FWbroke said:But savings rates do vary based upon the Fed Funds value. I don't thik we would see the Fed raise rates and APY's go down or vice versa.
What you are saying is that the direction of the savings' rates is CORRELATED with the direction of the federal funds' rates. Correlation does not indicate CAUSATION, however, so the federal funds' rates do not directly cause an increase in the savings' rates.

Pakaderm said:For those moving funds from ING to a new ED or Pres account, do you first transfer your money to your linked account (main checking account and local bank in my case) and then transfer it into ED, or do you link the ING and ED account directly?

Thanks,
-Pak

ED and ING cliam you need to send them a check to set up a link. So since neither ING or ED offers checking tied to their accounts(the accounts disscussed here and elsewhere on FW) you can not link ED to ING. I have to use my BoA checking account as an in between transfer point

jon

btw ED is now at 3.5% - FW Thread on ED at 3.5%

I'm not going anywhere - ING has the best website and is easiest to use. I don't have time to be shuffling around my beloved cash to crappy websites that look like a 4-year old could have done. My friend told me a) it took a month to get set up at ED - brutal - and b) you can't even send in paper checks as deposits. And again, it's not worth my time, since I only have around $15,000 and it really doesn't amount to much, for the amount of effort, inconvenience and shoddy service and website.

Pakaderm said:jensenjp said:Pakaderm said:For those moving funds from ING to a new ED or Pres account, do you first transfer your money to your linked account (main checking account and local bank in my case) and then transfer it into ED, or do you link the ING and ED account directly?

Thanks,
-Pak

ED and ING cliam you need to send them a check to set up a link. So since neither ING or ED offers checking tied to their accounts(the accounts disscussed here and elsewhere on FW) you can not link ED to ING. I have to use my BoA checking account as an in between transfer point

jon

btw ED is now at 3.5% - FW Thread on ED at 3.5%

Thanks, I haven't set up my ED account yet, and it's been a while that I've had ING; I just forgot what the process was.

ED, here I come!
Just to be clear, you can link your ING account to your ED account but you must do it at the time you open your ED account because to add a second linked account to your ED account you must mail them a check (which ING does not provide for savings accounts) When you first setup your ED account you simply need to provide you ING account number and routing number both of which you can get from ING's site (look for the directions on how to setup a direct deposit to your ing account, the acct # and routing number are provided for you there). I have my ING account linked to my ED so I know that it works.

earthsci said:well, i'd rather keep ING since both ED and ING are linked by presidential,
so i can transfer money between any of them without using my local FCU with nearly 0 interest.

Sorry, as this is rather off topic for this thread.
I consider opening a Presidential account. I read through the Presidential thread and I did not see a clear answer for how to link a non Presidential checking account to the Presidential savings account.
My question is, how do you link both ING and ED to Presidential? Do you mean the Presidential savings or checking account?
Can I make the initial deposit electronically from another bank, and then they will stay connected and I can transfer money in both direction, or I definitely need a Presidential checking account?
Thanks to anybody who can answer this.

TonySpero said:I want to open a presidential savings account too, but I don't know for sure if I can move money into and out of this account with ACH push/pull initiated from HSBC once the initial deposit has been made, does anybody know for sure?

Call Presidential's Customer Service at 800-383-6266.
I think you can do ACH as long as you have the routing and account number. If Customer Service says you can't, then you can open an Internet Checking Plus (earns 3.5% - min 1500 balance) and link it to your savings account at Presidential. You can do ACH transfers on this checking account.

terryrocks said:I have a question.. forgive me if it is really stupid. But does 3.15% apply for the whole year or for each month?
For example if i had a savings account with a $100,000 would I make 3,150 in interest every month or every year?That is the stupidest question I have every heard. If that was the case, people would be savings and not buying stocks!

Buddino said:terryrocks said:I have a question.. forgive me if it is really stupid. But does 3.15% apply for the whole year or for each month?
For example if i had a savings account with a $100,000 would I make 3,150 in interest every month or every year?That is the stupidest question I have every heard. If that was the case, people would be savings and not buying stocks!

lol... well at least he realized it might be stupid

Slightly off topic, but I need some advice. I'm 18 and opened an account at ING Direct, but I don't have a credit history so they told me it's harder to verify my account. I was instructed to send a fax with my customer # and social security card to them. Does this sound right?

winter said:Why make it an either-or choice? Open accounts at both, pocket the $25 from ING, keep your money at ED until ING gets competitive.

Why only $25? Surely you know about the $50 opening offer, no?