EmigrantDirect Bank is an online subdivision of Emigrant Savings Bank (in NY) and is one of the first banks in the US to be registered in FDIC. Emigrant Bank was founded by a few Irish emigrants as a mutual savings bank in 1850. It had grown to become one the largest savings bank in the nation by the 1920s. This bank is regulated by both the State and Federal regulators.
EmigrantDirect bank’s products include a hugely popular savings account, certificates of deposit with the best CD rates and a credit card. EmigrantDirect offers an American Dream Savings Account that allows an earning of variable annual percentage yield on savings. They offer freedom, flexibility, and security that is unsurpassed in the current personal banking scenario. There is no requirement to maintain a minimum balance and the account earns a very high interest rate.
With so many online banks trying to woo customers with promises of high returns, traditional banking is no longer as popular as it was a few years ago. Online high yield savings accounts such as the one that EmigrantDirect offers, make a lot of sense for people who wish to keep their savings accounts growing.
Towards this end, EmigrantDirect bank increased the yield percentage to a whopping 4%, compared to the 3.5% being offered earlier. This makes it the highest yield account available today. The American Dream Savings Account is truly a dream come true, as it does not carry any hidden costs, fees, penalties or service charges, which is how most banks make money. It only takes $1 to open this account. Interest is earned on every cent that is deposited without having to worry about giving it back in the form of fees, which is what many banks do.
The customer is allowed access to their account online 24/7 whenever they need it. When an account is opened, EmigrantDirect links up with the customer’s designated checking account automatically, which makes it extremely flexible to deposit or withdraw funds by transferring money online. All money transfers are made through an Automated Clearing House (ACH). Even regularly scheduled recurring transfers can be set up between the savings account and linked checking account.
Deposits at EmigrantDirect are FDIC insured up to $100000 and individual accounts as well as joint accounts are insured separately. This means that if a single depositor has both types of accounts with them, they can be insured up to $200000.
Although EmigrantDirect does take a bit longer to sign up due to the extra precautionary measures they take, such as verifying the customer in a few ways, the extra effort is appreciable, keeping in view the convenience and security that the customer derives. Their ‘my way’ Certificates of Deposit are only available for American Dream Savings Account holders. The term of the deposit can be anywhere from six months to ten years. The minimum deposit balance is quite low at $1000. They offer one of the best CD rates and the interest is compounded on a daily basis and credited monthly. There is a penalty in place for early withdrawals. These CDs with their best CD rates are FDIC insured, providing the security required for money deposited. When the time for maturity gets closer, there is a policy in place for automatically notifying the customer, so the depositor does not need to keep a tab on the dates.
EmigrantDirect bank’s credit card pays about 1.4% on all transfers, purchases, transfers, and automatically transfers money into the savings account at regular intervals. This card has the “highest cash-back rebate in the country”, with no cap on this potential. This in itself is an admirable feat. All rebates are deposited directly into the respective American Dream Savings Account twice annually. All this plus Great MasterCard benefits like accessing the account throughout the day or night from wherever one is.
Their customer service staff is polite and helpful, and always ready to answer any questions. EmigrantDirect bank is one bank that certainly comes to mind when one talks about earning without doing anything. This bank shows it’s understanding of customer satisfaction and implements what it has learned through the years, through its wonderful user friendly policies.
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