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EmigrantDirect vs the Average Bank

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I thought it would be interesting to see how EmigrantDirect's new 4.0% savings rate compares to rates of some of the big Brick-and-Mortar banks. Since they don't even come close in their savings account rates, I chose to see if they have any CDs equal to or over 4% APY. Here are the results of my little comparison. All rates are in APY and are based for the state of Texas:

  • Bank of America, 2.75%, 60 month CD
  • Bank One, 3.55%, 36 month CD
  • Compass Bank, 3.65%, 36 month CD
  • Wachovia, 4.05%, 5 year CD (for balances over $100K)
  • CapitalOne, 4.00%, 24 month CD
  • Wells Fargo, 4.00%, 15 month CD special
  • Bankrate.com listed average for 2 year CD, 3.86%

The closest competitor is Wells Fargo with a special CD of a moderate-length 15-month term that's equal to EmigrantDirect's current savings rate. Bank of America had the worst rate of only 2.75%. I hope no one is investing in those CDs. Bankrate.com listed the national average for 2-year CDs as 3.86% APY.

Comparing CDs with a savings account isn't exactly a fair comparison. Nevertheless, it does help to show how great EmigrantDirect's savings account rate is.
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