Emigrant Bank Review 2023
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At a glance
CDs
Checking
Savings
MMA
About Bankrate Score
Overview
Emigrant Bank is best for customers in the New York City area, savers seeking yields above the national average, and consumers who are comfortable managing their bank accounts online.
Highlights
- Low Min Balance
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Overall
Emigrant Bank is a federally insured regional bank with two branch offices, one in Manhattan and one in Ossining, New York. Its deposit accounts generally pay rates above national averages, although significantly higher yields can be found elsewhere.
Pros
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Emigrant Bank’s fees are lower than many banks.
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Customers have broad ATM access through the Honor, Pulse, Plus and NYCE networks.
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Customers can transact business online, over the phone, and at ATMs and the two branch offices.
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It offers online bill payment.
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It offers a variety of products for personal and business banking.
Cons
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The bank does not have a mobile app.
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It has only two branch offices, both in New York state.
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It does not offer a peer-to-peer payment platform.
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Some opening deposits and balance minimums are stiff.
Emigrant Bank bank products
Emigrant Bank savings overview
Account holders can set up direct deposit of any regular payments, such as Social Security benefits or paychecks. The Regular Savings account is available as a passbook account or statement savings.
Pros
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The minimum opening deposit is low.
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The Regular Savings account is available as a passbook savings account or statement savings.
Cons
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A $500 minimum balance is required to avoid a monthly service fee.
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Other banks offer higher yields with lower minimum balance requirements.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bank experience
Emigrant Bank offers customer service by phone from 8 a.m. to 6 p.m. Eastern time weekdays and by email. The bank's website has an FAQ page, but interest rates and some other account details are not disclosed on the site and require a phone call. Emigrant Bank does not have a mobile app.
About Emigrant Bank
Emigrant Bank is a well-established New York bank that was founded by Irish immigrants in 1850. It offers checking, savings and money market accounts, certificates of deposit, and mortgages, IRAs, investments and annuities. It also offers business banking. Emigrant Bank is insured by the Federal Deposit Insurance Corp.
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
