Rumor: Emigrant Direct to raise rates to 3.25% on Monday
According to this (long) thread at FatWallet, the CSRs at Emigrant Direct Savings report that the bank is going to raise their rate to 3.25% APY on Monday, March 14th. This good news for people like me who are using it without any problems, but many users are experiencing delays in getting their paperwork. I recommended skimming the thread or reading my Emigrant Direct review and the subsequent Emigrant Direct comments first before jumping in, if you haven’t already. Nobody has actually lost any money as as I know, but this is a bank, and security (or image of security) is their whole purpose.
But for me, I am moving more money from my 3.0% Presidential Bank checking account to Emigrant Direct on Sunday. I like initiating transfers on Sunday because that ensures that the money will be transferred during the work week. Otherwise, the money could be withdrawn from one bank on Friday, and it won’t show up at the other bank until Monday, and you would lose the interest during that float time. Not a lot of interest, but the smaller “limbo” time also helps to feel more secure and keep track of the money.
Find more in Deals & Offers | 3/12/05, 8:26am | Trackback
March 12th, 2005 at 11:21 am
Sweet. Good to see a bank being proactive even though they’re already the leader.
March 12th, 2005 at 5:39 pm
Im still having trouble setting up the account online. even after answering the security check questions correctly (unless somehow there’s some info about me that I dont remember). guess I’ll have to call them to setup an account. sigh. I dont think I’ll transfer funds from my ING to Emigrant, but I might deposit some recent money to it. I thought ING compounds daily, is it monthly?
March 13th, 2005 at 8:21 am
I tried to setup an Emigrant account the other day, and I assume I answered a security question wrong, too. But I know I did not! I’m giving them a call tomorrow.
April 3rd, 2005 at 1:04 pm
Rumor was confirmed, E-D now at 3.25% APY.