Deposits held and insured by Emigrant Bank

Consistently High Interest; Great Place To Stash Money

Posted by: |

I'm confused about all the "bait and switch"/lowering rates comments. I've had money with them since 2016, and the interest rates have gone consistently up, staying at 2.40% for the last year or so. There are basically no fees, and the tradeoff, from my perspective, for the low fee/high interest is the slow pace of moving money (takes a long time for first deposit to clear, moving additional money in and out is pretty laggy).
I use this for a zero-risk, long-term emergency savings that keeps me from losing money due to inflation, and it is perfect for this purpose.
I have had all my customer service needs met via their messaging system. No complaints at all.

They Are Great!

Posted by: |

This guy above or below is out of his mind for giving this bank 1 star just because of their security policy....

Here's my take on this bank:

Sure the staff is not the best, no fancy app, no sexy webpage and no debit card.

The bottom line is right now they are beating every MMA/savings account with 1.25% APY.... So stop whining! They are keeping their cost low and in return you get a healthy APY.

So you are worried they have a C+ Health rating ..... Who care's as long as you don't have over 250k (500k for joint account) then this shouldn't worry you since they are FDIC insured.

So if you have some money you wanna put to safe work, this bank is awesome, you won't get any checks or debit card to easily access your money, you will need to do a free ACH transfer to your primary checking account, but again who cares it's a savings account you can wait 2 days.

I was super skeptical when I opened my account but I conducted extensive research and went for it... My account took a day to setup, they didn't even email me to let me know I was approved (they are really keeping the budget low lol). Funding my account took another day and the portal to view my account is nice and simple.

Also another perk is that the app supports this bank. The last bank I had my savings in didn't !

Another perk is absolutely no fees!

Hope this helps someone =]!

Don't Trust Their Interest Rates

Posted by: |

I logged in to check on my savings today and noticed that they were advertising an interest rate significantly lower than my interest rate. I thought this was odd, so I checked my account and to my surprise I was also being paid the lower interest rate. I checked my email and messaging history trying to figure out when that happened, but there was no record of it at all. I checked here at and sure enough, MySavingsDirect has lowered their interest rate 5 times over the last few months.

I get that interest rates change. But at a minimum I would expect a courtesy notification when they change mine. I'll be looking for another place to put my savings. The interest rate here is still somewhat competitive with some of the bigger banks, but not nearly as competitive as it was when I opened the account.

Teaser Rates with No Bottom

This website is one of many set up by Emigrant bank. I knew nothing about them until I set up this savings account because it offered me an attractive interest rate for savings accounts. Within 30 days of opening the account I recieved notice that they were cutting the rate by a quarter percent. 30 days later they cut it anothe quarter percent. They continues this until after four months the account was paying me 0.1% for a savings account at a time when there were multiple online banks paying in the 1 1/4 range. I later learned that this is typical for them as they have set up several of these websites that always use the same M.O.. They lure people in with a competative rate and then assume we are too lazy or too busy to notice we are getting shafted as they rapidly cut it to near zero.



Data as of Q1 2021

Data displayed below is for insuring bank: Emigrant Bank
Learn why bank health matters

Health Grade Components

FDIC Certificate #12054
Year Established1850
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.65%
Return on Equity - YTD3.25%
Annual Interest Income$57.4MM
Assets and Liabilities
AssetsQ1 2021vs Q1 2020$6.19B$6.31B
LoansQ1 2021vs Q1 2020$4.10B$4.39B
DepositsQ1 2021vs Q1 2020$4.65B$4.36B
Equity CapitalQ1 2021vs Q1 2020$1.23B$1.19B
Loan Loss AllowanceQ1 2021vs Q1 2020$81.1MM$75.1MM
Unbacked Noncurrent LoansQ1 2021vs Q1 2020$206.3MM$170.5MM
Real Estate OwnedQ1 2021vs Q1 2020$7.8MM$12.3MM
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MySavingsDirect Savings Account Rates

0.25%--MySavings Account

MySavingsDirect CD Rates

0.40%$1k-60 - 120 Month My Term CD
0.30%$1k-30 Month My Term CD
0.25%$1k-6 Month My Term CD

MySavingsDirect 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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