3% interest on saving account

[pd123]

This is the best interest rate I have seen in a long time. It's a savings account, not a money market. You can't take money out mid-month or you lose interest, think of it as a 30 day cd. www.emigrant-direct.com/info.php

[johnnymk]

I read that Bank of America has a 30 month CD at 3.3% which can be upgraded 2 or three times during that period should interest rates go up. I don't know if it is being offered only locally.

[CornMonkey]

dang it...and i just opened an orange savings acct too! anyone heard anything about emigrant-direct? once my money is available for transfer, i might move it to their program...

[Mungo]

Very nice! I haven't seen anything over 3% in a very long time.

[cheapchinese]

:( i still collect 1% from my bank

[Bires]

dang it...and i just opened an orange savings acct too!

Don't worry. ING is a great company. I have had an orange account for more than 5 years and I'm very happy with it.

[brainsmile]

I saw a 6 month CD for 3% here at a local bank

[ray]

Don't worry. ING is a great company. I have had an orange account for more than 5 years and I'm very happy with it.

:stupid:

[tupacboy]

i got a cd yesterday from fremont investment and loan at their branch in whittier.... www.1800fremont.com

[Aristo]

3% interest. very tempting. However, I've not heard this bank before and neither do they have local office in CA. I'll stick with ING for now. :)

[jusfonzin]

i'm with ING. 2.35% interest is good enough for me.

[groebuck]

I use www.presidential.com -

They pay 3.0% on checking (up tp 25,000) - free online banking, free bill pay, e-bills
Straight forward website - If you tie it to an ING you can (if you got the $$$) make sure that you never go above 25K in you checking by moving the excess of to the ing @ 2.35% and still have total access to your money. They have consistently paid the highest rate on online checking (check em out at bankrate.com)

[BrewMaster]

3% on a savings account is very different than 3% on a CD for obvious reasons. a CD is locked up, savings account is not.

[ducksoup98]

i have had an ing account for more than 2 years and am very satisfied with their service as well as 2.35 APY (used to be 2.21).

i dont know why people arent taking advantage of high interest paying savings account for their emergency fund vs. checking account that pays you nada.

and of course, 3% APY is even better than most CDs offered by local banks w/o no pentaly for drawing YOUR money early.

if you have, let's say less than $10,000 with ing, there's no reason to sweat over $65 a year but anything more you should consider transfer the balance to emigrant savings. i have completed my application last week and waiting for their account info via mail.

[pd123]

I opened an account, it took a little over a week, now how do I transfer money in or out? Their FAQ makes it seem simple but I don't see how to do it. I have an ing and Metrolife account and they're easy to transfer the money, this is not obvious to me.

[bachviet]

I opened an ING Direct account last month and collected the $25. :D

[pd123]

Their site had a glitch, I didn't have a transfer link they fixed it. Now I can transfer money.

[ducksoup98]

Their site had a glitch, I didn't have a transfer link they fixed it. Now I can transfer money.

i think it took them a couple days after i log in for the first time. i too had the same question, "how can i transfer money from/to?"

"trasfer" option appeared a couple days later. not as stylish as ing direct's but .65% APY higher than ing's makes up for it.

[pd123]

..."trasfer" option appeared a couple days later. not as stylish as ing direct's...Yes, the site seems to have hastily been made. Still, for the higher rate, I am giving them a shot.

[pd123]

I'm just updating, it was a pain to open an account with them but it's been nearly a month and I have had no problems, everything is smooth now and I'm getting 3% so it was worth it.

[Lord_Optik]

I just got done opening an account with emigrant-direct.com. I did an ACH payment of 50 bucks. I'll post again when my account opens. I'm going to cancel my local savings account that collects something like .15% interest or some useless amount. This is MORE then some CD's.

Now I was reading there info on early withdrawls. Can anyone describe this more for the people who understand this better? Says you will be charged interest you would have earned in a year if you have earned it or not. Is this anything I should be concerned about?

[zippyjuan]

The website says:
"TRANSACTION LIMITATIONS AND EARLY WITHDRAWAL PENALTIES: Additional deposits are not permitted to this account during the term of the account. Additional deposits will only be permitted on the maturity date at which time they become part of the principal of the account. We reserve the right to return any deposit to you that causes the combined balance of all your accounts with us (including any joint accounts) to exceed $1,000,000.

Principal or any part thereof may not be withdrawn prior to maturity without the consent of the Bank. If the Bank consents to a withdrawal of principal prior to the maturity date we will impose an early withdrawal penalty. The maximum penalty imposed will be:

For an account with a term of one year, the penalty will be an amount equal to 180 days interest (whether earned or not) and calculated at the contract rate on the principal amount;

For an account with a term of two years, the penalty will be the greater of (1) an amount equal to 180 days interest (whether earned or not) and calculated at the contract rate on the principal amount withdrawn or (2) the amount of interest that would be earned at the rate we are currently offering for a term equal to the remaining term of the present contract (or the next longer term we offer), less the amount of interest that would be earned at the contract "
_______________________________________________________-

This seems to apply to CD Deposits- not a Savings Account. Carefully read the copy of terms they should send you (or give access to online) before you open your account.

So if you have had a one-year CD with them and decided to cancel it after two months (after you gave them a 15 day notice) you would have to pay them (or they would deduct from what they give back to you) 180 days of intererst- even if you have not earned 180 days interest. The 180 days if interest penalty also applies in the 11th month, but you have earned more than that so you would at least get some of the interest you earned- about five months worth. On the two year certificate they will charge either the unpaid interest (what you would have earned had the money been left in for the remaining time) but not less than 180 days interest penalty (if you had less than six months remaining). So if you closed that one after only two months, they would charge you 22 months interest in fees (the remaining time on the CD). Be careful of when you withdraw too- if you take money out before the day they post interest, even if by one day, you do not get any interest for that month- even though you earned it.

Be careful of their rollover policy too. They say that accounts will be automatically rolled over to a new term at the expiration of the present one. If you do not tell them before the rollover occurs you want to close the account, then you will again face the 180 day interest penalty. I did not see anywhere if they let you know it is going to expire (although they should) so keep track of it. Remember to let them know by the 15th if you want to close it at the end of the month that you do not want it renewed.

I was also curious why they have to have it linked to another account at another institution and why their transfers take so long to clear for electronic funds (up to four days- checks clear faster that that now). I guess they cannot send you a check of funds withdrawn?

[pd123]

Here are the terms of the "American Dream Saving Account" that I have with them and currently paying 3.2%, 3.25%APR. My other online banks allow 6 or 7 withdrawals a month, after that there is a fee, I don't know if Emigrant has that limitation. If anyone sees any penalties for the "Dream" account, please post it.

A Division of Emigrant Savings Bank.
America's Highest Rate*. No Fees. No Minimums.

With an American Dream Savings Account™, you will earn a variable 3.25% Annual Percentage Yield on your savings. We offer you flexibility, freedom, and security that is unsurpassed in personal banking today. Plus, with an American Dream Savings Account™ you will have peace of mind, since your account is FDIC insured and always secure.

There is never a minimum balance requirement with an American Dream Savings Account™. No matter what your account balance, your account will always earn our high interest rate (currently 3.25% APY). Plus, with America’s Highest Rate* you get more money for your money.

No hidden costs. No fees. No penalties. No service charges.
The American Dream Savings Account™ has no fees or service charges, and that’s the truth! You earn high interest on every single cent you deposit without having to worry about giving it back in fees.

24/7 access to your account, and no need to change banks.
An American Dream Savings Account™ gives you the freedom to access your account whenever you need it. When you open your account, Emigrant Direct™ automatically links up with your designated checking account allowing you the flexibility to make deposits or withdraw funds by transferring money online....
Safe and Secure - FDIC Insured
Your deposits at Emigrant Direct™ are FDIC insured up to $100,000 per depositor. Keep in mind that individual and joint accounts are insured separately, so if you have both types of accounts with us, your total deposits can be insured up to $200,000; that's up to $100,000 in all of your individual accounts, and up to an additional $100,000 in all of your joint accounts. You can learn more about the FDIC at their website,

[groebuck]

www.presidential.com

They pay 4.87 % on savings and 4.5% on checking!

only catch is you need 5000 minimum to avoid fees in savings and 1500 min to avoid fees in checking (I think the checking will wave that with direct deposit).

[Thesifer]

www.presidential.com

They pay 4.87 % on savings and 4.5% on checking!

only catch is you need 5000 minimum to avoid fees in savings and 1500 min to avoid fees in checking (I think the checking will wave that with direct deposit).

Wow they have a cheap looking almost worrisome website.

[groebuck]

using them for 5 years now. They may not be fancy but they pay the best rates.

Oh and it looks like they waved the minimum balance for the Premiere Savings @ 4.87%

FullyFDIC insured - never had a problem with them and enjoy the interest!

[krayzie1]

ING is up to 4.07% or something like that. I love my orange account!!!

[Thesifer]

Technically .. 4.15