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Online savings accounts
Old 08-02-2007, 06:50 AM   #1
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Online savings accounts

With online savings accounts paying greater than 5% I am considering opening one. Has anyone use ING, Emigrant, or HSBC? Which is better in your opinion?

Lyle
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Old 08-02-2007, 07:02 AM   #2
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Sorry, I use Citibank's e-savings, which they linked to my checking/savings accounts. It earns about 5%.
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Old 08-02-2007, 07:13 AM   #3
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Sorry, don't use 'em anymore as they pay too low an interest rate.
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Old 08-02-2007, 07:14 AM   #4
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I used to use ING. They were decent but we had a better time overall with a switch to Citibank (no local branches so they're an e-bank to us). I do have all of my CDs at GMAC Bank... it's easier for my spending habits if I don't have a pile of money next to my checking account.

I have two coworkers with accounts at HSBC. They swear by this bank. It also sounds like HSBC has some killer online account tools.
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Old 08-02-2007, 07:17 AM   #5
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Quote:
Originally Posted by Lyle View Post
With online savings accounts paying greater than 5% I am considering opening one. Has anyone use ING, Emigrant, or HSBC? Which is better in your opinion?



Lyle
It's great to read the above posts. I am interested in these savings accounts as well.

I just got a snail mail ad from ING, and their savings account sure looks great. It pays about the same as a CD from my local bank, but I could get my money out immediately if I needed it unexpectedly.
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Old 08-02-2007, 07:46 AM   #6
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I have used several (HSBC, ING, Capital One and a couple of others). The main drawback to these things IMO is the very slow credit of deposits and withdrawal (I suspect it is just them "playing the float" to your disadvantage). Seems like they advertise a great rate and then after about a month drop the rate also. I will stick with my Credit Unions as they are very fast moving funds both ways; one even to the point of crediting BEFORE the funds even get there (PENFED).
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Old 08-02-2007, 07:56 AM   #7
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Has anyone use ING, Emigrant, or HSBC? Which is better in your opinion?
I used to use ING and Emigrant (I switched when ING was slow to raise its rates to meet the competition). They are essentially equivalent so between those two I would use Emigrant since they pay 5.05% compared to ING's 4.5%. Sites like fatwallet usually have info on the "latest and greatest" deals. Transfers usually took a couple days, but I never had any problems with either company.

If you have a brokerage account you'll find that Vanguard, Fidelity and the rest of the brokers offer money market accounts that meet or beat the online account rates and are more convenient since it's all in one account.
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Old 08-02-2007, 08:00 AM   #8
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ING has been good to me even though they don't have the highest rate. I still chase free promos from time to time -- just got one with Citi $100 for a new account. No experience with Emigrant. I have heard some not so good things about HSBC but that is bound to happen in a sample.
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Old 08-02-2007, 08:02 AM   #9
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If you are in a low tax bracket (under 33%) and have at least $3000 to invest, then the Vanguard Prime MoneyMarket fund is a good way to go. The current APY is about 5.25%. You can write checks on the account and you can transfer to/from your checking account electronically in about a day and a half. Since my bank does not put a hold on checks I deposit, I can transfer money faster simply by depositing a check written to myself.

If you are in a higher tax bracket than 28%, then the Vanguard tax-exempt MM fund will give you taxable-equivalent yield of higher than 5.25%.
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Old 08-02-2007, 08:18 AM   #10
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ING has been good to me. I have also rec'd a few kickbacks for referrals. Simple. Also chase the savings acct's that offer $100 after a year. Currently doing the Ameritrade MM acct that Suze O (bleah!) marketed - that I heard about on this site
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Old 08-02-2007, 08:27 AM   #11
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I've had ING and EmigrantDirect for a few years and I've been pleased with both of them. A few months ago I moved most things to FNBODirect for their 6% promo rate (through 9/28/07). When that ends I'll move to whoever has the best rate. They all work pretty much the same way.

I'm also doing the TD Ameritrade promo offered by Suze Orman. And I got my son to sign up for that one too. Suze's Save Yourself Plan
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Old 08-02-2007, 08:33 AM   #12
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I am getting 5.16% at GMAC.
I have done transfers from my Suntrust checking account, and the deposits were credited the next day.
Also if you need it you can get through quickly to customer service and they are helpful.
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Old 08-02-2007, 08:45 AM   #13
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I have a large chunk in FBNO until the end of sept. and probably will rate chase again...I like GMAC for my long term account, also (good rate, fast transfers, and box of checks)...
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Old 08-02-2007, 09:08 AM   #14
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I use Emigrant and HSBC and have had no problems with their 5.05% APY. HSBC offers an ATM card, Emigrant does not. For people with small opening balances and no minimum requirement at either bank, these accounts are great! It takes a while to get them set up because you have to mail them a voided check to verify the checking account you want linked and then look for 2 small deposits in your bank that must be verified online. Once set up, you are set to go.
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Old 08-02-2007, 02:03 PM   #15
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I'm putting a little of the money I just pulled out of stock funds into ING Direct at 5.35% for a one year CD. That account has worked fine for me. I have a small CD there that rolled over for another year in May at 5.02%. They notified me every which way (by both e-mail and U.S. mail) when the CD was ready to roll over--and then I had (I think it was) ten days beyond the roll-over date to withdraw the money or let it go for another year.
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Old 08-02-2007, 04:25 PM   #16
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One nice thing that I noticed from ING is that you can download a form for Direct Deposit that you can turn in to your employer so that a portion of each paycheck can be direct deposited to ING, if your employer offers that. Other online banks may offer this too.
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Old 08-02-2007, 04:29 PM   #17
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I use EmigrantDirect and Presidential Checking/Savings. Used to use ING but switched when their rates started lagging. I've been happy with Emigrant for a couple years now. Presidential has been ok so far (only had it a few months) - transfers have some restrictions that make it a bit more of a hassle, but since I keep a cushion in my checking account, the high interest checking is nice to have. Their savings APY is slightly higher than Emigrant's.
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Old 08-02-2007, 06:11 PM   #18
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I have one at HSBC it's been 5.05% all year with a few promo rates above that for new money. It does take 3 days for funds going in and out (like R Wood said them playing the float) otherwise the account has worked just like I would expect.
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Old 08-02-2007, 06:42 PM   #19
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FNBODirect. 6% right now.
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Old 08-02-2007, 07:27 PM   #20
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I have accounts (a couple of CD's and savings accts.) with ING and am quite happy with them. I got $50 bonus cash for opening each of the savings accts. Making transfers between ING and my brick & mortar has worked out great...both directions. I had to call their service reps a couple of times, and they were very courteous and helpful......and didn't speak with a thick, foreign accent.

When I opened my first account, both ING and Emigrant were paying out the same interest. Emigrant's interest on savings is now 0.55% higher than ING, and ING's CD rate is 0.25% higher than Emigrant's.
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