your thoughts on some of the savings products these companies offer? im considering moving some money into one of their sav accounts. the rates are great, well above average, but im new to this sort of banking, so any feedback on these types of companies/accounts is much appreciated! do their rates have a history of staying that high? anything I should consider thats NOT advertised on their sites? thanks for your help!
2006-11-28 12:05:04 · 5 answers · asked by GFBanker 3 in Business & Finance ➔ Personal Finance
ING Direct- Great user friendly interface, no minimum, no BS. Currently paying 4.40%
E-Loan- $5,000 minimum to open, $500 minimum balance to avoid account being closed. However, as your balance drops below 5k, your rate will drop as well. Good if you plan to park money there. Not all the details are on the FAQ page yet, but this is what customer service told me.
Emigrant Direct- Slightly higher rate than ING, but customer service is horrible from several customer stories I've been told. Best to skip this place.
E-Trade- No advice for or against since I haven't reviewed this site.
2006-11-28 12:12:53 · answer #1 · answered by personalfinancedaily 3 · 0⤊ 0⤋
ING is great have never had any real issue it does take 24 hrs to transfer money and longer over the weekend as they only transfer on business days about the only downfall i've found , i believe ING also calc interest daily so if you have a heap of money you don't need for a week you can put it in for the week and get paid more interest at the end of month,
ING has only increased the rate since it began offering the account , however I imagine that whatever direction the reserve bank pushes interest rates other Banks will follow soon after , so in the nnear future more then likely they will continue to increase the rate
2006-11-28 12:32:32 · answer #2 · answered by harro_06 4 · 0⤊ 0⤋
I like ING Direct. However, the one writer says it pays interest daily...that is wrong...it pays interest on the amount on a certain day of the month (I think the last business day).
Does that mean someone can transfer in a $1 million dollars the day before, get that month's interest and then move it out? I suppose they could!
Competitive, good service and easy to use.
2006-11-28 12:45:52 · answer #3 · answered by dm_dragons 5 · 0⤊ 1⤋
I like ING Direct. Their rate will vary with market interest rates, but seem to be higher than other places.
2006-11-28 16:30:45 · answer #4 · answered by Jim H 3 · 0⤊ 0⤋
I've also used ING Direct. You can transfer money to/from your account relatively easily. Well worth it.
2006-11-28 14:36:34 · answer #5 · answered by Kevin K 3 · 0⤊ 0⤋