Savings Accounts Online

Has anyone used Emigrant Direct for savings? They offer 5% interest. Would love to hear from anyone that has had dealings with them or other suggestions.

If that is the same as ING Direct, I use them…. I’ve had no complaints about them. My sister has been using Emigrant for some time now and has been pleased with it. ING is similar but a different bank.

Emigrants Direct and ING Direct are two different companies. I also use ING Direct and have no complaints.

I Have accounts both with ING direct and Emigrant direct. When I first opened an account I chose ING. It had a lower interest rate than Emigrant,but i heard that setting up Emigrant was a nightmare. It has gotten much better since then so last month I set up an account with them. It was very easy and the rates are better.

Emigrant Direct %5.15

ING Direct %4.40

You will be happy either way. 2 great banks.

The bank you are referring to is Emigrant Direct (www.emigrantdirect.com) in Ossining, NY 1-800-836-1997. I use Emigrant Direct, they currently pay 5.15% on your money in the savings account that is linked to your checking account, no minimums. I have been very pleased with them over the last year that I have had an account with them. They are a real bank in NY, there was an article written about them in Barron’s Magazine in 2005. There are two more banks that I know of HSBC Direct (www.HSBCdirect.com) pays 5.05% and ING direct (home.ingdirect.com) pays 4.4%. I have accounts with all three but the best one is emigrant direct for ease of use and pays the highest interest rate on the deposit money.

I got a notice this week that my ING savings account was now at 5.20%. Seems like them, HSNB and Emigrant all have much better rates than my Chase Bank savings, which is VERY low.

are these “online banks” ? Can someone tell me how they work? thanks

ING is a online bank. You can go to their website. When you open a savings account with them, you link it to a savings account. Within a couple of business days, they will make a small deposit into that checking account (just a few cents), you then go back to their website and enter the amount of the deposits. You can either set up automatic savings deposits or just transfer money over when you want to.

I’ve been pleased with ING- I chose to go with them because someone gave me a referral code to get a free $25 when I opened up an account with $250. I do automatic withdrawals every two weeks and don’t notice when they are taken out, but it adds up over time. The interest rates keep going up every few months, and its convenient to use. The only drawback is that it takes a couple of days to make the funds accessible, but that works for me since it doesn’t let me get into my savings for a spur-of-the-moment splurge.

Right now, I am using ING to save up money to pay off a credit card that has 0% financing that expires in January. I figure I may as well earn interest on the money instead of paying it off early. I do have a couple of the referral codes, if anyone ever decides to go that route.