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Overview / Commentary
5 East 42nd Street
New York, NY 10017

EmigrantDirect is an online division of Emigrant Bank, an institution established in 1850 and headquartered in New York, NY. As an internet-only bank, EmigrantDirect offers its customers quick and safe access to their funds at any time through online banking.

At the time of this writing, EmigrantDirect offers only one deposit account product: a no-fee, interest-bearing online savings account. The bank also offers its customers access to the purchase of precious metals (primarily gold) through the bank. Funds deposited with EmigrantDirect are FDIC-insured (up to applicable limits) through the parent bank, Emigrant Bank. Of course, precious metals purchased through EmigrantDirect are not insured by the FDIC.

Related Posts

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12/18/07 - Emigrant Direct Lowers Savings Account Rate - Spanish Version Remains at 5.05%
10/19/07 - 5.05% Savings Account at Emigrant Direct's Spanish Equavilent - BancoFortuna
5/3/07 - New Ways Emigrant Direct is Trying to Grow
1/11/07 - Emigrant Bank's Rating Up from 2 to 4 Stars
9/30/06 - EmigrantDirect Down to 5.05%, Suffering from ING-itis?
8/7/06 - US News Article on EmigrantDirect
7/28/06 - Emigrant's Savings Account at 5.15% as Expected, No Change to CD Rates
7/25/06 - First Impressions on EmigrantDirect's New Website
7/24/06 - EmigrantDirect's New Website
7/13/06 - EmigrantDirect Raising Rate to 5.15% on July 28
7/10/06 - Emigrant Bank Downgraded to 2 Stars
7/4/06 - EmigrantDirect Now Officially at 5%
7/3/06 - EmigrantDirect Savings Account to 5% on July 4th
6/22/06 - EmigrantDirect Savings Account Now 4.80% - Better Alternative?
6/5/06 - EmigrantDirect Updating Website
5/28/06 - EmigrantDirect Press Release - 5% CD rather than 5% Savings Account
5/26/06 - EmigrantDirect Savings Account Now at 4.65%
4/15/06 - EmigrantDirect's 5% CD Terms Now 9-Months and Up
3/24/06 - EmigrantDirect Increases Cash Back on Credit Card
3/15/06 - EmigrantDirect Now at 4.50% - Plus New 5% CDs
2/1/06 - No-Minimum High Yield Savings Account Small Print
1/26/06 - EmigrantDirect Now at 4.25%
1/20/06 - EmigrantDirect Releases Cash Back Card
1/5/06 - ACH Problems at EmigrantDirect?
10/31/05 - EmigrantDirect to 4.25% after Fed Mtg Tomorrow?
10/16/05 - Deposit Availability Times for EmigrantDirect and ING Direct
9/21/05 - Highest Cash Back Credit Card from EmigrantDirect?
9/8/05 - EmigrantDirect's Gift to Members Affected by Katrina

Reviews (8)


Posted by: JTDC1019 | Dec 22, 2016

I've been banking with Emigrant Direct for several years and am very happy with their services and products. Currently, I have a savings account and a high-yield CD with them. It makes paying bills and transfers convenient and easy and I've been able to link all my other accounts without issue. The site is super user friendly and easy to set up with payment alerts and get electronic bills from my other cards and accounts. The login seems very secure and makes me feel comfortable that my information and identity is safe. They offer high-interest paying savings accounts and several other investment options. I've had many CD's with them throughout the years, and am very happy with their customer service. I would absolutely recommend this bank (and have before!) to my friends and family. I haven't had any issues and am very satisfied.

Emigrant Direct

Posted by: j404dzb | Oct 20, 2015

We have had our emergency savings with Emigrant Direct for about 10 years now and have been happy with it. The interest is always higher than our local bank. It hasn't been much in the last few years but that has been across the board. Emigrant is very easy to setup transfers between accounts and usually when I have had to make a transfer, the money is in our checking account within two to three days. In January, they are always one of the first institutions I deal with to have tax forms out online and ready for me. I have only had a few times where I had to deal with customer service but each time they have been very helpful and very responsive. I have never had any fees charged to me for this account. Overall, if you are looking for an online bank with a little higher interest rate, I would recommend Emigrant Direct's American Dream savings account.

Average Banking Experience

Posted by: Girl | Sep 4, 2014

Many people are hesitant about opening up an online bank so I tried Emigrant Direct as my bank. They don't have a minimum account balance, which is good for me because I use the account for personal expenses and put in small amounts of money. I have spoken to their customer service and in general they were friendly and helpful. Their fees seem to be about the same as any other bank as well as their interest rates. Because the bank is online the online and mobile services are always up to speed and function well.

Pleased With Americandream Savings Account

I 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.


I had an account at EmigrantDirect.com for many years. It is a very unique type of on-line bank because it is only a savings account. The origin of the bank was to set up an on-line bank with very high interest rates. When the bank started, they had over a 5% interest rate. That is when I invested money into this bank. The process of depositing was fairly simple. You needed to go on-line and submit an application. You needed to give your basic information along with the checking account that you wanted to link your savings account with. At the time I signed up, it was then necessary to submit a voided check from your checking account so that they could verify the information. Fairly simple. Worth effort for the great interest rate. After a few years the interest rate consistently started to lower. At this point, it made no sense to have a separate bank account for the same interest rate as my regular bank. At that time, I simply transferred all my monies to my checking account and told them to close the account. It was relatively easy to deal with this bank and was good as long as they had the high interest rate.

Not the Best, Not the Worst

Posted by: CNX047 | Feb 9, 2015

I first set up my account many years ago, because I was enticed by a larger interest rate offered to me by a promotional mailer. The set up process was outdated, clunky and unresponsive. It really took far too long to set up than it should have. All together it took nearly two weeks to get the account funded and up and running. Customer service is lacking in many ways. I had needed help with a lost password and they were basically no help, I was finally forced to resolve the issue on my own. They generate a fair amount of paper as well, I'm not too pleased with the various offers, flyers, etc. that come to my address despite requesting that these stop. Interest rate is paltry now and quite frankly I wouldn't bother anymore.

Beneficiaries Are Limited

Posted by: Anonymous | Feb 19, 2011

I have had good luck using Emigrant Bank. Currently their rates are lower than other online banks. My biggest complaint is that they only allow one beneficiary to be listed per account.

Emigrant Direct-- A Good "Bridge" Bank

Posted by: tomlawler | Jul 11, 2010

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.   




Health Grade Components

FDIC Certificate #12054
Year Established1850
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.59%
Return on Equity - YTD3.53%
Annual Interest Income$277.2MM
Assets and Liabilities
AssetsQ4 2016vs Q4 2015$6.41B$6.77B
LoansQ4 2016vs Q4 2015$4.38B$4.06B
DepositsQ4 2016vs Q4 2015$4.40B$5.54B
Equity CapitalQ4 2016vs Q4 2015$1.10B$1.10B
Loan Loss AllowanceQ4 2016vs Q4 2015$75.8MM$74.6MM
Unbacked Noncurrent LoansQ4 2016vs Q4 2015$200.8MM$229.0MM
Real Estate OwnedQ4 2016vs Q4 2015$40.4MM$57.3MM
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EmigrantDirect.com Savings Account Rates

0.50%--AmericanDream SavingsAccount

EmigrantDirect.com is an Internet only bank and does not have branch locations. Its headquarters is located at 5 East 42nd Street - New York, NY 10017