ING Direct Sweetens the Pot (Sort of)

Comments (scroll down to add your own):

1. 0.5% for 3 months is not really worth the effort of opening a new account at the moment, I don’t think. I am in the process of opening an HSBC account, so perhaps if they ever offer a permanent rate at that I will open one.

   Comment by Blaine Moore — Jan 19th 2006 @ 1:08 pm

2. ING and Emigrant Direct have lost momentum because they have failed to stay current with latest Federal Reserve rate increases. 4.25 is what they should be offering. HSBC and First Fed of California now offer those top rates.

   I like the idea of using ING as the conduit. Saves a day over transfering ED to Checking, and Checking to ING.

   Comment by Interest is king — Jan 19th 2006 @ 2:42 pm

3. I began opening an HSBC account in late December. The process ended up taking a few weeks (probably due to the Holidays). The worst part is waiting for the snail mail to get your account number (seperate letter), password (seperate letter), ATM Card (seperate letter) and finally PIN code (seperate letter). Double all this if you add a spouse!

   Once you receive all these “pieces” you will need ALL of them to log on and configure your accounts. You then must run the gauntlet or setting up a secret “site key” to add/change/remove/transfer funds between accounts.

   Be aware that you will be guided through various popup windows, virtual keyboards, security questions and ATM/Pin code combination to get this stuff done.

   I grew increasingly frustrated with the process but now that it’s all done I am fairly happy with it. I hope they keep up competitive rates!

   Comment by Guest — Jan 19th 2006 @ 3:18 pm

4. What about creating subaccounts at HSBC? Can you do it? And is the process equally painful to opening the account in the first place?

   Comment by nickel — Jan 19th 2006 @ 3:33 pm

5. I agree with Blaine. PLus, too many hoops on this one. Why don’t they just make the amount their going rate?

   Comment by FMF — Jan 20th 2006 @ 6:27 am

6. I just started opening my account a few days ago, so I will take a look into it once I can log in, Nickel.

   Comment by Blaine Moore — Jan 20th 2006 @ 9:57 am

7. It appears in response, Emigrant Direct has posted to their web site the details of their new American Dream Credit Card.

   http://www.emigrantdirect.com/

   Neo

   Comment by Neo — Jan 20th 2006 @ 11:56 am

8. HSBC doesn’t seem to have a way, as far as I can tell, to create any subaccounts online. I’ll email a rep to find out what I would need to do to open a sub account. The nice thing about HSBC is that they are a full service bank so you could theoretically open credit cards, investment accounts, loans and event insurance (auto/home) and have them all tied to this account (in theory).

   Comment by Guest — Jan 20th 2006 @ 12:28 pm

9. I have a mortgage through HSBC and when I opened my HSBC Direct online savings account, my mortgage account was immediately accessible. I’m betting I will be able to pay my mortgage from the savings account online. neat. Now only problem is linking my ING Direct savings account to the HSBC account, so I can take advantage of this 4.75% offer at ING. Doesn’t appear to be possible, as ING Direct can’t be linked through the “Cash Edge” ACH transfer system used by HSBC and ING Direct will only link checking accounts where you have sent them a physical voided check by snail mail. This means I’ll have to move it through my Citibank checking account, which will take over a week to complete.

   Comment by Fruit O The Loom — Jan 20th 2006 @ 10:52 pm

10. I will use this promo as a 4.75% 3 month CDthen go back to HSBC

    Comment by Midas — Jan 21st 2006 @ 8:02 pm

11. Well now HSBC upped the ante to offer 4.8 on all funds involved, my money is going there. I do agree HSBC had too many hoops to get here, but it is done, so why not.

    Comment by Andrew — Feb 4th 2006 @ 5:46 pm

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