History of EmigrantDirect and Emigrant Savings Bank
When looking to open a new savings account, many consumers look for online savings options that offer higher yields, such as those offered by EmigrantDirect Savings Bank.
With the options in online banking expanding, it is easy to become overwhelmed with options. Further, it can be hard to determine which institutions are going to be around should another financial crisis occur.
Here, we provide an in-depth review of EmigrantDirect, the online banking division of the larger Emigrant Bank, to help provide insight into the Emigrant Savings Bank’s services.
Emigrant Savings Bank was founded in 1850 in New York. It was started by a group of Irish immigrants and was created as a mutual savings bank. The purpose of Emigrant Savings Bank was to serve the growing immigrant population in the United States, and it ultimately became the seventh largest bank in the country.
Emigrant Savings Bank survived the 1986 financial crisis when it was saved by the Milstein family, eventually becoming the largest privately held bank in the United States. In 2008, it again survived a financial crisis, one that left some other large institutions in the dust. Currently, the Emigrant Savings Bank continues to serve the New York community it was founded in as well as serving customers spread across the country.
Now, the Emigrant Savings Bank family of businesses includes the Emigrant Mortgage Company, Emigrant Funding Corp., Emigrant Business Credit Corp., Emigrant Financial Services, Emigrant Capital, Emigrant Bank Fine Art Finance and EmigrantDirect Savings Bank. Each business services a particular financial arena, with EmigrantDirect focused on providing online savings options to everyday consumers.
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Services Provided by EmigrantDirect Savings Bank
EmigrantDirect Savings Bank focuses primarily on Emigrant savings account offerings. Services available through EmigrantDirect are available for consumer accounts only, so there is no need to worry about competing with business customers for the best rates or customer service.
While the larger Emigrant Bank offers additional products, such as an Emigrant mortgage account or checking account, EmigrantDirect Savings Bank provides access to the American Dream Emigrant Savings Account, the “My Way” Certificate of Deposit, as well as access to precious metals to purchase as a savings mechanism or as long-term investments.
Further, the Emigrant Mortgage Company’s foreclosure listings can be accessed through the EmigrantDirect Savings Bank home page, providing Emigrant customers quick access to potentially cost-saving listings.
EmigrantDirect American Dream Savings Account
The Emigrant savings account offered through EmigrantDirect is named the American Dream Savings Account. This savings account serves as Emigrant Savings Bank’s version of the popular, high-yield online savings account. This account provides higher rates by lowering the overhead involved in the traditional banking model.
The EmigrantDirect Savings Bank American Dream account’s associated interest rate is variable, adjusting to changing market conditions when necessary. This means, as market conditions become more favorable, the interest rate on your account will rise accordingly. This helps Emigrant Savings Bank provide a higher annual percentage yield than those offered by many brick-and-mortar banks.
The Emigrant savings account can be opened online and allows for 24/7 access to account information. There is no minimum balance requirement, and there are no fees or service charges associated with the account. Just like Emigrant Savings Bank’s other deposit-based accounts, the American Dream Savings Account is FDIC insured up to $250,000 per depositor, the maximum amounts allowed by law. This allows an individual to receive coverage in the amount of $250,000 across all deposit-based accounts, or a joint total of $500,000 as part of a couple.
Deposits into the EmigrantDirect Savings Bank account can be made via an electronic fund transfer (EFT) from a connected checking account whether that checking account is with Emigrant Savings Bank or another institution. Your Emigrant savings account can be in just your name, or it can be set up as a joint account with a qualifying spouse or other family member.
“My Way” Certificate of Deposit
Once you have an Emigrant savings account, you will have the option of opening a “My Way” Certificate of Deposit (CD) account. A CD is a long-term savings account option that allows for higher levels of interest than most savings accounts; in exchange, you allow them to hold the money for longer savings periods. The EmigrantDirect Savings Bank CD is considered a relatively safe investment when compare to other investment mechanisms and is offered with a variety of terms.
The EmigrantDirect CD is offered as part of Emigrant Savings Bank’s overall product catalog. Rates on CDs will vary with market conditions as well as the amount of time until maturity, with longer investment periods traditionally offering higher rates of return. EmigrantDirect reviews the market standards often to ensure you are receiving a competitive rate on your deposited funds when your new account is created and when your current account rolls over.
While the interest accrued on a CD can be transitioned to your linked Emigrant savings account at any time, the funds used to open your CD must be held until maturity in order to avoid any early withdrawal penalties. Once maturity is reached, the CD automatically rolls over into a new CD but comes with a 10 day grace period to withdraw funds with no penalty.
If you choose to withdrawal your funds, you can easily place them in you Emigrant savings account to allow quicker access should you need it. If you prefer to continue receiving the savings rates associated with a CD, no action is required on your part.
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Emigrant Savings Bank Precious Metals Direct
EmigrantDirect Savings Bank offers customers of the American Dream Savings Account the opportunity to purchase precious metals as a form of savings or investment, as well as the option to sell previously purchased precious metals through the same system.
Emigrant Bank reviews the current pricing on precious metals in a variety of forms, such as gold bars or gold coins, to ensure their customers are able to purchase the investments at competitive price points and at the quality level one would expect from investment-grade precious metals.
Unlike the Emigrant savings accounts, the Precious Metals Direct service is only available during the New York Stock Exchange (NYSE) standard trading hours of 9:30 AM to 4:00 PM ET, Monday through Friday, except for certain holidays. Since the current value of precious metals, such as gold and silver, vary frequently throughout a trading day, maintaining these operating hours allows Emigrant Savings Bank to ensure the most current pricing based on recent market activity.
When an order is received, EmigrantDirect Savings Bank contacts their supplier for the most current pricing available. Due to the delay in receiving quotes and completing transactions, there may be slight variances in the initial quote and the final purchase price. For customers located in New Jersey or Ohio, state and local sales taxes may also be required to complete your EmigrantDirect Savings Bank precious metal order.
EmigrantDirect reviews the products offered on a regular basis and ensures their quality. Any precious metals purchased through Emigrant Savings Bank’s Precious Metals Direct can either be stored within their secure vault facility or can be delivered to your door, allowing you to use a storage method of your choosing.
If secure vault storage from EmigrantDirect Savings Bank Precious Metals Direct service is selected, most purchases arrive at the vault within three business days of purchase. Monthly storage fees will be assessed based on the quantity of items held in storage.
If home delivery from EmigrantDirect Savings Bank Precious Metals Direct service is chosen, you must allow seven to 10 business days for the order to be received. Delivery costs will vary based on the quantity being ordered, the associated weight of the parcel, and the destination.
As with other savings transactions, precious metal transactions can be reviewed through your online account access.
EmigrantDirect’s Real Estate Opportunities
While the Emigrant mortgage product is not available through EmigrantDirect, the Foreclosures Near Me service provides access to listings relating to bank-owned properties held by Emigrant Savings Bank. Emigrant Bank reviews all properties to ensure eligibility before they are listed and provides a unique opportunity to locate properties that may be available for purchase nearby.
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Emigrant Savings Bank
As mentioned previously, EmigrantDirect is part of the larger Emigrant Savings Bank and various subsidiaries. Here, the company offers a multitude of other personal and business banking options that can be used in conjunction with an EmigrantDirect savings account. The additional offerings for personal banking accounts include:
- Debit cards
- Foreign currency
- Life insurance
- Emigrant Mortgage financing
- Money market accounts
Emigrant Savings Bank is also there to support organizations ranging from small businesses to large corporations. Business banking accounts are available to corporate or not-for-profit organizations in the following areas:
- Lease security deposits
- Employer pension plans
- Financing and business loans
- Emigrant Mortgage financing – Commercial
Summary of EmigrantDirect Savings Bank Services
EmigrantDirect Savings Bank is prepared to meet the savings needs of most consumers, providing easy online access with the competitive rates you expect from an online-based savings account. Not only that, it provides a simple forum to those looking to invest in precious metals as a supplement to an American Dream Savings Account, whether they prefer to store the metals in a secure vault or in the safety of their own home.
With the focus EmigrantDirect Savings Bank puts on the online savings products it provides, and that many people desire, you can rest assured knowing your funds are FDIC protected by a company with over 160 years in the business.
If you are considering other services, like the Emigrant mortgage for a new home or a new checking account with debit card, Emigrant Savings Bank can help provide the additional services you desire through its larger network of banking subsidiaries.
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