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Extra Extra! Emigrant Direct to 4.65%!

Okay, it’s really not that exciting. Emigrant Direct [3] going to 4.65% won’t make anyone change from their bank to Emigrant Direct (a few banks have higher interest rates for an online savings account) but it will prevent someone like me, who hasn’t yet switched, jump ship. Emigrant isn’t trying to be the leader anymore amongst the better known online savings account banks out there but it does appear to be interested in fighting off newcomers like HSBC, whose rate was raised to 4.65% following their promotional rate last week.

This is a much different strategy than ING Direct [4] who probably believes, probably rightfully, that their $25 referral bonus and an almost-but-not-really-close interest rate of 4.15% is enough to entice new folks into joining (the bonus should be, it only requires a deposit of $250 so we’re talking an immediate 10%). I personally believe that ING thinks that they have enough exposure that the $25 incentive will get folks in the door so they can begin marketing their other products, such as no closing cost mortgages and 12-month CDs. If you want a referral link to ING Direct, please contact me [5].