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Emigrant FAQ:
Is EmigrantDirect's 3.50% APY on the American Dream Savings Account a "promotional" offer?
Not at all! In fact, the current APY reflects an increase from 3.25% APY to 3.50% APY effective 7/22/2005. In addition, Emigrant Direct is committed to offering the 3.50% APY through 12/31/2005. The rate may even increase, based on market conditions.
Also important:: 3.44% apr = 3.50% APY
Message edited by: amitkurich on 2005-07-23 19:16:23 CDT
As of midnight PDT, it still shows 3.25% APY. I think it will go up to 3.5% tomorrow.
I like ED rather than Presidential. It has no minimum, easy to transfer. The more important thing is ED tends to raise the rate fast and early. In the long-run (3-4 months from now), I think ED will move higher than Presidential.
Jom said:As of midnight PDT, it still shows 3.25% APY. I think it will go up to 3.5% tomorrow.
I like ED rather than Presidential. It has no minimum, easy to transfer. The more important thing is ED tends to raise the rate fast and early. In the long-run (3-4 months from now), I think ED will move higher than Presidential.
Presidential has increased rates much faster than Emigrant has. There's no way ED is going to keep up. The worst that Presidential has done is match ED interest with it's checking and its checking has been higher than ED for a while now. It's only now that ED has finally caught up. Only problem is Presidential came out with their new savings account which is higher. I wouldn't count on Emigrant having higher rates than Presidential, although their accounts do come with fewer strings attached.
pcuser said:Why doesn't people open up account with Presidential www.presidential.com. They are offering 3.75%. I just moved most of my funds to Presidential.
I dont have one because i believe the 3.75% account does not offer the ability to initiate ACH to allow easy transfer of funds in and out. Other may not have it for this reason in addition to the $$$ limits
jensenjp said:I dont have one because i believe the 3.75% account does not offer the ability to initiate ACH to allow easy transfer of funds in and out. Other may not have it for this reason in addition to the $$$ limits
jon
You can instantly transfer from Presidential Savings to Checking via presidential.com and then take out money with an ATM card or do ACH pulls.
The "link" to the yahoo news page doesn't work. Googling turned up nothing. ED website and all ads I've seen still say 3.25%. Would love this to be true but where can I confirm this rumor?
edit: Hit refresh on the "page not found" page and you get:
EmigrantDirect Raises Online Savings Rate to 3.5% Thursday July 21, 6:21 pm ET American Dream Savings Account Continues to Lead the Field
NEW YORK, July 21 /PRNewswire/ -- EmigrantDirect.com, the online banking branch of the venerable Emigrant Savings Bank, has announced it will raise its interest rate on savings accounts immediately to 3.5 percent, the highest nationally advertised rate in the country.
Although an increase in the Federal Fund's rate by the Federal Reserve Board is not expected until next month, Emigrant officials have decided to continue to lead in offering the country's highest rate for its FDIC-insured EmigrantDirect.com American Dream Savings Account, said Howard Milstein, Chairman and CEO of Emigrant Savings Bank. Milstein pointed out that Emigrant had guaranteed at its last increase to 3.25 percent that the rate would not go down, although it could be increased.
"Our customers are very enthusiastic about the American Dream Savings Account," said Milstein. "This new rate increase rewards our current customers and maintains our leading position in the field. The American consumer has come to expect more from EmigrantDirect.com and we intend to deliver. Instead of spending a lot of money on bricks and mortar buildings and advertising, we are offering higher rates to the consumer, who also appreciates the convenience of 24/7 access to their accounts."
Founded in 1850 to serve the needs of a growing America and a dynamic immigrant population, Emigrant Savings Bank has served generations of New Americans to seek a better way of life for themselves and their families. By the 1920s, Emigrant was the largest savings bank in the nation with nearly $3 billion in assets. Today the bank has more than $10 billion in assets supported by more than $1 billion in shareholder equity, giving it the strongest balance sheet in the nation.
-------------------------------------------------------------------------------- Source: Emigrant Savings Bank
bluegenie said:jensenjp said:I dont have one because i believe the 3.75% account does not offer the ability to initiate ACH to allow easy transfer of funds in and out. Other may not have it for this reason in addition to the $$$ limits
jon
You believe wrong. You can instantly transfer from Presidential Savings to Checking via presidential.com and then take out money with an ATM card or do ACH pulls.
I'm with jensenjp.
I'd have to open both the Presidential Savings and the Checking acct to have decent quick access to funds. I've read they do a hard pull for the checking acct, and require DD to avoid a monthly fee. The other limitations like min and max balances to get the max interest rate are also annoying. Someone pointed out in another thread at even with the maximim $35,000, .25% differece is $87.50 I'd be willng to do all that for .5%, but not for .25%.
Aagiants said:i was waiting for another promotion from emigrant (25$) but i said screw it, ditched ING
I think it is worth keeping an ING account open with a buck or two in it. you never know when the rate lead could swing back to ING favor. It would be easier to just keep it open rather than go through the hassle of reopening it later if/when ing gets better rates
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