Emigrant Direct Review - Dream Saving Account

Emigrant Direct Review - “Americas Dream Savings Account” at 4.75% APY
EmigrantDirect is the online banking division of Emigrant Bank. The Bank was founded by Irish emigrants as a mutual savings bank in 1850. By the 1920’s it had grown to become the largest savings bank in the nation.

As of December 31, 2005, Emigrant bank has approximately $10.5 billion in assets and more than $789 million in net worth. Together, Emigrant Bank and its affiliated Regional Banks have $14 billion in assets and more than $1 billion in net worth, operating through 36 branches in the New York metropolitan area.

The Emigrant Direct Savings Account currently yields a hefty 4.75% APY (as of 10/01/07)

As mentioned in my review of the 4.25% APY ING Direct Orange Savings Account, I hope you are keeping your emergency funds or other savings in an safe account that is making you the highest amount of money. I used to have my savings sitting in my primary banks savings account. It happened to be Bank of America and their savings account yield a measly 0.50%! Most of the other primary banks are yielding a similiar amount.

$15,000 in a Bank of America savings account at 0.50% will make you $75 over one year of time!

$15,000 in an Emigrant Direct savings account at 4.75% will make you $712.50 over one year of time!

Which account would you prefer?

I personally have my own Emigrant Direct Savings Account. Signing-up for the account was quick and easy though it does take a couple days for them to complete the setup and processing of your account. The transfering of money in and out of my primary bank account to my Emigrant Direct account is a breeze.

Why should you consider the Emigrant Direct Dream Savings account?

* High 4.75% Annual Percentage Yield on savings. They claim to have the highest nationally advertised non-promotional APY for unrestricted day of deposit to day of withdrawal savings accounts with no fees and no required minimum balance. In regards to high yield “savings” accounts it appears that claim is true. At the moment of writing this, HSBC bank does offer a slightly higher APY but it is an introductory period rate.

* There are no required minimum balances. No matter what your balance, you will still get the same high yield. However, if you plan to keep the account open, be sure to keep a minimum balance of at least one dollar. I have read that some accounts have been automatically closed if the account sits with a zero balance.

* There are no savings account setup fees, no bank service charges, no penalties or other hidden costs. You may also cancel your Emigrant Direct savings account at any time with no fees.

* Easily setup regularly scheduled transfers to your high yield savings account.

* Access your savings account online 24-hours a day, 7 days a week.

* No need to change your current bank.
When you open your Emigrant Direct account, it gets automatically linked up with your designated checking account. This gives you the flexibility to make deposits or withdraw funds by transferring money online.

* Your savings are FDIC Insured.
Your deposits at Emigrant Direct are FDIC insured up the maximum allowed by law. EmigrantDirect is the online banking division of Emigrant Bank and your deposits at EmigrantDirect are FDIC insured up to $100,000 per depositor. TIP: Are you married? Keep in mind that individual and joint accounts are insured separately, so if you have both types of accounts with Emigrant Direct, your total deposits can be insured up to $200,000; that’s up to $100,000 in all your individual accounts, and up to an additional $100,000 in your joint accounts.

* It’s a quick and easy setup process.
The only requirements are that you have a valid tax identification number, US address and a personal checking account in a US Bank.

* They are in-the-news and have received a lot of national press.

Click Here to Open an Emigrant Direct Dream Savings Account - 4.75% APY with No fees, No Minimums and FDIC insurance.