2million - My Journey to Financial Freedom

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Friday, March 17, 2006

Emigrant Direct now at 4.50%

EmigrantDirect's Online Savings Account has boosted its rate to 4.50% APY. This tops both ING Direct and HSBC as the highest (non promotional/temporary) interest rate available. I have most of my short term savings and 0% Balance Transfers in my Emigrant Direct savings account.


  • $2M,

    It's amazing they finally upped the rate. Although Emigrant is near the top on rates, it always feels like they delay and have to be pulled to keep their near top position.

    This is the second time I was just about to move my money when they raised the rate.

    A friend of mine has an account with Umbrella Bank and says they increase rates very quickly. I'm tempted to change.

    However, maybe it just makes sense to keep MM accounts open with several banks and shift money as the rates change.

    I think My Money Blog has a calculator to determine if a move makes sense.

    Has anyone tried this approach?


    Making Our Way

    By Blogger makingourway, at 8:53 PM  

  • Ok... I am new to all this shiftning money to one count to another.

    When you guys do it do you let them hit you with the 10 dollar outgoing wire fee and then the 15 dollar incoming wire fee? Or is there another way around that?

    I have a local bank that gets me around 4% but I wouldn't mind 4.5% =)

    Please help

    By Blogger pyroracing85, at 4:25 PM  

  • I have the same quesions as the previous poster... any help will be great!!!

    By Anonymous Anonymous, at 10:39 PM  

  • Interesting - I never paid a fee for any transfers.

    Here is what I typically do. I have set up an external link with each of my savings accounts, Emigrant Direct, HSBC, and ING Direct to my checking account. They all have there own process for doing this so I won't get into the details, but its fairly easy to do. Once the accounts are linked you can pull or send money to/from your checking account usually in 2-4 business days and there are no costs involved (at least i haven't had any).

    That being said I typically don't bother moving the money from one savings account to the other - I have most of my money sitting in Emigrant Direct at the moment.

    By Blogger 2million, at 9:17 AM  

  • Most of the time rate chasing makes little sense when you crunch the numbers. It's helpful to have a very large sum of money to quickly recoup your losses from the move. We have a little less than $10K sitting with ED and I haven't found a reasonable excuse to move though I constantly look for the better offers.

    By Anonymous Anonymous, at 5:45 PM  

  • HSBC Online Savings has been at 4.80% for months. You can check it out at us.hsbc.com.
    Even when both have FDIC insurance, I really trust HSBC much more than Emigrant Direct.

    By Blogger Success in Life, at 11:17 PM  

  • Just a general observation…
    Gold & silver
    could help you reach your goal much faster then you think. But then, what will you be able to buy with 2 M $ ten years for now is unknown and will probably worth much less then today's buying power of the same amount.

    Good luck.

    By Blogger troy, at 5:36 AM  

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