Emigrant Savings/Banking

[JenMarie]

I've been researching "higher" interest savings accounts because my crappy WAMU one gets less than 1% interest.

I saw a news report that featured an online-only savings account/bank through Emigrant Banking. Says there are no fees or minimums and I don't think news stations would endorse if it wasn't trustworthy.

You can get 3.5% interest on the money you put in the account.

I guess I'm just trying to figure out if 1) it's a safe banking franchise and 2) if it's worth it.

Everything else I researched either required a $1000-$10,000 minimum for either around that rate or slightly higher.

Or if anyone else has any suggestions for high interest savings options.

[KunjaPrincess]

Have you looked at ING Direct. I can send you a referral and I want to say we both get some free cash if you use that link.

My savings account rate through them is 3.25% and I can link it to my WAMU and Wells Fargo accounts so it is easy to get money out of there into another account.

They also have CD's and mutual finds and offer loans if you need them. I have had an account with them over 4 years and have never had any problems.

Http://www.ingdirect.com

Edited to add: Interest rate is 3.3% and if I refer you you get $25.00 and I get $10.00

[blueangel]

Yes, Emigrant is safe and reliable. The bank has been an institution in NY since the 1850's.

They're trying to beat ING Direct (also very reputable) at their own game. Emigrant is offering 3.5% until the end of the year, while ING Direct is offering 3.25.

But there's a new contender to the interest wars-- MyBankingDirect.Com is offering 3.75% for its money markets with a minimum balance of $5,000.

[JenMarie]

I joined up with Emigrant... I'm just waiting for my application to get processed...

Thanks for the help though!