Average User Rating:3.5 star rating based on 2 reviews.
EmigrantDirect.com
EmigrantDirect.com Locations| 5 East 42nd Street New York, NY 10017 888-364-4726 www.emigrantdirect.com  |
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EmigrantDirect.com is headquartered in New York and is the 12st largest bank in the state of New York. It is also the 127th largest bank in the nation. It was established in 1850 and as of September of 2011, it had grown to 595 employees at 4 locations. EmigrantDirect.com's savings rates are 15% higher than the national average, and it has a 3-star health rating.
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Along with Dollar Savings Direct, Emigrant rate is Down to .70% down from .75% Newtown Savings esavings dropped to .90% down from 1% Newtown Saving Bank | Site Error Vanguard Prime MM is a very sad .01%. I don't know how long Discovers' 1.10% will h
The savings account yield fell from 1.00% to 0.90% APY at Emigrant Direct. I guess this should have been expected after DollarSavingsDirect recently cut its yield to 1.00%.
Data for Q3 2011
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Institution Health
Overall Score:
3 out of 5 
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Pleased With Americandream Savings Account
- moneyfanatic2 - Monday, September 13, 2010 - 2:03 PMI recently signed up for an AmericanDream Savings Account online. I'm really pleased with the process of setting up the account, as well as all of the options offered with online banking. The 24/7 access is really a plus to me and has already saved me countless hours from going to and from a physical bank. I was looking for a savings account with 1.00% annual percentage yield and great customer service. I would recommend this online bank to others due to its swift processing, reliability, and excellent customer support.
Emigrant Direct-- A Good "Bridge" Bank
Emigrant Direct used to be one of my favorite internet banks, but their once high rates are merely competitive now. I still maintain a small balance in an "American Dream Savings" account (1.00% rate). ACH transfers are easy to/from which is a plus.
A bigger plus is their flexible term "My Way CDs" with rates as follows:
16-40 months: 1.50% 41-59 months: 2.00% 5yr-10yr: 2.50%
Their CDs make for convenient "bridges" to future maturing CDs. For example, say you have a CD maturing in 17 months (an odd term) and you want to add to it and make a larger CD at that time. Further, you want to get a decent return for the "add-on" money in the interim. The Emigrant Direct CD structure allows you to create a CD to meet this need--and 1.50% isn't bad for a 17 month CD.
A word of caution, however. Emigrant's rating is down to just 1-star according to bankrate.com -- it's lowest score. So be extremely cautious in staying within the insurance limits under FDIC.