Emigrant Direct Raises Rate to 4.50% APY

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Don’t you love how they still claim to have America’s Highest Rate*? My Online Bank Comparison Chart would disagree. Of course, the fine print says “*Highest Nationally Advertised Annual Percentage Yield for unrestricted day of deposit to day of withdrawal savings accounts.” What the #$*% does that even mean?

New accounts can get a $10-$20 Emigrant Direct referral bonus, and my Rate-Chaser Calculator may be useful as well.

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  1. For the “*,” does the HSBC have a date deadline (whatever you want to call like) like ING does? I thought they didn’t… but that they would probably just change their rate back once ING did (“we retain the right to change rates without notice, etc, etc”).

  2. Hi Jonathan, it’s me asking probably redundant questions again:
    I think you have mentioned the ability to link all three online accounts (virtual bank, ING and Emigrant) by simply input information online (without sending void checks, since none of the online account offers checks), am I correct?

  3. HSBC’s 4.80% rate is guaranteed until 4/30, and ING’s 4.75% is until 4/15. Still, ED is behind VirtualBank at 4.60% as well, which is not a temporary rate. I’m guessing they are using their ‘nationally advertised’ loophole for that one?

    Yes, you can link all three to your checking account online. Linking them all to each other, however, may not be possible for all combinations.

  4. KingSideRook says:


    Looking at your Online Bank Lost Interest Experiment post I noticed that you transfered money directly from ED to ING (with ING being the initiating party). How did you do that? I thought the only way to link ING to another account is to send them a check?

  5. For a time, ING allowed the linking of external accounts by just account and routing numbers. They got rid of that feature a couple months later, but if you already had the link they let you keep it. I personally think they had too many people linking other online accounts and moving their money away, although they cited ‘security concerns’ instead…

  6. i use both virtual bank and ED….as virtual bank changes their rates at a much slower pace

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