Emigrant Bank Review
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At a glance
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 BalanceHighlights:
CDs
Checking
Savings
MMA
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These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
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.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.6/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
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
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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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Rates are above average for most accounts.
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.
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Emigrant Bank banking products
APY last updated between 5/9and 5/15.
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.
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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Emigrant BankAPYAPY last updated 5/8/2025.APYAPY last updated 5/8/2025.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
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
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.
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