Emigrant Bank Review 2020

Published March 2020 by TJ Porter

AT A GLANCE
2.9
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Bankrate Score

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Emigrant Bank will work for people who live in the New York area and who can deposit at least enough cash to meet the minimum balance requirements. If you don’t have enough cash, you’ll be stuck earning even lower rates and paying high fees.

  • CDs
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    3.2
  • Savings
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    3.3
  • Checking
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    2.8
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    2.3
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.00 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.00 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Overall

    2.9

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    Bankrate Score

    Emigrant Bank is a New York-based bank that operates five branches in the area. Its accounts have a few bright spots but don’t stand up very well to the competition.

    What we like

    • Solid checking account rate with relatively low balance requirement.

    • Offers flexible CD terms.

    What we don't

    • High minimum balances to earn the best rates.

    • No mobile banking app.

    • Customer service only available on the phone on weekdays.

    CD rates

    3.2

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    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.00 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Emigrant Bank offers CD terms that range from three months to 10 years. The minimum deposit is a reasonable $1,000; however, you can find higher rates on a 12-month CD elsewhere.

    What we like

    • Variety of CD terms.

    • Reasonable minimum balance.

    • Withdraw interest at any time.

    What we don't

    • You can find higher yields elsewhere.

    Savings accounts

    3.3

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    Bankrate Score

    Emigrant Bank’s savings accounts have no minimum deposit; however, you can find higher yields elsewhere — especially at online banks. The account charges a monthly fee if your balance falls too low. It also requires a $10,000 deposit to earn the best rate of interest.

    Not many details are available on the bank’s website; a Bankrate representative called the bank to get more information.

    What we like

    • No minimum deposit.

    What we don't

    • You can find higher yields elsewhere.

    • $10,000 minimum to earn the best rate.

    Checking accounts

    2.8

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    Bankrate Score

    Emigrant Bank’s checking account is one of the bank’s strongest products. It offers a moderate interest rate and provides access to a wide network of ATMs through the NYCE network. It also comes with free bill payment features. Where it comes up short is its $2,500 minimum to avoid fees and its lack of peer-to-peer transfer options.

    Not many details are available on the bank’s website; a Bankrate representative called the bank to get more information.

    What we like

    • Offers some interest.

    • Provides wide network of ATMs.

    What we don't

    • $2,500 minimum balance to avoid fees.

    • No peer-to-peer payment functionality.

    Money market accounts

    2.3

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    Bankrate Score

    Emigrant Bank’s money market accounts offer an interest rate that is more than its checking account rate but less than its savings account rate. The money market account also offers limited check writing options.  However, the monthly fees are steeper.

    Not many details are available on the bank’s website; a Bankrate representative called the bank to get more information.

    What we like

    • You can write checks.

    What we don't

    • You can find higher interest rates elsewhere.

    • There is a $2,500 minimum deposit.

    Bank experience

    Emigrant Bank only operates five branches and doesn’t have a smartphone app. That means you’ll need to be near a branch or a computer to be able to do most of your banking. The bank also offers phone support, but it's only available on weekdays.

    About Emigrant Bank

    Emigrant Bank is a New York-based bank that operates five branches in the area. It offers checking, savings and money market accounts as well as CDs.

    It was founded as a mutual savings bank in 1850 by Irish immigrants.

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