ING to GMAC

May 14, 2006 at 1:38 pm 2 comments

Today, I transfered most of the emergency fund from ING Direct to GMAC since the interest rate at GMAC is higher (4.75% APY at GMAC vs 4.15% APY at ING Direct). However, I still leave a small portion of the fund in ING Direct, just to keep the account open. Should I keep the ING Direct account open or should I close it completely?

Pro for closing it:

  • Have all money at one place to earn more interest
  • Less accounts to manage

Con for closing it:

  • $25 referral bonus
  • I don't have to go through the signing process again if I want to transfer fund back when ING Direct raise its interest rate higher than other bank

hm…what others benefits/drawbacks are there for leaving ING Direct account open?

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Entry filed under: Cash.

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2 Comments Add your own

  • 1. Julie  |  May 22, 2006 at 1:17 am

    Wow, is it that big a difference? Maybe I should switch over also. Have you been watching their rates? Do they trade places often?

    Reply
  • 2. jim  |  May 22, 2006 at 5:27 am

    The rates change but big changes don’t occur, ING hasn’t been at the head of the pack for a couple years now but now the difference has gotten big enough to warrant a change.

    As for closing ING, I don’t see a reason why you should, just keep it open just in case. Plus, if it’s open you can refer other people to ING and make $10 per signup (and they get $25).

    Reply
  • 3. Moe  |  June 14, 2006 at 1:52 pm

    Just close it, dude! Every year, thousands of americans forget about money they own that’s dispersed across many banks… ultimately, the money is handed over to the government. As for keeping it open for the sake of some referral fees, ask yourself how many people have you referred in the past 6 months? If the answer is ZILT, then chances are likely you will also refer ZILT people.

    Reply

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