Emigrant Direct-- A Good "Bridge" Bank

I opened an Emigrant Direct savings account some years ago when their rates were good.  I don't view them as a very good deal now for that account type, but I hung on for a long while because of their associated Mastercard, which pays a flat 1.4% cash back every 6 months if you maintain an average daily balance of 10K in savings.  It's no longer the best cash back card available, however -- though it does remain one of the most ridiculous-looking (see it here:   http://www.emigrantdirectmastercard.com/).

A side note about account closing:  Unlike normal banks, where you send in a written request and get back a bank check that includes accrued interest to date, Emigrant Direct simply asks you to clean out your account and then send them an online message to tell them you're done.  You forfeit all the interest that has not posted yet, which means you'll want to wait until the beginning of a new month to close out.  Similarly, the Mastercard cash awards pay only every six months, so that means more waiting if you decide to close out. 

For those who might consider opening an account at Emigrant Direct, you should also consider its sister internet bank, DollarSavingsDirect. The savings account has a little higher rate (currently 1.20% APY), but it does require a $1,000 minimum balance to qualify for this rate. They also have the same CDs, but the rates are also a little higher (16-40mo CD rate is currently 1.65% APY).