Emigrant Bank Review 2021

Published January 2021 by Libby Wells

AT A GLANCE
4.4

Bankrate Score

bank-logo

Top CD rates

Emigrant Bank is an option for people who live in the New York City area and can deposit enough cash to maintain the minimum balance requirements. If you can't maintain the balance requirements, you'll earn lower rates and pay account fees. One of the best things about Emigrant Bank is that its fees are low compared with other banks.

  • CDs
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    4.7
  • Savings
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    4.1
  • Checking
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    4.4
  • MMAs
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    3.9
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    Overall

    4.4

    Bankrate Score

    Emigrant Bank has a wide variety of accounts to accommodate both personal and business banking. But you have to call customer service for many account details, as Emigrant Bank's website is sparse on information. Deposits are FDIC-insured.

    What we like

    • The bank offers a wide variety of consumer deposit accounts and high CD rates.

    • Bank fees for returned checks and other services are lower than most banks.

    • Deposits are federally insured.

    • It has a broad ATM network (NYCE, Pulse, Honor and Plus).

    What we don't

    • The bank doesn't have a mobile app.

    • Minimum balances to earn the top yields are high.

    • The bank's website does not have a lot of account details.

    • Customer service is available only on weekdays by phone.

    CD rates

    4.7

    Bankrate Score

    Emigrant Bank has multiple CD terms ranging from three months to 10 years, with a minimum deposit of $1,000.

    What we like

    • Emigrant Bank offers very competitive CD rates.

    • The bank has a wide range of CD terms.

    • The CD deposit minimum is reasonable.

    • You can withdraw interest at any time.

    What we don't

    • Emigrant Bank offers no specialty CDs.

    Savings accounts

    4.1

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Emigrant Bank has two savings accounts: Regular Savings and Money Market Savings. Both accounts offer decent yields, but the Money Market Savings has high minimum balance requirements to avoid monthly fees and to earn the top APY.

    What we like

    • The Regular Savings account pays a decent interest rate.

    • The Money Market Savings account also offers a competitive yield.

    • The Regular Savings is available as a passbook savings account or statement savings.

    • Money Market Savings offers limited check-writing.

    What we don't

    • The Money Market Savings has a $2,500 minimum balance to avoid monthly charges.

    • Money Market Savings has a high balance requirement to earn the highest yield.

    • You can find higher yields elsewhere, especially at online banks.

    Checking accounts

    4.4

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    Emigrant Bank checking accounts pay competitive yields, offer free online bill payment and a big ATM network. But two of the three checking offerings have a high minimum balance to avoid fees, and the Basic Checking account is limited to 12 withdrawals per statement cycle and has a $3 monthly fee.

    What we like

    • You can earn decent interest.

    • Online bill payment is free.

    • All checking accounts come with optional overdraft protection.

    • A broad ATM network eases account accessibility.

    What we don't

    • Basic Checking charges a monthly maintenance fee, regardless of the balance.

    • Basic Checking has a limit of 12 monthly withdrawals (check, cash or ATM) to avoid a $9 fee.

    • The NOW Checking account has a $2,500 balance requirement to avoid monthly fees.

    • There are no peer-to-peer payment options.

    Money market accounts

    3.9

    Bankrate Score

    Emigrant Bank's money market account offers a decent interest rate and limited check-writing options.

    What we like

    • The Money Market Savings account pays a competitive APY.

    • It offers limited check-writing.

    • You can set up automatic deposits of payroll and Social Security checks.

    What we don't

    • There is a $2,500 minimum balance to avoid monthly charges.

    • There is a steep balance requirement to earn the top yield.

    • You can find higher yields elsewhere, especially at online banks.

    Bank experience

    Emigrant Bank also offers mortgages and investment accounts. Its services can be accessed through the branches, call center, ATM network and online. It does not currently have a mobile app.

    About Emigrant Bank

    Emigrant Bank is a New York-based bank with only two branches in New York City and nearby Westchester. It offers checking, savings and money market accounts, as well as CDs. Emigrant Bank was founded as a mutual savings bank by Irish immigrants in 1850.

    Libby Wells Twitter Created with Sketch. @

    Libby Wells Twitter Created with Sketch. @

    Libby Wells is a contributing writer to Bankrate. Previously, she was Bankrate's chief copy editor. Libby has more than 30 years of experience as a writer and editor for newspapers, magazines and online publications in South Florida. She spent most of her career at The Palm Beach Post and Palm Beach Daily News, but she also did a previous stint at Bankrate as the credit card reporter. Libby is a native of Kentucky and a graduate of the University of Kentucky, where she earned a bachelor's degree in journalism. She's an avid fan of the legendary UK Wildcats basketball team.