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Emigrant Bank Review 2022

Published January 2022 by Libby Wells

AT A GLANCE
4.6

Bankrate Score

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Top CD rates

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.

  • CDs
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    4.7
  • Savings
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    4.7
  • Checking
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    4.3
  • MMAs
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    4.1
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    LendingClub

    Member FDIC

    Savings account

    0.85 % APY

    $ 0

    Min. balance for APY

    Sallie Mae

    Member FDIC

    MMA

    0.75 % APY

    $ 0

    Min. balance for APY

    Barclays

    Member FDIC

    Savings account

    0.70 % APY

    $ 0

    Min. balance for APY

    Overall

    4.6

    Bankrate Score

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

    What we like

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

    • Its fees are lower than many banks.

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

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

    • It offers online bill payment.

    • It offers a variety of products for personal and business banking.

    What we don't

    • 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.

    CD rates

    4.7

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    2.10 % APY

    2yr

    Term

    $ 500

    Min. deposit

    Emigrant Bank offers CDs in 22 terms ranging from three months to 10 years. It does not offer bump-up or no-penalty CD products. Minimum opening deposits for CDs are $1,000, which is reasonable but might be tough for some customers to meet. The APY on a one-year CD is competitive, but there are banks offering better rates. CD interest can be withdrawn at any time. CD rates are not published on the website.

    What we like

    • You can withdraw interest at any time.

    • There are 22 terms ranging from three months to 10 years.

    • Reasonable $1,000 minimum opening deposit.

    • Customers are notified before CDs mature.

    • One-year CD offers a competitive rate.

    What we don't

    • No-penalty or bump-up CDs aren’t offered.

    • Rates are not published on the bank's website.

    • Minimum opening deposit might be too high for some customers.

    Savings accounts

    4.7

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    LendingClub

    Member FDIC

    Savings account

    0.85 % APY

    $ 0

    Min. balance for APY

    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.

    What we like

    • APY is competitive.

    • Low minimum opening deposit.

    • Automatic direct deposit of regular payments is available.

    • Monthly service fee is low compared with some banks.

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

    What we don't

    • 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.

    Checking accounts

    4.3

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    SoFi

    Member FDIC

    Checking account

    1.25 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    Emigrant Bank's Basic Checking account is suited to customers who write a few checks each month. The minimum deposit to open is $25. The account comes with a MasterCard debit card, as well as an optional reserve line of credit for overdraft protection, for which the account holder must qualify. Account holders can pay bills and manage the account online, and transfer funds and check balances by phone. Emigrant Bank also offers the Relationship Checking and NOW checking accounts. For review purposes, Bankrate looked at the Basic Checking account.

    What we like

    • The $25 nonsufficient funds/overdraft fee is lower than the average NSF fee.

    • Minimum opening deposit of $25 is reasonable.

    • Basic Checking customers have access to a large ATM network.

    • Broad ATM network makes it easy to avoid out-of-network ATM charges.

    • Basic Checking comes with a debit card.

    • Overdraft protection is available.

    • Free online bill payment and limited banking by phone are included.

    What we don't

    • The Basic Checking account is not interest bearing.

    • Basic Checking allows for a limited number of checks, but the limit and the penalty for exceeding it are not disclosed on the website.

    • A $2 fee applies to out-of-network ATM use.

    Money market accounts

    4.1

    Bankrate Score

    Emigrant Bank's Money Market Savings account is an interest-bearing account that allows for limited check writing. The interest rate is competitive, but the account holder must have a $25,000 balance to earn interest. A balance of $2,500 is required to avoid a $9 monthly service fee.

    What we like

    • The Money Market Savings account offers a competitive APY.

    • Limited check writing is allowed.

    • Customers can set up direct deposit of regular payments.

    What we don't

    • The minimum balance to earn the APY is high.

    • The minimum balance to avoid a monthly service fee is high.

    • The $9 monthly service fee is high compared with many other high-yielding MMAs.

    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.

    Libby Wells Twitter Created with Sketch. @

    Libby Wells Twitter Created with Sketch. @

    Libby Wells is a part-time editor at Bankrate. Previously, she was Bankrate's chief copy editor and a credit card reporter. Libby spent most of her career as a newspaper journalist and has more than 30 years of experience as a writer and editor.