Emigrant Direct is an online bank division operated by Emigrant Bank. Emigrant Direct is one of the more prominent online bank sites. Emigrant Direct offers a high yield savings account, certificate of deposit accounts and a bank credit card.
The Emigrant Direct online savings account and online bank CD come with few extra bells and whistles. The vast majority of consumers shopping for bank products and services with online banks are generally not looking for the added features but are mostly concerned about the rate of return or interest rate offered on the online bank products. With the Emigrant Direct online savings account, called the AmericanDream Savings Account, the current interest rate is 1.00%.
Interest earned on the Emigrant Direct AmericanDream Savings Account is compounded daily and credited monthly. The online savings account has no minimum deposit requirement and all balance amounts earn the highest interest rate on the savings account. There are no service fees, transaction fees, penalties, or hidden charges with the Emigrant Direct online savings account.
The Emigrant Direct CD is referred to as the My Way certificate of deposit and is offered to Emigrant Direct savings account holders. The current CD rate for the Emigrant Direct My Way CD is 1.50% for a term of 41 months to 59 months and the CD rate for a term of 16 month to 40 months is 1.00%. The minimum opening deposit for the bank CD is $1,000.00.
Emigrant Direct CD account holders can withdraw the earned and posted interest from the bank CD at any time by transferring the money back to the linked bank account that funded the CD. Please note, an early withdrawal penalty will be imposed if you make a withdrawal of principal prior to the maturity date.
Emigrant Direct offers account access anytime. Bank deposits and withdrawals are easily initiated online and reviewed online. All Emigrant Direct deposits are insured by the FDIC up to the legal limit.
The initial deposit to open the account may be made by check or electronic funds transfer. Account holders can have up to two checking accounts linked to Emigrant Direct to transfer funds in and out of the account. Emigrant Direct savings account holders can also set up direct deposits into the account.
The only requirements to open the account, per the bank web site, are that the account holder is at least 18 years old, has a valid tax identification number, a legal US address and a personal checking account in a US bank.
The Emigrant Direct credit card is a no annual fee MasterCard available to existing savings account holders at Emigrant Direct. This is a cash back rewards credit card that offers up to
1.40% cash back on qualifying net purchase transactions.
The credit card cash back is deposited directly into an Emigrant Direct AmericanDream Savings Account up to twice annually. There is no cap to your cash back that can be earned. To qualify for the highest cash back rewards with the Emigrant Direct credit card, the account holder must maintain an average balance of at least $10,000.00 in their Emigrant Direct AmericanDream Savings Account.
Emigrant Direct customer service is available at 1-800-836-1997, seven days a week, 8:00 AM – 11:30 PM.
See the online credit card application for details about terms and conditions of the Emigrant Direct credit card. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty.
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