Online banks have lower costs because the automation of the internet allows them to hire very few account representatives. Emigrant Direct is based in New York and competes with VirtualBank, NetBank, ING Direct, Everbank, and other online banks. Below you will find a review and background information on Emigrant Direct.
Current Rates
EmigrantDirect is currently paying 0.50% APY on their savings accounts.
You can find much higher yields by clicking on our savings accounts chart.
Emigrant Direct Profile
EmigrantDirect is the online banking division of Emigrant Savings Bank. It is for consumer accounts only. Emigrant Savings Bank was founded by Irish emigrants as a mutual savings bank in 1850. By the 1920’s it had grown to become the largest savings bank in the nation.
Today, Emigrant has $10 billion in assets and more than $1 billion in net worth. It operates as a full service bank through 36 branches in the New York metropolitan area, and through EmigrantDirect.com on the internet.
Emigrant’s wealth management division, New York Private Bank & Trust, has its own deposit products starting at $1,000,000. All deposits are insured by the FDIC up to the legal limit. Emigrant Savings Bank is regulated by both State and Federal regulators.
How to Open a Money Market Account with Emigrant Direct
It is simple to open an American Dream Savings Account. The only requirements are that you have a US address, a valid tax identification number and a personal checking account with a US Bank.
Visit www.EmigrantDirect.com to apply.
EmigrantDirect’s Customer Service number is: 1-800-836-1997.
Three Steps to Opening the Best Money Market Account
1. Find the best bank with the highest interest and lowest fees with our online money market accounts chart.
2. Apply for an account and select an initial funding option. Once your application is completed and approved, The bank must then receive funds (initial funding amount on the application) from your external linked checking account (if you funded via ACH debit).
3. The bank will then send you instructions for completing the account opening process.
