emigrant direct
Emigrant Direct has made a big splash in the banking world. [1]
When you open your account, Emigrant Direct automatically links up with your designated checking account allowing you the flexibility to make deposits or withdraw funds by transferring money online. [2]
Well, I finally got around to opening a savings account at Emigrant Direct. [3]
Update: Emigrant Bank, the owner of Emigrant Direct, has launched a new high-yield savings account, Dollar Savings Direct (my review), which offers 4.00% APY. [4]
I’ve been a user of online banks for more than three years now, and was attracted to Emigrant Direct mainly because it was offering a higher interest rate than my current online bank. [5]
The other day, an astute (but anonymous) reader pointed out a bit of troubling fine print in the Emigrant Direct withdrawal policy (see here for to read it for yourself). [6]
But that was debatable, as opening the account required waiting for Emigrant to snail-mail applicants a document or two before the account could even be accessed. [1]
Emigrant Direct is currently offering an interest rate of 4.5% on what they call the American Dream Savings Account, as well as a 5% interest rate on CDs. [5]
Plus, with an American Dream Savings Account you will have peace of mind, since your account is FDIC insured up to the legal limit and always secure. [...] Since each of EmigrantDirect and DollarSavingsDirect is an online banking division of Emigrant Bank, any deposits you have at Emigrant Bank, EmigrantDirect or DollarSavingsDirect are aggregated and FDIC insured up to $250,000 per depositor. [2]
Compounding is the money that money makes, added to the money that money has already made. [...] The proliferation of online banks — and more specifically, online savings accounts — has been an absolute boon for savers. [...] And if you’re still tucking away your savings at a traditional bricks ‘n’ mortar bank or credit union, you’ve probably been missing out. [1]
I will be moving all of my money out of Emigrant Direct at the end of this month too. [4]
In other words, they are (apparently) free to sit on your money for 60 days if they choose to do so. [6]
Sources:
[1] Emigrant Direct Review @ Moneyspot.org
[2] EmigrantDirect: Learn More About Our High Rate, No Fee Savings Accounts …
[3] ” Opening an Emigrant Direct Savings Account
[4] Say Goodbye To Emigrant Direct
[5] If You’re Looking For High Interest Rates, Check Out Emigrant Direct …
[6] ” Emigrant’s Dirty Little Secret