It’s been about three months since Emigrant Direct started offering a 3.0% interest yield on their savings account, beating out ING Direct for the favored spot in the minds of many. I’ve held out with ING for these three months and witnessed my favorite raise their rates, though not quite to the top. ING Direct’s savings account now sites at a 2.6% yield.
I’ve decided, despite declaring I wouldn’t, to at least give Emigrant Direct a try. Yesterday, I filled out the online forms necessary for opening an account. This whole process has had mixed reviews, so I figured it would be better to try it for myself before making a judgment. I have started the process and I am now waiting for two test deposits to hit my checking account, at which point I can verify ownership.
As long as it’s easy to move money back and forth between Emigrant Direct and ING Direct, I’ll just move my money to where ever the best deal is. My timing might be perfect, because there is a rumor going around that Emigrant Direct is raising their rates heven higher, to 3.25% APY, this coming Monday.
I’ll post updates on the progress of opening my account continues, so readers can compare my experiences with those of other bloggers who have been writing about their problems with the newer bank.
Updated February 6, 2012 and originally published March 12, 2005. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.