EmigrantDirect Raising Rate to 5.15% on July 28
Jul 13, 2006 - 3:28 PM by Ken Tumin
Nick from Punny Money reports on EmigrantDirect's announcement that it'll be raising the savings account rate to 5.15% APY on July 28, 2006. EmigrantDirect is sending letters with this information to its customers. A copy of the letter is posted at Punny Money.
The letter also mentions that the Emigrant Direct's website will not be available from 5pm ET on Friday, July 21 through 9am ET on Monday, July 24. This must be the time that Emigrant will be upgrading the website (what was suppose to be done last month).
This is the first time that I can remember that Emigrant sent letters with an upcoming rate increase. I wonder if it's a new tactic to discourage others from transfering to HSBC or other banks offering a little higher rate. With this news, there's not much incentive to move the money. You would be more likely to lose money during the transfer when the money isn't earning any interest.
The letter also mentions that the Emigrant Direct's website will not be available from 5pm ET on Friday, July 21 through 9am ET on Monday, July 24. This must be the time that Emigrant will be upgrading the website (what was suppose to be done last month).
This is the first time that I can remember that Emigrant sent letters with an upcoming rate increase. I wonder if it's a new tactic to discourage others from transfering to HSBC or other banks offering a little higher rate. With this news, there's not much incentive to move the money. You would be more likely to lose money during the transfer when the money isn't earning any interest.
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Anonymous - #1, Thursday, July 13, 2006 - 7:18 PM
Emigrant Direct has been downgraded by Bankrate to 2 stars and less than sound---is .15% worth staying with a bank that's rated less than sound?
Even if it's FDIC-insured, do you think, if they folded, the money would still be immediately available? Not. Not with the government in charge. Plus, you'd earn no interest at all on your principal while waiting for the FDIC to reimburse you.
scott (anonymous) - #2, Thursday, July 13, 2006 - 8:16 PM
You need to spend a few minutes reading the great info here about the FDIC and how it works. You do not wait for FDIC to reimburse you. And you don't like our Government in charge of it? Who would you feel more comfortable having your money insured by?
Banking Guy (anonymous) - #3, Friday, July 14, 2006 - 9:03 AM
Here's the link to my FDIC post
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