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Home > Emigrant, ING, huh?

Emigrant, ING, huh?

January 12th, 2007 at 02:47 am

Could someone please explain to me, in layman terms, what Emigrant and ING are? I've read references to them and did some searching but my brain just isn't comprehending what these two things are.

I certainly don't have money to save right now but hope to in the future and maybe one or both of those will be options for me.

Posted in Savings, Goals and Objectives | 10 Comments »

10 Responses to “Emigrant, ING, huh?”

  1. tinapbeana Says:
    January 12th, 2007 at 02:52 am 1168570360
    1168570360

    they're both online banks that you can link to your regular checking account. some places have a minimum, some do not, and most offer a much more competitive interest rate than traditional savings accounts. even if you don't have money to spare to actually 'save' you could consider keeping bill money in such an account and pulling it out say 2x per month, that way you'd still be earning interest on the money you have flowing through your household.

  2. denisentexas Says:
    January 12th, 2007 at 03:08 am 1168571287
    1168571287

    Thanks! Is one better than the other or are they about the same?

  3. tinapbeana Says:
    January 12th, 2007 at 03:11 am 1168571477
    1168571477

    i honestly don't know, i use a 3rd option
    Text is http://www.grandyielddirect.com and Link is
    http://www.grandyielddirect.com Big Grin i know emigrant and ING frequently offer signup bonuses, which mine did not. then again, mine offers a slightly higher interest rate. if you're considering using the account to earn interest on your monthly bill money, you might want to consider signing up for one with a bonus as a fast way to get your money earning for you! some folks around here have referrals available for both companies, so you might want to ask around.

  4. LuckyRobin Says:
    January 12th, 2007 at 03:16 am 1168571780
    1168571780

    I like ING because if you get a referral link from a current member and open your account with $250 they will give you a $25 bonus for opening the account (that's an instant 10% interest payout!) and they will give the member who referred you $10. As soon as you become a member and your money is there, than you can refer up to 25 people and if they all sign up, you get $10 per signup. There interest rate is at 4.5%.

    Emigrant has a higher interest rate, I believe its 5.1% or 5.05% right now, but they don't offer their own sign-up bonus. Many people end up doing both. I started with ING and may yet start an account in future with Emigrant. There is a long thread in the forums about ING vs. Emigrant that might give you more information.

    If you do want to sign up with ING, I'd be happy to send you an invite (shameless of me, I know)! Big Grin
    But really, go read the thread in the forum. It is helpful.

  5. threebeansalad Says:
    January 12th, 2007 at 03:12 pm 1168614747
    1168614747

    I believe all the above responses should answer your questions. I was new to all this a few months ago, too. I opened an ING account (currently 4.5% interest) since the $25 bonus made up for the interest differential with other banks, given the amount I had to put into savings. I then opened an ED account through the link in the forum and gave Jeffrey 2 of my ING referrals to earn another $20 bonus. ED currently offers 5.05% interst on Savings accounts. In addition, I've gotten 2 friends to sign up with ING, so I received a $10 bonus for each. So, in total, I've made $65 just for moving my money from a low yield savings account to one of these higher yield places (something I should have done a long time ago, anyway). Also, since your friends get a $25 bonus for signing up a great interest rate, I don't feel weird recommending it to friends. It behooves them far more than it benefits me. Most recently, I moved some of the $$ in my ED savings account to a ED My Way CD. The My Way CDs offer a 5.2% interest and you can pick the length. I did this in case interest rates fall (plus 5.2 %is higher than the 5.05% in the regular ED savings account). Hope this helps!

  6. Broken Arrow Says:
    January 12th, 2007 at 08:11 pm 1168632668
    1168632668

    Incidentally, Poundwise has been maintaining a list of bank interest rates on the forum for a while now, and he updates it constantly.

    Text is Check it out! and Link is http://www.savingadvice.com/forums/showthread.php?t=19240
    Check it out!

  7. AutumnxButterfly Says:
    January 13th, 2007 at 03:49 am 1168660157
    1168660157

    I am trying to learn this too Smile SO if you I opened the ING account and got the $25 sign up bonus and all that, how do you get the money in there since it is online? I know that might sound dumb but I wasn't sure about that Smile Do you transfer it from your checking or what? And what about if you ever need to take it out? Can someone give me a link to sign up for the ING? I will use whatever referral. If you need to email it to me my address is AutumnxButterfly@aol.com

  8. denisentexas Says:
    January 13th, 2007 at 08:12 pm 1168719134
    1168719134

    I think it gets transferred from checking since someone mentioned that ING and Emigrant accounts are tied to your checking account. I haven't researched this enough yet but that's how it appears to me. I'm trying to figure out all this. whew! It's a brain strainer. Wink

  9. baselle Says:
    January 14th, 2007 at 05:52 am 1168753965
    1168753965

    It works a little bit like a Paypal account that you might have if you do eBay. ING or Emigrant links to your bank's checking account, and you can manipulate that online. So if you have an ING account, you can go to your INGDirect.com account and transfer the money to ING (from your checking account), or you can put some of your money into your checking account from INGDirect.com.

    Remember that ING is a savings account (don't know about Emigrant personally) - no more than six money transfers out of the ING account per month. You can go crazy with putting money in ING, though. Smile

  10. denisentexas Says:
    January 14th, 2007 at 05:57 am 1168754256
    1168754256

    Thanks, that is a great explanation, I think! This sounds like something I need to do. Smile

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