Sham03 said:JellyFishJesus said:
currently, you would need to invest $10,000 for 1 year at Emigrant to make the extra $25 that ING gives you for free when you open your account.

You sure? I know you meant to go $10,000 x 0.25% = $25, BUT the interest rate at Emigrant is 3.25%.

This is what you probably meant: $769.23 x 3.25% = $25 (rounded up).

So in reality, you'd need to keep an aditional $769.23 in the Emigrant account for one year (with the assumption it stays at 3.25% for the duration of that year).

you are forgetting that your additional $769.23 would also earn 3% at ING. JFJ was right

I've already moved all my money to CapitalOne.

zhaohuipan said:fyleow said:byamagata said:adiganifatwallet said:
If they think that inflation is nothing, they're gonna increase interest rate again...


Incorrect. One of the reasons the Feds increase the interest rate is to lower the rate of inflation. Higher interest rates lowers the liquid supply of money which lowers the rate of inflation.

If you want to get technical then your explanation is incorrect. The Fed performs an open market sale of bonds which lowers the supply of money. The Fed controls the supply of money and not the interest rate. The reduced supply of money is the cause of higher interest rates, and not the other way around.


Higher interest rate (R) ---> people deposit more and hold less cash ----> less money supply . Apparently interest rate do affect money supply and inflation rate.

People deposit more and hold less cash --> MORE money supply.

Why? Because our banking system works on a fractional reserve system. Say the required reserves for banks is set at 10% by the Fed. That means that when someone deposits $10,000 the bank can now issue a loan of $100,000. $10,000 in cash just turned into $100,000 that can be used in the economy.

I am very pleased by this turn of events.

I applied for ED account early last week (3/28) and have yet to get the two small deposits into my account. (making me kinda anxious giving out my checking account number, although I know plenty here have had good experiences with ED)

With this new bump in ING's rate, I will probably keep the majority of my money with them, until ED raises their rates again to have closer to +50 bps differential.

nomansland said:It was 3% now back to 2.8%

Uh... no it says right on the front page 3.0% APY

ING Direct

Also in my account info it says 3.0% APY.

CNBT reward checking 3.45%APY!

whatchyou talkin about willis???

Earn 3.00% Annual Percentage Yield on an FDIC-insured savings account. from their website 2 seconds ago

hope they're fighting each other and pump rate to 3.5% or highter.

sorry ING, too late, I moved to Capital One and I'm not bouncing back and forth.

frogfan said:I would think so...it only requires that you have a different primary account holder...therefore, I would think that couples could also open two accounts with each being a primary on an account. Anyone tried this?

Did this last year. Works OK as long as SSNs are different. After it is opened you can combine into a single account with separate customer numbers so that the money is pooled and each 'customer' can move any amount to their set of checking accounts.