ING Direct vs. HSBC Direct vs. Emigrant Direct
01-22-2008, 11:39 AM
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Luke 1:37
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ING Direct vs. HSBC Direct vs. Emigrant Direct
So I'm going to be moving most of my funds to an online savings account. My question is...which one do you prefer and why? I don't really know the major differences between the two. They seem like they are the same thing, but I'm assuming that maybe people have had better support or experience at one over the other.
Here are the rates:
ING Direct: 4.10%
HSBC Direct: 4.25%
Emigrant Direct: 4.55%
How do they determine what the rate is each month? How can one be higher than the other. Right now, it looks like HSBC is a better choice just because of the higher rate.
Any input would be appreciated.
WIL
Here are the rates:
ING Direct: 4.10%
HSBC Direct: 4.25%
Emigrant Direct: 4.55%
How do they determine what the rate is each month? How can one be higher than the other. Right now, it looks like HSBC is a better choice just because of the higher rate.
Any input would be appreciated.
WIL
Last edited by virtualbong; 01-22-2008 at 11:43 AM.
01-22-2008, 01:56 PM
#3
Burning Brakes
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I have an FNBO Direct account and I am very happy with it. 5.05% I have had it for about 6 months. And I just opened a 9 month CD with them for 5.25%, although the rates have gone down since then. I did my research and they are reputable and they are FDIC insured.
01-22-2008, 02:43 PM
#5
Luke 1:37
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Originally Posted by hornyleprechaun
Are you moving > $10K?
01-22-2008, 02:47 PM
#6
Bent = #1
All numbers are calculated for a year span.
$5000 @ 4.1% = $205
$5000 @ 4.25% = $212.50
$5000 @ 4.55% = $227.50
With that being said I use ING and have no complaints about it. I direct deposit my work checks into the account and can transfer any amount I wish to my Wachovia checking account and/or my Fidelity investment account.
$5000 @ 4.1% = $205
$5000 @ 4.25% = $212.50
$5000 @ 4.55% = $227.50
With that being said I use ING and have no complaints about it. I direct deposit my work checks into the account and can transfer any amount I wish to my Wachovia checking account and/or my Fidelity investment account.
01-22-2008, 02:49 PM
#7
Luke 1:37
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Originally Posted by hornyleprechaun
All numbers are calculated for a year span.
$5000 @ 4.1% = $205
$5000 @ 4.25% = $212.50
$5000 @ 4.55% = $227.50
With that being said I use ING and have no complaints about it. I direct deposit my work checks into the account and can transfer any amount I wish to my Wachovia checking account and/or my Fidelity investment account.
$5000 @ 4.1% = $205
$5000 @ 4.25% = $212.50
$5000 @ 4.55% = $227.50
With that being said I use ING and have no complaints about it. I direct deposit my work checks into the account and can transfer any amount I wish to my Wachovia checking account and/or my Fidelity investment account.
Thanks for the input guys. I actually just created my ING Direct account and transferred everything in my Money Market over.
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01-22-2008, 03:12 PM
#8
Iro Ridg .308
Originally Posted by Tennisjon2002
I have an FNBO Direct account and I am very happy with it. 5.05% I have had it for about 6 months. And I just opened a 9 month CD with them for 5.25%, although the rates have gone down since then. I did my research and they are reputable and they are FDIC insured.
FDIC insurance isn't everything. If you really want to protect your money, I'd be looking for institutions that have high Triple A ratings across the board from respected rating agencies and look at the company reserves.
Research FDIC Solvency and you'll see there's not much protection there.
In addition, with CD's, you really need to consider your tax bracket as well as the rate of inflation. Soon, that 5%+ rate isn't looking to great.
Here's a start regarding FDIC:
The FDIC: Worse Than Useless
Permalink Posted on 11-29-2006 at 09:44:22 am by Aaron Email , 1002 words, 4306 views
http://www.autodogmatic.com/index.ph...e_than_useless
On the other hand, if you insist, I offer this:
http://www.bankrate.com/brm/rate/mmm...pro_invest_all
Disclosure: I am a FINRA Securities Registered Rep/Investment advisor and Life Agent. I will not be held liable for advice taken as a result of my postings on the Acurazine Forum.
Please consult your CPA or Tax Advisor regarding any Tax Issues. For further Financial Planning assistance, please consult your Financial Advisor. If you'd like assistance, please feel free to PM me so I may follow up with you via work in a more professional and secure manner.
01-23-2008, 03:43 PM
#9
goldeneye style
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wait until february to make your move. fed just cut rates and there is speculation they might cut again at their meeting
banks etc will adjust their rates based on the feds action but the banks control their rates so the bank with the highest rate now might not have the highest rate here in a few weeks. would suggest waiting until they release their new rates
banks etc will adjust their rates based on the feds action but the banks control their rates so the bank with the highest rate now might not have the highest rate here in a few weeks. would suggest waiting until they release their new rates
01-23-2008, 03:54 PM
#10
Bent = #1
Originally Posted by moonraker
wait until february to make your move. fed just cut rates and there is speculation they might cut again at their meeting
banks etc will adjust their rates based on the feds action but the banks control their rates so the bank with the highest rate now might not have the highest rate here in a few weeks. would suggest waiting until they release their new rates
banks etc will adjust their rates based on the feds action but the banks control their rates so the bank with the highest rate now might not have the highest rate here in a few weeks. would suggest waiting until they release their new rates
He's already done it, and it really doesn't make that much difference unless you have a lot of money to invest. $20-$40 isn't worth removing his money. If it were $150 then yes.
01-31-2008, 06:48 PM
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I am kinda of confused with cd rate. The question is if i get a 6 month cd with a example 6% APY. Do I get the 6 Percent and once it over the 6 months can I get do it again and gain back the 6% making it 12 percent for me doing it two time.
01-31-2008, 09:21 PM
#15
Bent = #1
Originally Posted by castillo183
I am kinda of confused with cd rate. The question is if i get a 6 month cd with a example 6% APY. Do I get the 6 Percent and once it over the 6 months can I get do it again and gain back the 6% making it 12 percent for me doing it two time.
Lets say you have a $1000 CD @ 6% for 6 months compounded monthly.
After 6 months you will have made $30. If you reinvest the $1000 into an exact CD then after 6 more months you will get another $30.
If you have a $1000 CD @ 12% for 12 months compounded monthly you will get $120 of interest.
So no it is not the same.
02-04-2008, 07:12 PM
#19
I miss my 03 CL-S :(
Originally Posted by virtualbong
Damn, ING Direct went down to 3.65% from 4.10%. Ah well...its still better than 2.2% that I was getting through DCU Money Market.
That's the second decrease in a month.
Fucking interest rate cuts.
03-04-2008, 06:02 PM
#20
Luke 1:37
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Originally Posted by einsatz
I just got an email from HSBC saying now their rate is 3.55%.
That's the second decrease in a month.
Fucking interest rate cuts.
That's the second decrease in a month.
Fucking interest rate cuts.
03-04-2008, 09:56 PM
#21
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yea, told ya you should wait hah but it was already too late. ING always is the most conservative with their rates, ie: after a cut, they reduce fast and way too low. but, all the rate cutting by the fed doesn't help things either.
FNBO direct and i think wash mutual are some of the highest usually... at least always higher than ING and the like
FNBO direct and i think wash mutual are some of the highest usually... at least always higher than ING and the like
03-05-2008, 06:57 AM
#22
Bent = #1
There really is no difference between the 3.55% & 3.4% UNLESS you have $50,000+ in your savings account.
$10,000 @ 3.55% = $355
$10,000 @ 3.40% = $340
Even if it were $50k it would only be $75 difference...
$10,000 @ 3.55% = $355
$10,000 @ 3.40% = $340
Even if it were $50k it would only be $75 difference...
03-05-2008, 08:16 AM
#23
My Garage
Originally Posted by hornyleprechaun
There really is no difference between the 3.55% & 3.4% UNLESS you have $50,000+ in your savings account.
$10,000 @ 3.55% = $355
$10,000 @ 3.40% = $340
Even if it were $50k it would only be $75 difference...
$10,000 @ 3.55% = $355
$10,000 @ 3.40% = $340
Even if it were $50k it would only be $75 difference...
03-05-2008, 06:32 PM
#25
Originally Posted by moonraker
yea, told ya you should wait hah but it was already too late. ING always is the most conservative with their rates, ie: after a cut, they reduce fast and way too low. but, all the rate cutting by the fed doesn't help things either.
FNBO direct and i think wash mutual are some of the highest usually... at least always higher than ING and the like
FNBO direct and i think wash mutual are some of the highest usually... at least always higher than ING and the like
01-05-2009, 05:00 PM
#31
I miss my 03 CL-S :(
You guys remember when savings accounts actually had nice interest rates?
HSBC down to 2.6%
I guess it's to be expected when the Fed is basically making interests rate close to zero.
HSBC down to 2.6%
I guess it's to be expected when the Fed is basically making interests rate close to zero.
01-06-2009, 07:56 AM
#32
03-20-2009, 12:17 PM
#34
is learning to moonwalk i
Rates aside (since they all suck now) -
I'm wondering if other online banks transfer money and have them available for withdrawl faster than ING Direct. Two days to transfer isn't a huge deal, but I don't understand the need for a 5 budsiness day waiting period before funds are available for withdrawl.
Do other banks do this?
I'm wondering if other online banks transfer money and have them available for withdrawl faster than ING Direct. Two days to transfer isn't a huge deal, but I don't understand the need for a 5 budsiness day waiting period before funds are available for withdrawl.
Do other banks do this?
03-21-2009, 11:56 PM
#35
Too much chrome
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Rates aside (since they all suck now) -
I'm wondering if other online banks transfer money and have them available for withdrawl faster than ING Direct. Two days to transfer isn't a huge deal, but I don't understand the need for a 5 budsiness day waiting period before funds are available for withdrawl.
Do other banks do this?
I'm wondering if other online banks transfer money and have them available for withdrawl faster than ING Direct. Two days to transfer isn't a huge deal, but I don't understand the need for a 5 budsiness day waiting period before funds are available for withdrawl.
Do other banks do this?
03-23-2009, 06:52 AM
#36
Luke 1:37
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Rates aside (since they all suck now) -
I'm wondering if other online banks transfer money and have them available for withdrawl faster than ING Direct. Two days to transfer isn't a huge deal, but I don't understand the need for a 5 budsiness day waiting period before funds are available for withdrawl.
Do other banks do this?
I'm wondering if other online banks transfer money and have them available for withdrawl faster than ING Direct. Two days to transfer isn't a huge deal, but I don't understand the need for a 5 budsiness day waiting period before funds are available for withdrawl.
Do other banks do this?
But, if you want to take money out of the online bank, it takes only 2-3 days to transfer I believe back.
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