Stanley McMahon recommends you visit http://www.osawatch.com/2006/05/emigrant_direct.html for a more in-depth review of the Emigrant Direct savings account.
Emigrant Direct is the online banking branch of Emigrant Bank. Emigrant Bank was found in 1850 and by year end 2005; it had assets worth $ 10.5 billion. Emigrant Direct services can be accessed through their American Dream Savings Account.
The Annual Percentage Yield (APY) of Emigrant Direct is much higher as compared to other online banks. Unlike the high APY offered by other banks which is only for an introductory period, with Emigrant Direct the APY is for the duration of the account. A high-paying savings account with no fees and minimums is one of the salient features of Emigrant Direct. This means that one can enjoy high yields by having just $ 1 in the account. One can keep an existing checking account and link the Emigrant Direct Savings Account to it. The Emigrant Direct Account can be linked to two accounts. Transfer of money can be done easily by logging onto one's Emigrant Direct Savings Account. Emigrant Direct does not levy any transfer fees.
With Emigrant Direct, the interest which is compounded daily is credited every month to the user's account. Employers can directly deposit money into their employees' accounts at Emigrant Direct. Automatic deposits from various sources of income are a useful feature of the Emigrant Direct Savings Account. Online access is available 24 x 7 and there are no time restrictions.
Account opening is a smooth procedure that requires submitting an application online. Identification is by means of the tax identification number. A personal checking account in a U.S bank and a U.S address are required. The account details are sent to the prospective account holder by post. This also serves to double check the particulars provided by the applicant. Thus, even though signing up for the account is relatively fast; completing the process and activating the account may take a few days.
There are no hidden costs attached while banking with Emigrant Direct. There are no bank service charges and one can cancel the account anytime without any penalties. Emigrant Direct accounts are insured by FDIC for a value of up to $ 100,000 for every account holder. This means that married couples who have an individual and joint account with the bank can avail insurance of up to $ 200,000 for their accounts. Account holders also get to enjoy the benefit of Platinum MasterCard which has a cashback of 1.4%. Account holders are not required to pay an annual fee for the card.
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