Ive been reading all the messages on this thread and was wondering if I should jump ship, I currently have about 1200 in an ing savings accout. I know its not much but im still in college so anything I save I put it in ing. Will I really benefit If I change accounts? Ive had the account for about 1 1/2 years.

chyamor said:Ive been reading all the messages on this thread and was wondering if I should jump ship, I currently have about 1200 in an ing savings accout. I know its not much but im still in college so anything I save I put it in ing. Will I really benefit If I change accounts? Ive had the account for about 1 1/2 years.The 0.6% difference amounts to about $7 per year on a balance of $1200.
You decide if it is worth it.

chyamor said:Ive been reading all the messages on this thread and was wondering if I should jump ship, I currently have about 1200 in an ing savings accout. I know its not much but im still in college so anything I save I put it in ing. Will I really benefit If I change accounts? Ive had the account for about 1 1/2 years.
Because you don't have much $$ here, you can open HSBC saving instead at 3.75% and $25 bonus.

Anybody know the CD APY for ED? Better than ING or worse?

On the website, they have checking, saving, and CD options.

From the posts on this site it is obvious many folks are moving large amounts of money to much higher yielding savings accounts and therefore average balances are probably dropping dramatically. I am not saying they are insolvent or in trouble as a company but the arm of ING operating their online bank must not be making near as much money when people shift accounts and the overhead of serviing accounts also rises. So, "matt1" my statement stands and quit thread crapping just for fun.

Both Emigrant Savings Bank and ING can borrow as much money as they want at 3.75% (fed funds rate) and not have the expense and bother of dealing with large numbers of tiny accounts.

No bank can offer rates of 3.75% and above and remain competitive. I would not expect ING would care that FatWalleters are not taking them up on their 3.40% offer when they can borrow billions at 0.35% more.

ING has a longer history of offering high, but not promotional rates, than Emigrant Savings and unless someone wants to check rates frequently I am guessing ING may be a better long term bet.

So we will all move our money back to ING when they regain the lead. Very simple.

Discount rate is the interest rate for short term loans and is much higher than Fed Funds, Banks seldom use it.

Fed Funds is the overnight lending rate which bank borrow directlyl from FED to meet their FED deposit requirement, bank can also get it from inter-bank fed funds which is just a little bit better than the Fed funds, say 3 11/16 as compared with 3 3/4.


BradMajors said:qwe123 said:BradMajors said:Both Emigrant Savings Bank and ING can borrow as much money as they want at 3.75% (fed funds rate) and not have the expense and bother of dealing with large numbers of tiny accounts.
Federal Reserve Bank won't lend you as much as you want, they just lend you up to your required FED deposit.

The Fed Funds Rate is the inter-bank loan rate. Borrowing directly from the fed is at the discount rate.

what is your point?

nosatalian said:While its probably true that ING Direct is up 20% in money invested this year, Emigrant is probably up 1000% or more over the same time, so even though they arn't losing deposits they are losing a lot of opportunity.