ING Slacking as a place to park cash - Any Recommendations

[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.

 

[ShokWaveRider]

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

 

[brewer12345]

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.

 

[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)?

 

[brewer12345]

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.

 

[KB]

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.

 

[MJ]

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.

 

[MJ]

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.

 

[d]

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.

 

[BunsGettingFirm]

www.emigrantdirect.com? It's not a sponsored link on Google, so I just want to make sure before I had them my cash.

 

[d]

www.emigrantdirect.com?

yup, that's them.

 

[ShokWaveRider]

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

SWR

 

[brewer12345]

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.

 

[ShokWaveRider]

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

SWR

 

[ShokWaveRider]

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

 

[SecondCor521]

I am sitting on a large enough chunk of change that it made sense to shop around. When I opened my account I went with AmboyDirect because of a combination of high rates, low hassle factor, ACH transfer, and good reputation.

They have been flawless in taking care of me, but then again I haven't demanded much. I ACH'ed my original deposit in, and changed the address on my account about a month ago. Oh, I log in to look at my money every so often.

The website isn't impressive, but it is functional enough for my needs.

They're currently paying 5.15% APY I think.

I've also had good experiences with EmigrantDirect and ING.

2Cor521

 

[ShokWaveRider]

I applied at Amboydirect yestrday AM, and still have not received the email with all the information. How long does it take for them to respond, and is this lag time typical of their (Recent) service?

SWR

 

[SecondCor521]

I applied at Amboydirect yestrday AM, and still have not received the email with all the information. How long does it take for them to respond, and is this lag time typical of their (Recent) service?

SWR

I think it took a few days. In my case I wasn't in a hurry because I was selling my house and set up the account ahead of time with $5, then put the rest in when the house sold.

2Cor521

 

[ShokWaveRider]

It is a little sad Amboy does not have a QFX Download into Quicken..

But for 5.13% I guess I can handle a littl fat fingering....

SWR

 

[Cut-Throat]

It is a little sad Amboy does not have a QFX Download into Quicken..

But for 5.13% I guess I can handle a littl fat fingering....

SWR

Emigrant Direct is 5.15% and is also Quicken Supported.

 

[Andre1969]

FWIW, ING just upped their rate to 4.40%. Still pretty far behind Emigrant, though. I wonder if they'll ever catch up?

 

[MJ]

FWIW, ING just upped their rate to 4.40%. Still pretty far behind Emigrant, though. I wonder if they'll ever catch up?

and Emigrant isn't the highest.

 

[d]

given that ING is (and was) so far behind the rate leaders, it makes me wonder why they bothered with a measly 5 basis points.

 

[JB]

Yup. Hard to beat short term T bills if you pay state income tax, although obvipusly they wouldn't be totaly liquid.

Vanguard's Admiral Treasury Money Market fund is yeiling 4.91%. For someone paying 9% state tax this is a nice option and is also liquid. Minimum investment is 50K.

 

[moguls]

Hey folks, what am I missing I just went out to Amboy direct and their website says they're paying 4.28%.

Emigrant Direct says 5.15%

Moguls