2005 8:25 am
Post subject: EmigrantDirect has Higher interest rate than a CD
Interesting about the credit card. Please let us know the terms when you get more info.
Regarding the rate, are you sure the 4% rate isn't just temporary? They mention that it may expire on 12/31.
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314
Author: diddlydudette
Posted: Fri Sep 23, 2005 10:00 am
Post subject: EmigrantDirect has Higher interest rate than a CD
Well, I thought that too about the rate...that it might go down, but if you notice it states that if it changes, it will be an upward change and not go down. So I would welcome a change actually. Just looking back on history of their interest rates, I've never seen them go down but only go upward and quite often at that.
I'll let you know about the credit card. I'm very interested in what they offer.
Author: stevejk
Posted: Sat Sep 24, 2005 10:13 pm
Post subject: EmigrantDirect has Higher interest rate than a CD
Board Monitor wrote:
Regarding the rate, are you sure the 4% rate isn't just temporary? They mention that it may expire on 12/31.
Between ING Direct and HSBC, et al., I'm sure they would feel pressure to maintain a reasonably high return else people will bail out to other institutions.
I was about ready to bail Emigrant Direct (3.5% at the time) for HSBC (3.75%) when I received word of the increase to 4.0% and now the cash back credit card.
We'll see what happens in January.
Author: Maddybeagle
Posted: Tue Sep 27, 2005 7:59 pm
Post subject: EmigrantDirect has Higher interest rate than a CD
I have an ING mm account, but these guys must really want to put on the pressure. ING is a little lower, but they give you a 50 buck bonus to start so that helps. From what I read from other forums ING is a favorite. I really like these since you can link your local checking account and transfer. I think it takes a few days to transfer, but a good place to park your money but still have fairly quick access to it.
Author: diddlydudette
Posted: Wed Sep 28, 2005 7:10 am
Post subject: EmigrantDirect has Higher interest rate than a CD
What does this mean on the ING 50.00 promotion?
This offer is only valid for purchasers of Quicken 2005 with valid PN numbers. Valid through 12/31/05.
Do you have to purchase some type software Quicken in order to receive the 50.00?
Author: diddlydudette
Posted: Wed Sep 28, 2005 7:33 am
Post subject: EmigrantDirect has Higher interest rate than a CD
Well, I just called ING and the 50.00 promo is if you purchase Quicken.
Author: maddybeagle
Posted: Fri Sep 30, 2005 9:15 am
Post subject: EmigrantDirect has Higher interest rate than a CD
I got the credit from ING. Just use a code. Otherwise, there are offers for 25 bucks floating around. I saw one in kiplingers mag.
Author: tonygoldston
Posted: Fri Sep 30, 2005 11:12 pm
Post subject: EmigrantDirect has Higher interest rate than a CD
I have both Emigrant and ING accounts. They work exactly the same. MM with a limit of 6 withdrawals per month. Biggest difference in the two is the web interface. ING's site is very user friendly and easy to navigate. Emigrant's is not so fun. It is functional but ugly. (my local bank WSFS uses the same system.)
I would definitely sign up for ING (free money from them.) If anyone wants a referal let me know. You get $25 for opening and I get $10 What I would do then is refer to your friends, wife, etc. and rack up some money.
ING has a 5 Business day hold on all deposits thru transfer so you have to be aware of that. Emigrant I don't think does.
I have my paycheck direct deposit into ING (no hold) and then I have multiple accounts (very simple to sign up for them once you are a member, just "open a new account" and it adds it to your "customer #") I have auto transfers from my "paycheck" account into accounts to seperate money (i have one for the car insurance, one for the mortgage, etc.) keeps my money that is tied up seperate from money that is spendable.
I also would suggest Presidential.com (it's a bank out of Bethesda, MD) that has an internet only checking account that is paying 4% now (max of $25,000 balance) but it's a checking.
So I have Emigrant for savings, ING for management, and then Presidential for paying bills. (I use MBNA;s online system for most of them.) I also have a local account for depositing checks and auto payment of mortgage which is through them. But other than about $500 in the local bank, the lowest interest rate I am getting on anything is ING's 3.4%
I also use Emigrant for putting money I pull from CC offers (0% BT) to sit and make money. Just paid off $8000 from a citi card that has been earning intrest for 9 months. Getting ready to pull another $10,000 from citi.
Tony
posted by CardRatings.com at 3:10 PM
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