Emigrant Raises rates

wheres this news?

Yahoo news

Once again, my $1 in ING is justified

Thanks ED

still showing 3.25 on their site as of 1.30am friday morning...

tempted to open one but i guess have to wait till it show 3.5

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.

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

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

just my .35% APY difference

jon

its all good...rate is awesome!

therat84 said: i think the 3.5% is a lie thus far...it is not reflecting on emigrant direct...we'de love for it to be true, but wouldnt you think that this is unprofessional to have it nationally known on the news, yet not have it relect on their homepage??

Even fortune 500 companies have IT issues and delays. Let's wait and see.

Here is a link to the ED site itself saying that the rate is 3.5%

They just updated their home page a few minutes ago, it now says 3.5%.

Anyone know of any non-expired bonuses for opening a new ED account?

I don't use Presidential because I like to be somewhat liquid. Having 5,000 min deposit is a deal breaker. It is nice to be able to move my money around without having to deal with service charges and such that Presidential charges you if you fall below 5,000.

Interesting...I went to the emigrantdirect.com webpage about a hour ago and it said 3.5. Now it is back down to 3.25. Kind of strange. Hope they are just having image issues.

it just doesn't say it on the home page in the big numbers yet. if you go to learn more from their home page, it is updated to 3.5%

well, i just went again, and the learn more page still says 3.5% when i go to it. i don't know, maybe it depends what part of the country you are from. but as i said earlier, i spoke with a csr at ED, who confirmed the yahoo story and the rate being 3.5% effective immediately today. so i wouldn't worry about it. csr also told me the site would be fully updated later today.

Yeah..now it says 3.5%!

I am interested in transferring my money from ING to ED as well. Can I just do that directly or do I have to move my money from ING to my other checking account?