Capital One 360 is now showing 0.75% APY on their site. Hmm… a rather weak reply to Emigrant Direct’s jump to 4.0% APY if you ask me. Still, the beauty of these accounts is that you can transfer money between them as you’d like. Although I’m sure ING is relying on ‘financial inertia’ to keep some people from moving their money out, even though you can even link Emigrant Direct and Capital One 360 together now.
For more information, please see my Capital One 360 Info Page and my Online Bank Comparison which compares many of the popular online savings accounts.
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ING Direct has the best user interface by far. EmigrantDirect has the worst user interface by far. Because of that, I resisted for quite a while to move from ING to Emigrant.
But, what really counts is rates, rates, rates. So I finally moved all the money to Emigrant, albeit its horrible interface and disastrously rude telephone reps.
I really don’t get why everyone says that. They both work perfectly fine for me. I would say ING’s interface is better, but not “by far”.
I transferred all of my funds to ED as well. Now that I see the minor bump at ING, I’m glad I didn’t wait to see if ING would increase as well.
While the GUI’s both are barebones, what more do you need? These aren’t accounts that are interfaced with on a daily basis. I do prefer the feature on ING that allows the creation of multiple accounts. If ED had this feature, ALL of my money would be with them.
The thing that I like about ING is the ability to create multiple sub accounts. I have set up multiple ‘buckets’ of money, which helps me track my different savings goals. I really, really wish emigrantdirect would do the same. Right now I have all of my emergency savings plus my arbitraged funds in emigrant, with only a small amount of money left at ING (car insurance escrow, etc.).
Is there a down-side to these sub-accounts? If you set up 50 sub-accounts are you going to get 50 tax forms from ING at the end of the year? I have been on the fence on these sub-accounts, haven’t tried them yet, they sure look handy…..
I also like the fact that ING displays the amount of interest accrued daily, which gives me a good reason to log on compulsively to check up on my account every day. It allows me to watch the money grow on a daily basis.
I used to laugh at a friend of mine who says he counts his money multiple times every day. And now, I found myself to be just like him. Ah.
Emigrants interface looks like a 9th grade webpage project but at 4.0% interest, do I care as long as it works correctly? HELL NO!