Emigrant Direct Lowers Savings Account Rate

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EmigrantDirect has just lowered the yield on its American Dream Savings Account to 4.55% APY (was 4.65%). Emigrant's online bank targeting the Hispanic community, BancoFortuna, also lowered the rate to 4.55% APY. BancoFortuna had maintained the 5.05% for several months after EmigrantDirect first started lowering its rates (see post). I guess the only good news is that there's now parity.

Thanks to all those providing comments on the rate updates.
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Emigrant Direct Lowers Savings Account Rate - Spanish Version Remains at 5.05%
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Emigrant Bank's online bank targeting the Hispanic market, BancoFortuna, is still offering 5.05% APY. This is the same rate that EmigrantDirect had been offering for over a year before the Fed started cutting rates.

I first reported on BancoFortuna in May after this CNN article. As the article stated, Emigrant is targeting the Hispanic market. Perhaps it hasn't been as successful as they had planned so they're keeping the...



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I first reported on BancoFortuna in May after this CNN article. As the article stated, Emigrant is targeting the Hispanic market. Perhaps they're keeping the yield at 5.05% to continue this targeting.

BancoFortuna also provides an English equivalent page. I suppose this savings account is open to anyone in the US just like...



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Six months prior when Emigrant was rated as only 2 stars, Bankrate stated the following:

Things have been quiet over at EmigrantDirect. Perhaps they've been concentrating on their financials rather than new offerings. It has been over 3 months since their last rate change when the savings account rate dropped from 5.15%...



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EmigrantDirect just dropped the rate on its AmericanDream Savings Account from 5.15% to 5.05% APY. The rate had been at 5.15% APY since July 28th.

Could this be a sign of things to come for savings account rates? Or maybe it's just an issue with Emigrant? Since the Fed stopped raising interest rates, other banks have pulled back some on savings account rates. CapitalOne's money market account rate fell from 5.00% to 4.80% in August. GMAC Bank's money market account was as high as 5.10% in late July. In early...

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