So, one bank has FDIC insurance since 7/2004, and the other since 1934. Does this make them different banks, or separate business entities ?

I am a natural chicken and skeptic, but a 5 month old internet bank does not instill confidence in me.

EricGo said:So, one bank has FDIC insurance since 7/2004, and the other since 1934. Does this make them different banks, or separate business entities ?

I am a natural chicken and skeptic, but a 5 month old internet bank does not instill confidence in me.

EmigrantDirect.com™
A Division of Emigrant Savings Bank.

VirtualBank, a division of Lydian Private Bank...

Our unique approach to banking is backed by ING (NYSE:ING)

We are kinda' used to dealing with the smaller entities. Besides there is always FDIC.

skander said:I sent a quick email to ING.....Here is CSR reply....


"Thanks for the e-mail. We are aware of Emigrant Bank's rates as well as the
rates of all of our competitors. I personally don't expect Emigrant's rate
to stay at 3% very long and feel that it is just a gimmick to attract new
Customers....."

Skander

We shall see, this could drop with the quickness but remember that there are lots of rates higher than ING and I don't see that changing. ING isn't all that. There are plenty of options to get above ING rates.

# 3.00% - City National Bank of Taylor, Reward Checking Account (for balances up-to $10K) - Info page
# 2.75% - Presidential Bank, Internet Checking Plus (for balances up-to $25K) - Info page
---
# 3.04% - Superior Savings, FReD account (for balances above $10K)
# 3.00% - Access National Bank, Access Money Market (for balances above $25K)
# 2.53% - Genoa Savings, Money Market (for balances between $20K and $50K, $2.5K min. balance to avoid a fee)
# 2.53% - Superior Savings, Simply Supperior Money Market (min. balance of $1K to get the rate and avoid fees)
# 2.50% - Eastern Bank, Guaranteed Money Market (for balances above $10K)
# 2.40% - Digital Credit Union, LTD Savings (for balances above $25K)
# 2.36% - GMAC savings account ($500 balance to avoid a monthly fee) - Info page
http://ibankdesign.com/board/index.php?showtopic=540
This doesn't list Charter One's 2.5% account or Emigrant either.

RotaryBzzz said:Might as well make it three-for-one-ding.That only works for a FICO computation, not for the respective credit bureau's own score.

Anyone going to bite? Very tempted to try it out.

skander said:I sent a quick email to ING.....Here is CSR reply....


"Thanks for the e-mail. We are aware of Emigrant Bank's rates as well as the
rates of all of our competitors. I personally don't expect Emigrant's rate
to stay at 3% very long and feel that it is just a gimmick to attract new
Customers....."

Skander

Well, Superior Savings' 3.00% is lasting for at least the second 6 months period...

Zon said:Some have issues with GMAC Demand Notes not being an insured bank, but they are at 3% ($1000 min).

Why go without FDIC when it doesn't cost anything? Risk without reward is no good.

lydiachang said:I emailed them too. Thought if enough of us asked, they'll eventually raise the rate.

I think it is time for FWFers to pull their collective millions to greener pastures. ING is mainstream now. The deals aren't in the mainstream when it comes to high interest savings accounts IMHO.

This bank seems totally legit. They are ranked 21st in the US based on asset size (link). A quick google search turns up news about new contracts with internet service provider contracts for online presence as well as other contracts for producing promotional CDs for expanding online banking. Seems like these folks want to grow. Also there are a number of references to Emigrant Mortgage CO.

BTW ING is 7th on the asset holding list in US.

I think it is worth a try for some extra funds. Also might help to play ING Emigrant off each other rather than just e-mailing ING and asking.

Itsagame

This has been reported before, but don't forget Superior Savings of New England has a savings account paying 3.00/3.04 APY - FReD account. Guaranteed for 6 months from 1/2/05. http://www.superiorsavings.com/main.htm
FDIC insured.

The firt time I think ratings worked for me.I would not have clicked on the thread otherwise. I thought OP had a typo and it was some kind of immigrant's bank. I vote for the change of title to be more descriptive. Thanks OP!