Emigrant Direct Bank Review
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At a glance
Overview
Emigrant Direct is the digital subsidiary of Emigrant Bank. It offers a savings account and certificates of deposit. Despite being an online-only bank, Emigrant Direct's website is rather lousy, with important account details scattered across a long FAQ page. And some crucial account information can't be found on the website at all. If you're looking for a top-notch digital experience at an online-only bank, there are many other options to consider.
Highlights:
No Min Balance No Monthly FeesHighlights:
CDs
Savings
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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.
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 Checking rating = 4.9/5
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.
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.
Overall
Emigrant Direct offers just one savings account and a wide range of certificates of deposit (CDs), from six months to ten years. Its savings account offers a solid yield but many of the CD rates are lackluster. You must have a savings account with Emigrant Direct in order to open a CD. While the savings account comes without monthly fees and a minimum deposit requirement, there are many limitations that come with the account.
Pros
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Emigrant Direct's American Dream Savings Account offers a solid yield.
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There are few fees to worry about.
Cons
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Higher yields can be found elsewhere.
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Emigrant Direct doesn't offer a mobile app.
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The bank's website is mediocre.
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Interest rates and some other account details are not disclosed on the website and require a phone call or email.
Emigrant Direct banking products
Emigrant Direct American Dream Savings Account
Pros
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Without a minimum deposit requirement or monthly fees, the account is highly accessible.
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The American Dream Savings Account comes with a solid yield.
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There are no limits on withdrawals.
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Emigrant Direct has an automatic transfer feature.
Cons
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Without a mobile app, users must be comfortable solely banking on the bank's website (which is lackluster).
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Only your initial deposit can be made by mailing a check; all other deposits must be made through external transfers.
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There's no ATM access, so additional withdrawals and deposits can only be made through linked external accounts.
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You can find higher yields on savings accounts, with fewer limitations, at other online-only banks.
Emigrant Direct certificates of deposit
Pros
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Emigrant Direct offers a wide range of terms.
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Credited interest can be transferred to the bank's American Dream Savings Account, though you'll have to call customer service to request this.
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Early withdrawal penalties are relatively standard.
Cons
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You must have a savings account with Emigrant Direct before you can open a CD.
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Much higher yields can be found elsewhere on most terms.
Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | N/A |
| Non-sufficient funds fee | N/A |
| Monthly maintenance fees | None |
| Out-of-network ATM fee | N/A |
| Excessive transaction fee | None |
Customer experience
Customer service. Customers can call Emigrant Direct from 8 a.m. to 11:30 p.m. ET seven days a week. There's also an email option to reach a customer representative, but not a chat function.
Digital experience. Despite being an online-only bank, Emigrant Direct has a limited digital presence. There's no app for either Android or iOS users. Its website is relatively low-tech, essentially only offering an FAQ menu for account details.
We want to know what you think about Emigrant Bank
Do you have experience with Emigrant Bank? Let us know your thoughts.
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.
