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Emigrant Bank Review 2022

Updated December 2, 2022
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At a glance

4.6
Rating: 4.6 stars out of 5
Bankrate Score
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CDs

Rating: 4.7 stars out of 5

Checking

Rating: 4.3 stars out of 5

Savings

Rating: 4.7 stars out of 5

MMA

Rating: 4.1 stars out of 5

About Bankrate Score

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Overview

Emigrant Bank is best for customers in the New York City area, savers seeking competitive yields and consumers who are comfortable doing all their banking online.

Highlights

  • Top CD Rates
Compare offers
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.6 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 4.6 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
4.35
%
APY
Rating: 4.6 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

Emigrant Bank is a federally insured online bank with two branch offices, one in Manhattan and one in Ossining, New York.

Pros

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    Emigrant Bank's deposit accounts offer competitive annual percentage yields.

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    Its 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, 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

  • 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 bank products

4.7
Rating: 4.7 stars out of 5
Bankrate Score

Emigrant Bank savings overview

Emigrant Bank offers a Regular Savings account with a competitive APY and an opening deposit of just $10. However, there is a $500 balance minimum to avoid a $2 monthly service fee, and the fee is not waived for teens, students, veterans or seniors. Savings customers 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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    APY is competitive.

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    Low minimum opening deposit.

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    Automatic direct deposit of regular payments is available.

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    Monthly service fee is low compared with some banks.

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    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.

  • Service fee is not waived for teens, students, veterans or seniors who do not maintain the minimum balance.

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

Compare Offer
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.6 stars out of 5
InfoHover for more
$0
Min balance for APY

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, so most banking is done online, with limited transactions via phone or ATM.

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

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.