ING Direct Raises Rate to 3.75% APY
Title says it all. $25 opening bonus still active. I’ve updated my Online Savings Accounts Comparison accordingly.
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December 5th, 2005 at 3:52 am
Tought you would like to know that GMAC Bank (http://www.gmacbank.com/) has a money market account with a 4.10 APY with $500 minumum.
Love the site, keep up the great work!
December 5th, 2005 at 5:07 am
This is kind of off topic for this post, but do you know of any no annual fee credit cards that pay more than 1% for everyday purchases? I currently use the AT&T universal for all my gas, grocery, etc., and in the past have used American Express Blue for all of my other purchases. However, AMEX changed the rules to where you only get .5% until you spend 6K, then you get the 1.5 (or somthing like that) for remaining purchases. Obviously, this change is for the worse and I have recently been using the Universal card (1% on all purchases except for gas, grocery, etc), but am looking for an everyday card that gets more than 1%. Any ideas?
December 5th, 2005 at 7:23 am
why won’t rhey go for 4%…have mine with emigrant right now
December 5th, 2005 at 9:07 am
Thanks Steve, there are a lot of other banks out there, but I really only post about the main ones until they beat out my Presidential Premier account, which pays 4.12% currently.
Anon - Check out This Chase Card with 5% back on everyday purchases.
Norman - Because most likely they don’t have to. Most people either don’t know or don’t think it’s worth it to a slightly higher rate if they’re already beating out their 0.25% home bank interest rate.
December 5th, 2005 at 9:23 am
Off topic: How often do you open new credit cards for balance transfers? And do you keep your balance below 50%?
December 5th, 2005 at 11:17 am
Jonathan, your bank comparison lacks HSBC. With them offering 4.0%, maybe you should dump ING (or VirtualBank), and put up HSBC instead if you don’t have the room.
December 5th, 2005 at 12:14 pm
Anon: Chase offers 1.5% cash back on one of their add-on rewards programs, but it costs $60/year, so it doesn’t make sense (you should just used a tiered card that pays 1.5% after $6k in purchases). Otherwise, you’re stuck with 1% unless you go with the Fidelity Card with 1.5% into an investment account, or their 529 card with 2% back. Supposedly Emigrant Direct was coming out with a cash-back credit card in November, but I haven’t heard anything about it recently…it was supposed to offer the highest rates for any cash-back card.
December 5th, 2005 at 2:01 pm
way to go ING…
they should reach 4 in 1/2 a year.
They are being conservative with raising the rates, which is understandable.
keep this site going! It’s great
December 5th, 2005 at 4:19 pm
Loi - Usually when I one offer comes to an end, or when my balances drop so my credit score is high again. I try to only have 3 credit applications in a rolling 6 month period.
LSD - HSBC is coming… I just opened an account and was approved, but no access yet.
Erick - I think Emigrant is just overwhelmed with all it’s new clients.
JLo - Thanks!
December 5th, 2005 at 6:47 pm
If you have Presidential Premier listed what about Umbrella Bank?
http://www.umbrellabank.com/pe.....market.php
4.15% and No direct deposit needed
$1000 minimum
Drawback is no ACH
December 5th, 2005 at 6:58 pm
Erick: They indicated it was a 1.25% cashback card, which is better than most, but still not better than MBNA. Of course, if MBNA (soon to be BOA) discontinues the card, then it might be worth considering.
December 6th, 2005 at 5:18 am
Thanks for the info, Erick. I, too, received the email about Emigrant’s card, but forgot all about it. Hopefully they do follow through with their claim of offering the highest cash-back.
December 6th, 2005 at 7:16 am
Anon: do you have the MBNA Fidelity card? I don’t have a Fidelity account open (yet), and wondered if I need one to apply for the card. I’m hoping I can accumulate dollars and deposit them later on sometime.
December 6th, 2005 at 8:41 am
I like Citi’s Dividend Card.
December 6th, 2005 at 8:50 am
Erick - I have the MBNA 529 Card (also through Fidelity) and no, you do no need to have an account first to apply card. You do need to specifically call them an tell them your account number once you do get an account.
The great thing for the 1.5% Fidelity card is that if you ask for online statements, there are no minimums and no monthly maintenance fees. I have an account and have had nothing in there for a year now - no fees. More information on these MBNA cards in this post
December 7th, 2005 at 6:39 am
Don’t forget about Capital One Money Market ($100 minimum). This rate has just been raised to 4.00% and they give you free checks. I love this blog!
December 7th, 2005 at 12:33 pm
So is there any way to make the money in Emigrant more liquid? I’m pondering opening an HSBC account now instead of an ING. I’m still semi confused about linking ING to Emigrant. What are the advantages? Or is it just another source to pull money over from with ease? Does that increase liquidity at all?
December 7th, 2005 at 6:07 pm
I don’t understand your question. What is your definition of liquidity? You can take out your money out of any of these banks at any time.
December 8th, 2005 at 12:10 am
Ya, but with emigrant you have to wait 4-5 days for the money to transfer back to your checking account don’t you? Isn’t liquidity the time ability to make into cash? As in my checking is more liquid than my emigrant account? Or am I way off track? Sorry I’m still a newb trying to make a financial dent before I reach 30.
December 8th, 2005 at 11:05 am
Hi Micah,
Might not be 4-5 days.
I initiated a transfer on Dec 3 (last sat).
Money disappeared from Emigrant acct on Dec 5.
Appeared in my US Bank checking account on Dec 6.
Hi Jonathan,
I’m still waiting for my HSBC to be fully setup. I’m getting a bit crazy. The necessary pieces of info (customer ID, atm card, password, pin etc) come one after another. I can now access my online account, but am still waiting for the last bit - my ATM PIN - to set up my security key for bank to bank transfer.