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Emigrant Direct Savings now paying 4%...
Old 09-20-2005, 06:40 PM   #1
 
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Emigrant Direct Savings now paying 4%...

Just got an email from them announcing this 4% rate. Not too bad!
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Re: Emigrant Direct Savings now paying 4%...
Old 09-20-2005, 06:52 PM   #2
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Re: Emigrant Direct Savings now paying 4%...

The email also included this:

"Additionally, we are also pleased to announce the upcoming launch of a no-fee credit card from EmigrantDirect offering the highest cash back rebate in the country on all your purchases from the first dollar spent on your card to the very last. This revolutionary credit card featuring platinum-level benefits will be offered only to EmigrantDirect customers and be available before yearend. Cash back amounts will be deposited into your American Dream Savings Account automatically not once, but twice a year for added convenience. If you would like to be sent a priority invitation to apply for the card once it becomes available, please send a quick email with your name and email address to emigrantdirect@emigrant.com."

They've been very aggressive in their effort to pay the highest interest rate for demand deposits. Curious to see if they will be equally aggressive in maintaining the lead in CC cash back payments.



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Re: Emigrant Direct Savings now paying 4%...
Old 09-20-2005, 11:29 PM   #3
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Re: Emigrant Direct Savings now paying 4%...

As an emigrant direct customer, I will be keeping my eyes/ears out to see what that CC offer will be. Now if I could get the cash back on a balance transfer...
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Re: Emigrant Direct Savings now paying 4%...
Old 09-21-2005, 06:03 AM   #4
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Re: Emigrant Direct Savings now paying 4%...

I told my dh about the 4% last night and he had a small attack over the fact that I was considering putting our money on the internet (he thinks the net is full of perverts and thieves). I've been apprehensive about it myself but I need to take the plunge mainly because it makes me ill getting 1.28% on my cash account when I can be getting 3.5+. Any pitfalls I should watch out for?

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Re: Emigrant Direct Savings now paying 4%...
Old 09-21-2005, 06:42 AM   #5
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Re: Emigrant Direct Savings now paying 4%...

I`ve moved money to Emigrant Direct and been pleased with the service and interest
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Re: Emigrant Direct Savings now paying 4%...
Old 09-21-2005, 09:43 AM   #6
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Re: Emigrant Direct Savings now paying 4%...

I have an account with Emigrant-Direct too, and haven't had any problems with them yet. They're actually a very old bank, supposedly around since 1850 or so, so they're not some Johnny-come-lately that's going to take your money and run. I think they're based in New England somewhere.

Still, I can understand the apprehension about internet banking. I've been trying to talk my Grandmother into cashing in some of her crap-rate CDs the next time they're up for renewal, and letting me put them in Emigrant. I guess a lot of older people have fears about the internet. She's leery of it, but said she'll let me set it up for her. Unfortunately, she just had 3 CD's mature and automatically renew (I think they're 6-month or 9-month) so I'll have to catch them next time around, I guess!
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Re: Emigrant Direct Savings now paying 4%...
Old 09-21-2005, 11:36 AM   #7
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Re: Emigrant Direct Savings now paying 4%...

Quote:
Originally Posted by Outtahere
(he thinks the net is full of perverts and thieves).
Does he know the criminal history of your bank's employees, too?
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Re: Emigrant Direct Savings now paying 4%...
Old 09-21-2005, 01:17 PM   #8
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Re: Emigrant Direct Savings now paying 4%...

I suspect most of us here do our financial transactions (banking, CC and portfolio investing) over the net. Being a control and paranoid freak, I take a couple of minutes a day and check all my banking and CC accounts online against my spreadsheet.
No big deal for me so far.
I am going to Thailand for 30 days and I'm not taking my laptop with me. It should be interesting see how out of control i'll feel since I will be accessing the internet less frequently.

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Re: Emigrant Direct Savings now paying 4%...
Old 09-21-2005, 01:31 PM   #9
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Re: Emigrant Direct Savings now paying 4%...

Quote:
Originally Posted by Nords
Does he know the criminal history of your bank's employees, too?
It's become a running joke between us since I was a chat host a few years ago. Not that I'm completely convinced about it but I figure as long as I'm cautious about scams I'll avoid most of those types.
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Re: Emigrant Direct Savings now paying 4%...
Old 09-21-2005, 02:10 PM   #10
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Re: Emigrant Direct Savings now paying 4%...

Quote:
Originally Posted by MJ
I am going to Thailand for 30 days and I'm not taking my laptop with me.* It should be interesting see how out of control i'll feel since I will be accessing the internet less frequently.
I don't feel insecure accessing my financial accounts from my personal laptop while travelling, because I know the host computer is good. But I would never access anything important from an internet cafe computer...who knows what kind of spyware/keyloggers/etc. are installed on them.
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Re: Emigrant Direct Savings now paying 4%...
Old 09-21-2005, 03:50 PM   #11
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Re: Emigrant Direct Savings now paying 4%...

Does Emegrant have CDs and other instruments, or just saving type banking?

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Re: Emigrant Direct Savings now paying 4%...
Old 09-21-2005, 04:48 PM   #12
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Re: Emigrant Direct Savings now paying 4%...

Quote:
Originally Posted by soupcxan
I don't feel insecure accessing my financial accounts from my personal laptop while travelling, because I know the host computer is good. But I would never access anything important from an internet cafe computer...who knows what kind of spyware/keyloggers/etc. are installed on them.
I'm not taking my laptop because of internet security concerns but because I just don't want to shlep it with me as well as concerned about it being stolen.

You do bring up a valid concern about accessing the net via an internet cafe. ING has introduced a random alternate password scheme that changes everytime you log on.
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Re: Emigrant Direct Savings now paying 4%...
Old 09-22-2005, 09:32 AM   #13
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Re: Emigrant Direct Savings now paying 4%...

I don't know about ING's random password scheme, but I have seen that e-trade offers a keychain random number generator that changes every 60 seconds, which you use to log in (along with your normal password). Pretty cool application of NSA technology if you ask me. We have something similar at work for accessing the VPN.
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Re: Emigrant Direct Savings now paying 4%...
Old 09-22-2005, 10:14 AM   #14
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Re: Emigrant Direct Savings now paying 4%...

ING actually takes it one step further these days. Not only do you have to enter your customer number and answer another random question, that alternates between the last 3 digits of your SSN, the first 3 digits of your SSN, your zip code, year of birth, etc, but when you put in your pin #, instead of TYPING in your pin, you have to enter it with your mouse on a virtual keypad!
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Re: Emigrant Direct Savings now paying 4%...
Old 09-22-2005, 12:30 PM   #15
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Re: Emigrant Direct Savings now paying 4%...

Quote:
Originally Posted by Andre1969
ING actually takes it one step further these days. when you put in your pin #, instead of TYPING in your pin, you have to enter it with your mouse on a virtual keypad!
Your pin# is represented by a random alpha character on the virtual KP, that changes everytime you attempt to log on. Neet.
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Re: Emigrant Direct Savings now paying 4%...
Old 09-22-2005, 02:56 PM   #16
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Re: Emigrant Direct Savings now paying 4%...

Are any of these money market accounts consistently higher on rates or is it something where folks are having to chase the best rate. I just started an ING with a 50 dollar bonus, so that helped my decision. I think I have heard more complaints from folks on Emigrant.
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Re: Emigrant Direct Savings now paying 4%...
Old 09-22-2005, 06:44 PM   #17
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Re: Emigrant Direct Savings now paying 4%...

Quote:
Originally Posted by maddythebeagle
Are any of these money market accounts consistently higher on rates or is it something where folks are having to chase the best rate. I just started an ING with a 50 dollar bonus, so that helped my decision. I think I have heard more complaints from folks on Emigrant.
They are not as polished as ING but still pretty reliable.
Right now, Emigrant is .7% higher although I suspect ING will raise their rates soon but they have yet to matched Emigrant.
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Re: Emigrant Direct Savings now paying 4%...
Old 09-23-2005, 07:58 AM   #18
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Re: Emigrant Direct Savings now paying 4%...

I started with ING back in February, mainly because of an ad that my Granddad found in the paper and showed me. Once I explained it to him about how you do it online, he had his doubts, but I went ahead and put some money into it, figuring that it would be better than letting it rot in my checking account. This was money that I wanted quick access to for some home projects, so I didn't want to stick it in stocks or mutual funds, where I might have to pull it out at a loss.

Anyway, about a month or two after I opened the ING account, I found out about Emigrant. IIRC, at the time ING was paying around 2.2% while Emigrant was 2.5 or something like that. Every time the Fed raised their rates, Emigrant would raise their rate almost immediately, and then ING would soon follow, usually trailing Emigrant by .2-.3% or so.

I'm guessing that ING will raise their rate soon, to around 3.8%.
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Re: Emigrant Direct Savings now paying 4%...
Old 09-23-2005, 09:32 AM   #19
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Re: Emigrant Direct Savings now paying 4%...

Quote:
Originally Posted by Andre1969
I'm guessing that ING will raise their rate soon, to around 3.8%.
They just raised to a pultry 3.4%. Not anywhere as agressive as Emigrant.
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Re: Emigrant Direct Savings now paying 4%...
Old 09-23-2005, 10:40 AM   #20
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Re: Emigrant Direct Savings now paying 4%...

ACK! I just checked my credit union share savings APY, and it's 0.75%. Until this year I didn't have enough to worry about, but from this past July forward I expect to have at least a few thousand in there at all times.

Between Emigrant Direct, ING and PenFed (or others that pop up), what's a good place for me to keep liquid emergency money & short term savings? I might also like to get another credit card and cancel two that I have but don't particularly care for, and I think at least one of these guys has CCs, too.

Do these places have minimum opening balances? I looked at Emigrant Direct's site, and they have no minimum balance to maintain but don't say if there's minimum to open an account.
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