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.
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.
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.
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.
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.
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.
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.
|FDIC Certificate #||12054|
|Return on Assets - YTD||0.8%|
|Return on Equity - YTD||4.57%|
|Annual Interest Income||$72.7MM|
|Assets and Liabilities|
|Assets||Q1 2017vs Q1 2016||$6.31B$6.65B|
|Loans||Q1 2017vs Q1 2016||$4.29B$4.09B|
|Deposits||Q1 2017vs Q1 2016||$4.24B$5.41B|
|Equity Capital||Q1 2017vs Q1 2016||$1.11B$1.11B|
|Loan Loss Allowance||Q1 2017vs Q1 2016||$77.7MM$76.7MM|
|Unbacked Noncurrent Loans||Q1 2017vs Q1 2016||$232.9MM$238.5MM|
|Real Estate Owned||Q1 2017vs Q1 2016||$37.2MM$53.4MM|
Always verify rates and promotions with the bank or credit union. We are not EmigrantDirect.com; we are a rate comparison website and cannot provide official rates or promotions.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
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