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Re: ING Slacking as a place to park cash - Any Recommendations
Old 09-01-2006, 03:52 PM   #21
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Re: ING Slacking as a place to park cash - Any Recommendations

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Originally Posted by TromboneAl
I also use VB Prime MM.* What are the advantages of using something like ING or Emigrant Direct??
ING and Emigrant are FDIC insured. Vanguard MM isn't.
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Re: ING Slacking as a place to park cash - Any Recommendations
Old 09-01-2006, 04:14 PM   #22
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Re: ING Slacking as a place to park cash - Any Recommendations

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Originally Posted by cube_rat
I had a GE interest plus account.* I was happy with them until they wired* 75,000 to another account in tim buck two, when I was closing escrow on a house.* * I spent several hours tracking down my money all over the planet, all because someone hand wrote my account number incorrectly.* Sorry for the rant, but the GE name brings it out in me.
Yikes! Thanks for the heads-up!
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Re: ING Slacking as a place to park cash - Any Recommendations
Old 09-01-2006, 04:21 PM   #23
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Re: ING Slacking as a place to park cash - Any Recommendations

Besides the FDIC-insurance difference, the Vanguard MMF has a $3000 minimum balance. ING and Emigrant have $0 balance.

With the MMF, you can write checks. At least with ING, you cannot.

With the Vanguard MMF, you begin a long term relationship with one of the best and most reputable mutual fund families in the business.

With ING, you begin a relationship with large international finance company that sells load funds and variable annuities. (FD: I own NIVAX from ING in my 401(k), but it's closed to new investors).
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Re: ING Slacking as a place to park cash - Any Recommendations
Old 09-01-2006, 10:04 PM   #24
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Re: ING Slacking as a place to park cash - Any Recommendations

Quote:
Originally Posted by semtex
GMACBANK, I am the only one using it?
Nope........I'm there too, using the GM Demand Note account which is managed by Mellon Bank and currently pays 6%apy.* Minimum balance is only $1000.* Minimum withdrawal (by check) is $250.* Only downside is no FDIC, so some may wish to limit exposure.
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Re: ING Slacking as a place to park cash - Any Recommendations
Old 09-02-2006, 09:37 AM   #25
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Re: ING Slacking as a place to park cash - Any Recommendations

Why does ED have such a poor rating on Bankrate.com 2 measly stars?

SWR
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Re: ING Slacking as a place to park cash - Any Recommendations
Old 09-02-2006, 10:03 AM   #26
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Re: ING Slacking as a place to park cash - Any Recommendations

SWR (slightly off-topic):

I found a place to park Canadian cash you may be interested in...President's Choice Financial introduced in July a no-fee savings account that will pay 4% on any balance over $1000. Beats ING.ca, the major banks like TD and credit unions hands-down.

4% seems like peanuts when comparing to US deposit rates, but it's quite good for Canada, where they consistently pay 1% or more below the prevailing rates in the States.
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Re: ING Slacking as a place to park cash - Any Recommendations
Old 09-02-2006, 10:14 AM   #27
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Re: ING Slacking as a place to park cash - Any Recommendations

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Originally Posted by Red-y
SWR (slightly off-topic):

I found a place to park Canadian cash you may be interested in...President's Choice Financial introduced in July a no-fee savings account that will pay 4% on any balance over $1000. Beats ING.ca, the major banks like TD and credit unions hands-down.

4% seems like peanuts when comparing to US deposit rates, but it's quite good for Canada, where they consistently pay 1% or more below the prevailing rates in the States.
Thanks, I am aware of PCf. I only have a token of cash in Canada though. (Hoping things in the $$$ will change at some point) I just import cash as I need it while I am there. Not much this year though.

SWR
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Re: ING Slacking as a place to park cash - Any Recommendations
Old 09-02-2006, 10:33 AM   #28
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Re: ING Slacking as a place to park cash - Any Recommendations

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Originally Posted by ShokWaveRider
Why does ED have such a poor rating on Bankrate.com* 2 measly stars?

SWR
They are small, undiversified, paying up for deposits and don't have the backing of a larger parent. There is probably nothing wrong with ED, buts not the strongest credit.
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Re: ING Slacking as a place to park cash - Any Recommendations
Old 09-02-2006, 10:48 AM   #29
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Re: ING Slacking as a place to park cash - Any Recommendations

Brewer, as our resident banking guru, who do you recommend then? Beg pardon if you've posted the answer before--and I think you may have, but I can't seem to find it. Do you recommend short-term Treasuries instead of money market accounts (depending on an individual's tax situation)?
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Re: ING Slacking as a place to park cash - Any Recommendations
Old 09-02-2006, 11:21 AM   #30
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Re: ING Slacking as a place to park cash - Any Recommendations

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Originally Posted by astromeria
Brewer, as our resident banking guru, who do you recommend then? Beg pardon if you've posted the answer before--and I think you may have, but I can't seem to find it. Do you recommend short-term Treasuries instead of money market accounts (depending on an individual's tax situation)?
I actually don't think there is anything wrong with ED, since they look OK and are backed by the FDIC. Aside from a few banks that have serious issues, one can afford to be somewhat blase because Uncle Sam will make it right if things get ugly. So mostly, you can shop on rates and terms. And money markets have essentially no risk of default by construction (limitations on what they can invest in), so it is safe to shop by rates and terms.

But it is worth comparing them to t bills if you pay state income taxes. 3 month and 6 month t bills beat these accounts after taxes for me.
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Re: ING Slacking as a place to park cash - Any Recommendations
Old 09-02-2006, 03:35 PM   #31
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Re: ING Slacking as a place to park cash - Any Recommendations

jazz4cash

I too have GMAC Demand notes, but moved most of my money out of my account when the threat of GMs bankruptcy hit. Probably you've noticed, they have not increased their rates lately while other banks have increased their CD rates. Usually the Demand notes increased at the same time as other banks' CD rates.

That caused me to worry about how safe my money was, so most of it is in Emigrant Direct (5.15%) waiting to see what happens to GMAC.

BTW, I don't believe GMAC bank is the same as GMAC Demand notes.

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Re: ING Slacking as a place to park cash - Any Recommendations
Old 09-02-2006, 04:01 PM   #32
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Re: ING Slacking as a place to park cash - Any Recommendations

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Originally Posted by brewer12345
They are small, undiversified, paying up for deposits and don't have the backing of a larger parent. There is probably nothing wrong with ED, buts not the strongest credit.
They were part of a larger Emigrant Bank which had a good rating. Aparently in 2005, they split into 4 separate banks. I may not keep as much money with them, now that I see their rating.
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Re: ING Slacking as a place to park cash - Any Recommendations
Old 09-02-2006, 04:06 PM   #33
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Re: ING Slacking as a place to park cash - Any Recommendations

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Originally Posted by brewer12345
But it is worth comparing them to t bills if you pay state income taxes. 3 month and 6 month t bills beat these accounts after taxes for me.
I have been keeping a majority of my liquid money in 4 week treas. I split the money into 4 quarters so a 1/4 is available every week. They are currently paying better than the 3 and 6 month Ts.
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Re: ING Slacking as a place to park cash - Any Recommendations
Old 09-02-2006, 04:18 PM   #34
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Re: ING Slacking as a place to park cash - Any Recommendations

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which had a good rating
... was 3 stars last i had looked (down now to 2) ... holding lots of mortgages ... while FDIC removes some concern, there might be a liquidity issue if "it" hits the fan.
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Re: ING Slacking as a place to park cash - Any Recommendations
Old 09-02-2006, 04:25 PM   #35
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Re: ING Slacking as a place to park cash - Any Recommendations

www.emigrantdirect.com? It's not a sponsored link on Google, so I just want to make sure before I had them my cash.
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Re: ING Slacking as a place to park cash - Any Recommendations
Old 09-02-2006, 05:41 PM   #36
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Re: ING Slacking as a place to park cash - Any Recommendations

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yup, that's them.
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Re: ING Slacking as a place to park cash - Any Recommendations
Old 09-05-2006, 11:48 AM   #37
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Re: ING Slacking as a place to park cash - Any Recommendations

Anybody here use AMBOY DIRECT, they get 4 stars from Bankrate and their interest is pretty food on savings.

SWR
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Re: ING Slacking as a place to park cash - Any Recommendations
Old 09-05-2006, 12:26 PM   #38
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Re: ING Slacking as a place to park cash - Any Recommendations

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Originally Posted by ShokWaveRider
Anybody here use AMBOY DIRECT, they get 4 stars from Bankrate and their interest is pretty food on savings.

SWR
They are a local bank near me. I haven't used them, but they regularly get accolades on customer service for the bricks & mortar operations.
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Re: ING Slacking as a place to park cash - Any Recommendations
Old 09-05-2006, 01:11 PM   #39
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Re: ING Slacking as a place to park cash - Any Recommendations

Thanks, based on their 4 star rating I think I will dump ING and go there.

SWR
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Re: ING Slacking as a place to park cash - Any Recommendations
Old 09-06-2006, 10:18 AM   #40
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Re: ING Slacking as a place to park cash - Any Recommendations

Well I just opened an account, it was very easy. I called the help centre just to make sure all was well. They answered pretty quickly and the associate was pleasant. However, when I asked her the traditional "How Are You" queston, she responded, all well considering. On further probing she said they were very busy and could use more people. There had been a lot of account setups this weekend. I hope that is not a sign of things to come.

From an ING Perspective. I removed every penny from them and will close the account at the end of the month when the interest is paid.

Anyone else with Amboydirect?

SWR
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