Emigrant Direct constantly changing % APY

Hmm..seems like they are FDIC Insured

from FDIC

Yes, Emigrant Bank has been FDIC insured since 07/09/2004.

The certificate number is 57834

The main office is located at:
6 EAST 43RD STREET
NEW YORK , NY 10017
New York county

It was established on 07/09/2004

The primary regulator is FDIC

Community Reinvestment Act (CRA) Performance Ratings

It has 0 branch office(s).

Call/TFR Financial Information
Financial Information
Branch Office Deposit Information

Very tempting.

Have they consistently had good rates? I've never heard of them..it might just be a teaser rate.

Yes, Emigrant Savings Bank has been FDIC insured since 01/01/1934.

The certificate number is 12054

The main office is located at:
5 EAST 42ND STREET
NEW YORK CITY , NY 10017
New York county

It was established on 09/30/1850

The primary regulator is FDIC

It has 35 branch office(s).

Edit - it seems like this version is closer than architek's bank with 0 offices. If you click on Open now -> terms and conditions , it shows the same address, not 43RD ST

1-800-836-1997
or write to:
EmigrantDirect
Internet Banking Center
5 East 42nd Street
New York, NY 10017

When I googled them, they showed up under Sponsored Links
3% APY Savings Account
More money for your money.
No minimums. No fees. FDIC
www.EmigrantDirect.com

They have an ad budget for Google. A good sign

lydiachang said: skander said: Thanks for the info OP.

It seems the bank is Popular in NYC. Here is the Yahoo story. story
Tempting for sure. I guess ING would catch up soon....
Skander

Thanks for the interesting story..although it's a press release written by Emigrant Direct themselves.

Any other information?? Any hidden monthly fees or other requirements? Their website sure doesn't have a whole lot on there.
Fees
No monthly fees are charged for Emigrant Direct. Other account related charges may apply. Please see our "Service Charge Rate Schedule" for details. All fees are subject to change.

Click on "Open Now"

And you will get to see the terms and conditions. Also note that that link refers back to emigrant.com which all points to legitness. The main question that remains is how stable the 3% is, no?

edit to fix link

hiddendragon999 said: That is a horrible name for a bank. Their marketing department had 150 years to change it.
Offer them Hidden Dragon Bank of 999

DeGlass said: Thank you for your interest in opening a new account.

Unfortunately, we cannot process your application at this time.
If you have any questions or need assistance, please contact Customer Service at 1-800-836-1997, Monday-Friday, 8:00am-8:00pm EST.
What step?
Did you enter your real information?
Do you have the same address in your credit report?
Can you check your credit report to see if they ran it?

DeGlass said: Thank you for your interest in opening a new account.

Unfortunately, we cannot process your application at this time.
If you have any questions or need assistance, please contact Customer Service at 1-800-836-1997, Monday-Friday, 8:00am-8:00pm EST.



Did you call?

Only one external account linked? At least they do not ask for a voided check, so the name on the account does not have to match(?) - there is no way to get account owner's name via ACH, correct?

Do they offer an ATM card? How about linking this account to other accounts at Emigrant Savings (not at Emigrant Direct)? It would make these offers more attractive.

However, with no minimum, it is currently the best offer for a liquid account out there.

So, one bank has FDIC insurance since 7/2004, and the other since 1934. Does this make them different banks, or separate business entities ?

I am a natural chicken and skeptic, but a 5 month old internet bank does not instill confidence in me.

EricGo said: So, one bank has FDIC insurance since 7/2004, and the other since 1934. Does this make them different banks, or separate business entities ?

I am a natural chicken and skeptic, but a 5 month old internet bank does not instill confidence in me.

EmigrantDirect.com™
A Division of Emigrant Savings Bank.

VirtualBank, a division of Lydian Private Bank...

Our unique approach to banking is backed by ING (NYSE:ING)

We are kinda' used to dealing with the smaller entities. Besides there is always FDIC.

skander said: I sent a quick email to ING.....Here is CSR reply....


"Thanks for the e-mail. We are aware of Emigrant Bank's rates as well as the
rates of all of our competitors. I personally don't expect Emigrant's rate
to stay at 3% very long and feel that it is just a gimmick to attract new
Customers....."

Skander

We shall see, this could drop with the quickness but remember that there are lots of rates higher than ING and I don't see that changing. ING isn't all that. There are plenty of options to get above ING rates.

# 3.00% - City National Bank of Taylor, Reward Checking Account (for balances up-to $10K) - Info page
# 2.75% - Presidential Bank, Internet Checking Plus (for balances up-to $25K) - Info page
---
# 3.04% - Superior Savings, FReD account (for balances above $10K)
# 3.00% - Access National Bank, Access Money Market (for balances above $25K)
# 2.53% - Genoa Savings, Money Market (for balances between $20K and $50K, $2.5K min. balance to avoid a fee)
# 2.53% - Superior Savings, Simply Supperior Money Market (min. balance of $1K to get the rate and avoid fees)
# 2.50% - Eastern Bank, Guaranteed Money Market (for balances above $10K)
# 2.40% - Digital Credit Union, LTD Savings (for balances above $25K)
# 2.36% - GMAC savings account ($500 balance to avoid a monthly fee) - Info page
http://ibankdesign.com/board/index.php?showtopic=540
This doesn't list Charter One's 2.5% account or Emigrant either.

RotaryBzzz said: Might as well make it three-for-one-ding.That only works for a FICO computation, not for the respective credit bureau's own score.

Anyone going to bite? Very tempted to try it out.

skander said: I sent a quick email to ING.....Here is CSR reply....


"Thanks for the e-mail. We are aware of Emigrant Bank's rates as well as the
rates of all of our competitors. I personally don't expect Emigrant's rate
to stay at 3% very long and feel that it is just a gimmick to attract new
Customers....."

Skander

Well, Superior Savings' 3.00% is lasting for at least the second 6 months period...

Zon said: Some have issues with GMAC Demand Notes not being an insured bank, but they are at 3% ($1000 min).

Why go without FDIC when it doesn't cost anything? Risk without reward is no good.

lydiachang said: I emailed them too. Thought if enough of us asked, they'll eventually raise the rate.

I think it is time for FWFers to pull their collective millions to greener pastures. ING is mainstream now. The deals aren't in the mainstream when it comes to high interest savings accounts IMHO.

This bank seems totally legit. They are ranked 21st in the US based on asset size (link). A quick google search turns up news about new contracts with internet service provider contracts for online presence as well as other contracts for producing promotional CDs for expanding online banking. Seems like these folks want to grow. Also there are a number of references to Emigrant Mortgage CO.

BTW ING is 7th on the asset holding list in US.

I think it is worth a try for some extra funds. Also might help to play ING Emigrant off each other rather than just e-mailing ING and asking.

Itsagame

This has been reported before, but don't forget Superior Savings of New England has a savings account paying 3.00/3.04 APY - FReD account. Guaranteed for 6 months from 1/2/05. http://www.superiorsavings.com/main.htm
FDIC insured.

The firt time I think ratings worked for me.I would not have clicked on the thread otherwise. I thought OP had a typo and it was some kind of immigrant's bank. I vote for the change of title to be more descriptive. Thanks OP!