Emigrant Direct is one of two subsidiaries of Emigrant Bank specializing in direct-banking savings accounts for consumers. Account holders accomplish tasks such as deposits and withdrawals through the online Emigrant Direct banking system. Bank account options are very limited and include only savings accounts and certificates of deposit (CDs).
About Emigrant Bank
Emigrant Bank backs all accounts made through Emigrant Direct. Emigrant bank is a prominent savings bank located in New York City. The history of Emigrant Bank goes back to 1850 when the Irish Emigrant Society founded it for Irish immigrants in New York. For most of the bank's business life, it existed as a mutual savings, but in 1986, it converted to stock savings bank.
Wishing to increase its presence, Emigrant bank formed two online subsidiaries in 2005: Emigrant Direct and Dollar Savings Direct. The increased online presence has brought new customers to the bank from across the nation, instead of simply New York customers, where the bank has 35 branches.
Emigrant Bank is a privately-held bank, the largest such bank in the country. It is also the largest savings bank in New York City. As of 2009, Emigrant Bank and its regional affiliates had $15.4 billion in assets. The bank's equity capital was at $1.2 billion at the end of the same year. In addition to the main savings bank and the two online subsidiaries, Emigrant bank also has a mortgage division called Emigrant Mortgage Company and a wealth management division called New York Private Bank & Trust.
Emigrant Direct Banking Accounts
Bank account options at Emigrant Direct are limited to savings accounts and CDs. Unlike its sister division, Dollar Savings Direct, Emigrant Direct has an initial minimum deposit of only $1. After the initial deposit, no minimum balance is required, and account holders accrue interest at the same rate, regardless of the account balance. Opening a CD account requires a minimum investment of $1,000 and agreement to a term period.
Emigrant Direct has named their savings account the American Dream Savings Account. It earns variable annual interest and has no fees, penalties or service charges. Customers have access to their account 24/7 through the Emigrant Direct online banking system.
When a customer first opens a savings account, they are required to link an external checking account to manage deposits and withdrawals. Account holders make deposits and withdrawals through the online system directly into or out of their linked checking account. These ACH transfers usually take two to four days to complete.
Emigrant Direct is a simple savings bank with only a few bank account options. It is perfect for customers who want to open a no-minimum account quickly without a lot of fuss.