Deposits held and insured by Emigrant Bank (FL)

Overview / Commentary
5 East 42nd Street
New York, NY 10017
Deposits held and insured by Emigrant Bank (FL)

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.

Emigrant Direct, a solid online bank

I have banked with Emigrant Direct for over 10 years now and I have found them to be a reliable online banking institution. I have not had a checking account with them, however, only a savings account. I started banking with them because they were advertising very competitive interest rates on savings accounts (that was before the financial crisis which led to a severe drop in interest rates), and I still think they do have competitive rates compared to other banks.

I don't access the bank very frequently, but have done a number of transfers over the years, and have never had any problem carrying them out. I have had to call customer service on occasion when I have forgotten my password, and they have always been helpful and have resolved my problems. So I am satisfied with Emigrant Direct, and have no desire to change from them.

Emigrant Direct online bank has high interest savings accounts

My experience with Emigrant Direct Bank has been positive. I have savings accounts with them. When I opened them several years ago, the interest rates were much higher (around 5%). Though they have dropped to .5%, that is still significantly higher than what I am earning from other financial institutions. I have found it easy to make deposits and withdrawals, and my experience with customer service has been positive. I highly recommend Emigrant Direct Bank for anyone who would like to watch their savings grow.

Emigrant Direct

Posted by: |

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.

Our Nest Egg Is Gone!

Posted by: |

I just finished filing a complaint with BBB. We had over $4500.00 deposited in an online banking account at Emigrant Direct, a division of Emigrant bank. We have not been able to add money to that account for a few years, however we thought our little nest egg was safe with this bank. In February 2019, I logged into our account and the balance was $0.00. I contacted Emigrant bank and the employee I spoke with said that since our account didn’t have activity for 3 years the $4500.00 was sent to Comptroller of the State of Maryland’s office. We completed the paperwork required by the state comptroller and waited 3 months. We received a check for less than $200.00 from the state. We are devastated. Our nest egg is gone. Emigrant Bank robbed us.
1. Emigrant Bank has our email, phone number and our home address, plus the address to our previous home and never contacted us!
Why didn’t they send us an email?
It’s. An. Online. Bank.



Data as of Q1 2024

Data displayed below is for insuring bank: Emigrant Bank (FL)
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Health Grade Components

FDIC Certificate #57083
Year Established2001
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.72%
Return on Equity - YTD3.14%
Annual Interest Income$106.7MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$6.24B$55.1MM
LoansQ1 2024vs Q1 2023$4.62B$34.7MM
DepositsQ1 2024vs Q1 2023$4.67B$39.7MM
Equity CapitalQ1 2024vs Q1 2023$1.45B$12.1MM
Loan Loss AllowanceQ1 2024vs Q1 2023$73.6MM$228K
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$237.3MM$775K
Real Estate OwnedQ1 2024vs Q1 2023$6.8MM$0
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EmigrantDirect.com Savings Account Rates

4.00%$0-AmericanDream SavingsAccount

EmigrantDirect.com CD Rates

4.50%$1k-15 Month CD
4.00%$1k-6 Month CD
3.50%$1k-16 - 59 Month CD
2.75%$1k-60 - 120 Month CD

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

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