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Emigrant Bank Review 2024

Updated January 25, 2024
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At a glance

3.5
Rating: 3.5 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 3.3 stars out of 5

Checking

Rating: 4.2 stars out of 5

Savings

Rating: 2.7 stars out of 5

MMA

Rating: 2.4 stars out of 5

About Bankrate Score

Overview

Emigrant Bank is best for customers in the New York City area who are seeking a simple and low-cost checking account and are comfortable managing their bank accounts online.

Highlights

  • Low Min Balance
Compare offers
Info
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 2/29/2024
Rating: 4.9 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
CD
5.15
%
APY
APY
Info
As of 2/29/2024
Rating: 4.9 stars out of 5
$500
Minimum deposit
View offer Arrow Right
Promoted offer: Expires 4/17/24. APY may change before CD is opened & funded.

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 — except for CDs — generally pay rates above national averages, although significantly higher yields can be found elsewhere.

While the accounts come with low monthly fees, these fees are difficult to waive or can’t be waived at all.

Pros

  • Checkmark

    Customers have broad ATM access through the Honor, Pulse, Plus and NYCE networks.

  • Checkmark

    Customers can transact business online, over the phone, and at ATMs and the two branch offices.

  • Checkmark

    It offers online bill payment.

  • Checkmark

    Rates are above average for most accounts.

Cons

  • The bank does not have a mobile app.

  • It has only two branch offices, both in New York state.

  • It does not offer a peer-to-peer payment platform.

  • Some opening deposits and balance minimums are stiff.

Emigrant Bank banking products

2.7
Rating: 2.7 stars out of 5
Bankrate Score

Emigrant Bank savings overview

Emigrant Bank’s Regular Savings account earns an APY that’s somewhat above the national average. Much better rates can be found elsewhere, however, including at EmigrantDirect, an online-only division of Emigrant Bank. The Regular Savings account requires just $5 to open, but there is a minimum balance requirement of $500 to waive the $2.50 monthly service fee.

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

  • Checkmark

    The minimum opening deposit is low.

  • Checkmark

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

Cons

  • A $500 minimum balance is required to avoid a monthly service fee.

  • Other banks offer higher yields with lower minimum balance requirements.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    Emigrant Bank
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 2/29/2024
Rating: 4.9 stars out of 5
Info
$1
Min balance for APY
View offer Arrow Right
Promoted offer:

Bank fees

Fee Charged?
Overdraft fee $25
Non-sufficient funds fee $25
Account maintenance fees $3 for checking; $2.50 for savings; $9 for money market

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.

Customer experience

Customer service. Emigrant Bank offers customer service by phone from 8 a.m. to 6 p.m. Eastern time weekdays and by email. 

Limited digital presence. 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 or email. Emigrant Bank does not have a mobile app.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

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.