ING Direct's Great Rate Finally Toppled!!
For months now ING Direct has been offering America's highest yield savings account with no minimums and no fees. After much success the competition has decided to move in. New York based bank, Emigrant Bank, has decided to up the Ante. On January 5, 2005 in a press release they announced to the world the formation of Emigrant Direct, which is essentially a direct copy of ING Direct's business model, however, the interest rate is higher. Currently ING Direct offers 2.35% interest rate. Emigrant Direct is now offering 3.00%. That may not sound like much, but on $10,000 that equates to $65 a year, or $5.42 a month. Now imagine if you have more than $10,000 you would like to move into this account. The Emigrant Direct account also features no minimums and no fees. It truly is a boon to the consumer.
Until just recently I had not heard of Emigrant Bank, but after some research it appears to be a very solid bank. It has been in business since 1850, and operates primarily in the New York area.
The following links will provide with you more information:
Emigrant Direct - American Dream Account
Emigrant Bank Main Site
Click the Comments Link Below to Post Comments.
2 Comments:
I came across Emigrant Direct while searching for a better interest rate. To be honest, it's worth settling with the ING 2.35% rate rather than mess with the Emigrant people. It took me nearly a month to jump through all of their hoops. Their directions are horrible, and they act like they've never done this before. I finally was able to access my account after all of the checks and deposit verifications and bla bla bla. This was a month long process, with most of my time talking to their people trying to figure out what is going on. I still can't figure out how to deposit or withdrawl money. They don't have links in your account to do this.
Feel free to check it out. I'll be honest, the extra $2.00 you'll receive with them just isnt't worth it. Besides, I'm sure ING will raise their rates.
Even if ING raises thier percentage, Emigrant will raise theirs, it is being advertised as the highest rate in America. I have just changed my savings account over to Emigrant-direct and I had no troubles. Hopefully ING and Emigrant get into a bidding war with percents and we all win out....PEACE OUT.
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