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Tuesday, January 25, 2005

Emigrant Direct

Emigrant Direct claims to have the nations's highest savings account rate. At 3.0% this is significantly higher than the 2.35% currently offered by ING and 2.30% by Virtual Bank.

They claim to have no minimums, no fees, and you link directly to your checking account, much like ING. This is a regular savings account and it is FDIC insured. I'm a bit skeptic as I've never heard of this bank. Bankrate.com usually has a pretty good list of the top accounts in the country and I've never seen them. ING is very reliable, has been written about in many investment magazines, and I've used them personally for years. I'm not ready to endores Emigrant Direct but their account is intriguing.

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update: Virtual Bank just raised their rates to 2.60%

9 Comments:

At 4:29 AM, Anonymous Anonymous said...

This comment has been removed by a blog administrator.

 
At 5:38 AM, Anonymous Anonymous said...

I don't know why you haven't heard of it. According to the website, it was the nation's biggest savings bank in the 1920s. It doesn't say what nation though.

 
At 11:10 AM, Anonymous Anonymous said...

I want to find out if Emigrant Direct is really a bank and FDIC insured. However, I couldn't find Emigrant Direct in the FDIC website. They have Emigrant Savings Bank, but not Emigrant Direct. I called the customer service @ Emigrant Savings Bank. They said Emigrant Direct is a division of Emigrant Savings. I called Emigrant Direct to see if there are any other places I can go to verify the identity of their online bank, the customer service just kept on referring me back to the info on their website "emigrantdirect.com" on what they claim they are. She couldn't give me any non-emigrantdirect sources to verify their identify. Does it sound weird? Or should I just trust what they claim they are?

 
At 9:14 PM, Anonymous Anonymous said...

This comment has been removed by a blog administrator.

 
At 10:17 AM, Anonymous Anonymous said...

I'm curious about EmigantDirect as well. I came across their site while I was doing some research on Moringstar. I went to the EmigantDirect web site and found a link to a January 24, 2005 Barron's magazine article that mentions EmigrantDirect and it's 3% APY Saving Account. I then went the the Barron's Online home page and was able to find the article. However, since I do not subscribe to Barron's Online, I could not view the contents of the article to verify that what was in the article on the EmigantDirect site is actually included in the Barron's article.

 
At 9:47 AM, Blogger jj said...

I have an account with V-Bank (Virtual Bank) and Capital One. Currently at 2.60%, I assumed V-Bank was the way to go. But I've read into Emigrant Direct and just setup my account. Emigrant has been around as a private bank in NY since 1850 (listed as Emigrant Savings Bank), originally created by immigrants for immigrants currently having 36 branches in NY. Emigrant Direct is its online savings account product. In the 1920's it was one of the largest banks in America. Emigrant Savings has been FDIC insured since 1/1/1934. By the way, I contacted the FDIC and they just sent me an email confirming Emigrant Direct is legit. Bankrate.com's list is slow to update new entities. In any case, I will let you know how my account is once it is up and running.

 
At 11:45 PM, Blogger Max said...

3%? Hum... I moved tens of thousands into a Japanese bank account last year. Worst interest rates around, but I gained 10% on my money because of the weak dollar. If you want to make money with your savings, sell your dollars.
www.whiterabbitpress.us

 
At 11:19 AM, Anonymous Anonymous said...

Emigrant Direct American Dream saving account is an American nightmare!
This place is low class, the account setup process takes almost 3 weeks to complete, i have been hung up or disconnected from the customer service line 5 times atleast. I have a ING account and it is a night and day difference. for the small .4 tenths of a percentage rate difference I am happy to have the peace of mind and professionalism I get with ING.
But if you like aggervation and dont mind a shade tree bank the have at Emigrant Direct, as far as for me i would rather be kickied in the testys than do business with Emigrant Direct.

 
At 7:28 AM, Anonymous Anonymous said...

I have also opened an account with EmigrantDirect.com. Although it does take about a week to get the account setup, I have had no problems with their customer service. I had given them incorrect routing information when I first setup my account online and the customer service person on the other line took care of it within a few minutes of calling.

 

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