FatWally said:Dangit! I just applied for Presidential online bank. I really don't need a checking account. I guess it's only .25% higher... Should I try to cancel my application? I'm just getting away from NetBank's low rates and this caught my eye.

They are different. Presidential is good using it as a regular checking. Also, are you aware it requires a direct deposit?

Wonder how long the rate will last...

I hope it will be not so long. I'm tired of less-than-inflation rates and hope they will finally go up

Well, Microsoft Money doesn't list it as a bank with online services. I was hoping it might have that edge over ING, but no go...

Mark

well i signed up... waiting on my two deposits now... just opened with a measly 200, but if everything turns out ok the majority of my ing account will be transfered over there...

Emigrans CD rates are pretty favorable too... I had previously oppened up a 5 year ladder with ING too might do the same with emigrant with the next batch of "extra cash" i end up with...

This rate is just too good to pass up.
Just opened an account with Emmigrant.
Funded it with a $10.00 ACH transfer from my existing checking account.
As soon as I can I'll pull most of my money out of PNC bank (in NJ), which was offering a special promo rate of 2.5%.

I sent a email to emigrant bank asking them if this website is a part of their gtoup, i have not heard back from them yet.

Signed up with $10 . See what happens

I see Emigrant banks around here in NYC.

they seem to be older branches (think of what banks looked like when you were a kid... these branches are frozen in time.

they are well known for doing mortgages on corporations (non recourse) on 1-4 family properties (as opposed to 6+ units.)

they are legitimate, FDIC Insured, and smell like old newspapers.

VH
BizCredit Blog

What's the drawback of them doing a hard query on your credit report?

intresting..

one thing that strikes me odd... their CD rates are pretty good for CD's at this point (match ING's anyway), but their 6 month and 1 year cd's are LOWER than their simple savings account.. so it would make zero sense to ever get into one of the 6 month or 1 year CD's... this tells me one of two things... either the savings rate will be short term and will decline soon, or their CD rate should increase in the short term... because it makes no sense to offer completely inferior products to their standard savings account..

afterall the benefit of a CD is the slightly higher interest rate at the cost of locking in your money... but why offer a CD that locks your money in AND pays less interest than a completely liquid savings account? you'd have to be off your rocker to actually sign up for a 6month or 1 year cd from these guys rather than just dumping the money into their savings account....