Lux Investing

How reliable and safe is it to invest my money in Emigrant or another online High Yield Savings Account?

I want to invest in a High Yield Savings Account so my money is accessible if I will need it. I've been told ingdirect and emigrant bank is the way to go with the highest rates. Emigrant bank is 4.70% apy. I just wondered how safe these are to use. They are FDIC Insured, but I just wanted to make sure I'm not going to lose my money if I transfer into one of these accounts.

Public Comments

1. Looks good to me. Go to www.bankrate.com and search for high yielding rates in your cities.
2. perfectly safe. all you need to do is to link it to your "brick and mortar" account and move money in and out of it all you want. i use ING and it's been great, except for the interest rate having dropped a couple of times in the past year. it's down to 4.2% from almost 5% emigrantdirect is now 4.75%, and the best rates i can find are Apple Bank's Grand Yield Direct at 5% and Flushing Saving's igobanking.com at 5.17%.
3. They are both safe. I personally use Emigrant Direct and could not be happier. If you prefer a well-known popular bank then ING Direct would be the way to go.
4. EmigrantDirect and ING are solid. ING is purely online, but Emigrant exists as a brick and mortar establishment if that makes you feel better. I walk by an Emigrant Savings branch every day. If you happen to bank with Citi already, look at their high-yield offering too.