This review was last updated on 8/16/2006.
The Emigrant Direct American Dream savings account is one of the most popular online savings accounts. Along with ING Direct, Emigrant was one of the first banks to offer a high interest rate (most banks offer a measly half a percent or so). This high interest rate coupled with with a good reputation makes Emigrant Direct an attractive option for anyone who needs to stash some money away, earn interest, and stay liquid.
The Deal
Emigrant Direct currently pays a very high interest rate (it changes regularly, so check the Web site for the latest). There are no fees and no minimums. You can link up to 2 checking accounts to the Emigrant Direct account, and transfer money freely between.
Ease of Use
The Emigrant Direct Web site is pretty customer friendly. The signup process is fast and painless, and the account management section is just like any other online banking site. Initiating a transfer or direct deposit is also easy.
Customer Service
Outside of the state of New York, you are probably not going to have a local branch of Emigrant Direct to go and speak to a representative in person. They do however have a toll-free support number which is available until 11:30 PM, 7 days a week. Of course they also offer online support via email.
Overall
In a nutshell, Emigrant Direct offers:
- a high interest rate
- easy online account setup & access
- no setup fees, no regular fees, and no account minimums
- adequate customer service, available toll-free 7 days a week
- FDIC insurance (like all online banks)
Conclusion: The Emigrant Direct American Dream savings account is one of the best options available.
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