A week or so ago, I posted about our meeting with a financial planner and the tips/instructions we left with. Well, I had also recommended ING Direct.
Well, since that post a few things have changed. I can no longer recommend ING Direct and let me tell you why.
PJ and I both opened accounts with ING Direct in April 2005. There was a promotion going on…you’d get $25 free if you opened with a minimum of $10 and left it there for at least 3 months. All fine and dandy, so we did that. PJ and I opened separate accounts. That Christmas, PJ put a decent sized deposit into ING Direct. I didn’t. I didn’t have the time/energy to deal with how to handle that account. We already had a savings account set up, so I was still trying to figure it all out.
Anyway, in February of this year, I finally started automatic deposits into both the accounts. It wasn’t large deposits. Just like $10 each. PJ’s account went through with no problem. Mine, however, cancelled and they simply deposited the money back into my checking account (all $35 and change). LOL Anyway, I got a letter later saying it was closed for inactivity. Fine. I can understand that. I mean for 22 months I hadn’t done anything with the account. That’s a fair business decision.
So, fast forward to a couple of weeks ago. We decided we’d just use PJ’s ING Direct account and move our savings there since the APY was so much higher than our regular bank. Yeah, well, since I had a low balance account with no activity for nearly two years, they won’t let me have an account at ING ever again. WTH??? Are they nuts???? I mean, if I had defrauded them or something, that would make sense, but I simply didn’t do anything and so I’m now longer allowed an account?!?! I also can’t be a joint owner on any account.
Well, I did a little research. For accounts that have no minimums and still pay a high interest yield, Emigrant Direct kept coming up as an alternative. So, ING Direct has lost all our money and business and Emigrant has gained it all. And guess what? Emigrant pays a higher APY!!!! So there! **sticking tongue out**
We’ve only had the account a few days with Emigrant Direct so far (maybe a week), but so far we’re pleased. You can create your own log in name. This is important to me since I could never remember my ING customer number (and never had the doc handy when I needed it). So, if you’re looking for a high yield savings account, let me highly recommend Emigrant Direct.
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3 comments:
OMG. Those mofos. We were going to open a high-yield savings account with ING because our attempts with HSBC were just a joke. But it sounds like ING isn't a good option either.
BTW, for the record: never open an account with HSBC. I can give you about 10 reasons, including that a clerical error on their part caused them to overdraft my account three times in three days. And then they wouldn't let me cancel the account without charging me $10. #$(*@($*(!!!!!
I heard mixed reviews on HSBC also. I'm glad we went with Emigrant. You should check them out. :)
mmmmmmmm - i might have to switch my accounts!!
what morons!
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