I have been a customer of Emmigrantdirect for over a decade. Recently, the company has become increasingly unethical, setting automatic renewal of my CD without my consent, refusing my request to cancel the automatic renewal, and claiming that this automatic renewal is a common industry practice.
I will leave the company as soon as possible .
I have been using Emigrant Direct for several years and have had a savings account and three CDs with them over this time period. I use the savings account as my primary savings for life, and have invested money in CDs with them several times. I was very happy with their interest rates and think they are competitive within the market. I have dealt with their customer service agents on several occasions trying to change the name on my account. Even though they are just an online bank, I have received very good customer service from them, and have absolutely zero complaints. I would highly recommend this bank to anyone who uses mobile banking and usually transfers money between multiple accounts and banks.
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.
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.
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.
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.