anchor79

This high-interest-earning savings acct lets you do any transfers to any bank any time. Could take a couple extra days but so worth it in the end! Plus, a little known fact, if you do a transfer between ING and Bank of America, it counts as a Direct Deposit! This alleviates their monthly fee for some accounts such as the bank ones that have airline bank cards that earn miles on PIN transactions as well as credit transactions out of your checking account! The only downside with BofA is that they have no OD protection unless you have one of their credit cards too and not all will work for that. the baseball BofA cards do not, for example. BTW, ING transfers to Citi do NOT count as DDs. They were wiser.


Can I transfer from BOA into my citi account and count as a Direct Deposit ? or it is the other way around???

cepheid

Sorry, that one word is incorrect. Both EmigrantDirect and E*Trade Complete Savings earn significantly higher interest - 5.05% instead of ING's 4.5%. On small balances this may not make a big $$ difference, but on large balances it certainly would. Both Emigrant and E*Trade have the same policies as ING, i.e. free transfers to any bank at any time (subject to Reg. D withdrawal limitations), no minimum balance, no fees, etc.

If your focus is on earning interest, Emigrant and E*Trade surpass ING.

TAHKUCT

FYI: Amtrustdirect is 5.36% APY

piyush

IMHO for large balances one of the best accounts is the ING Electric Orange Checking account. You earn 5.05 % on balances of over $ 50,000 and 5.30 % on balance of over $ 100,000. Since it's a checking account no limit on the number of withdrawals, etc.

Some of the features are:

MasterCard® Debit Card convenience.
With your Electric Orange MasterCard® Debit Card you can make secure purchases anywhere MasterCard® is accepted – sign the receipt or enter your Card PIN and go.

Free ATM access at more than 32,000 ATM locations.
In addition to worldwide cash access, you can make free withdrawals at ATM locations in all 50 states through the Allpoint™ Network – America's largest Surcharge–Free ATM Network. To find a free ATM near you, check out our ATM locator.

Send money securely for free with Electric Checks.
With Electric Orange, you can send money to an individuals’ bank account with Electric Checks for free. Simply enter the person's information, the details of the payment, and an email will be sent to the recipient. The person can click on the link within the email to go to a secure page to enter their account information and the money is transferred!

Automatic protection with your Overdraft Line of Credit.
Say goodbye to excessive NSF fees charged by other banks. When you open your Electric Orange, you'll automatically get an Overdraft Line of Credit that's connected right to your Electric Orange and is accessed anytime your balance goes below $0.00. There's no fee to use the line of credit – you'll just pay a competitive interest rate on the money you need to borrow.

Marathon Man

thanks for the tips! I stand corrected but at least it got everyone thinkin'

Anyway, I have set up my Ulti Svs acct with Citi. Need to fund it now. Will do some "risking" and some 'tests.'

cepheid

Actually, it's 5.25% for balances between $50K and $100K... even better! However, unless you have a joint account, I'd not recommend keeping balances over $100K since anything over that amount is not FDIC-insured. (Joint accounts are insured for up to $200K.)

acf573

Not true. Same $100k limit.

A larger question is whether it's worth it to worry about FDIC limits when it comes to large financial institutions such as Citi and ING.

Ken in Phx

Are you sure about that? FDIC insurance is per person so two people on the account would be 200k imo.

takhliq1

100K insurance provided by FDIC is per account. It does not matter whether its individual or a joint account.

soitgoes

Ahh, but it does. Ownership is very important in determining insurance. It has nothing to do with the number of accounts, though.
Here are all the regs and a calculator to show you what's covered:
http://www.fdic.gov/deposit/deposits/index.html

A married couple with the following balances in their accounts at a single bank would be fully FDIC insured:
John & Mary (Joint): $200,000
Mary (Individual): $100,000
John (Individual): $100,000
John (IRA): $250,000
Mary (IRA): $250,000

Ken in Phx

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cepheid

Unfortunately, you are incorrect. As others have posted, FDIC insures each person for up to $100K in individually-held accounts and up to $100K in jointly-held accounts (with the total number of accounts being irrelevant; it is the total monies held in all Individual and (separately) all Joint accounts that is important). Therefore, if two people hold a single joint account at an institution (and it is the only joint account they hold there), that account is insured up to $200K because FDIC insurance works per person, not per account. The example posted by soitgoes is apropos.

Marathon Man

edited because this failed for me.

Marathon Man

So I just happened to check my AA balances now and there it all is!! woo hoo!

Some charges just over $2k on my card AND all the miles from funding this account are already in there:

STARTING BALANCE 96,271
06/07/07 CBAA WORLD MASTERCARD PURCH 20,036
TOTAL MILES POSTED 20,036
ENDING BALANCE 116,307

Like, COOL! :-: ^ MM

Happy

How do you plan to get the 18K back from the Citi Saving Account? Do they put a hold on the funding and wont let you ACH out until certain days have passed? Do they allow ACH out at all?