Emigrant Direct American Dream Savings Account Information Sheet and Opinions

My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone.

Website: EmigrantDirect.com
Current APR: 5.05% APY
Interest Compounding: Compounded daily and credited monthly.
Minimum to open: $1
Minimum to avoid monthly service charge: None
Other fees of note: None
Download formats available: .ofx/.qfx/.csv files*
Number of external bank account links allowed: 4
Routing Number: 226070319
Opening Bonuses: $10-20

Deposit Hold Times: (from their site) For security reasons, initial deposits have a 10 business day hold before they can be withdrawn. Future deposits may be withdrawn after five business days.

Safety of Deposits: Emigrant Savings Bank is FDIC insured (certificate) up to $100,000 per depositor. Still, this does not mean all banks are the same. BankRate.com’s Safe & Sound Rating assesses banks’ relative financial conditions. Emigrant Savings Bank has a rating of 3 out of 5 stars.

How to add external link:
You can link up to 4 accounts. You must send in a voided check, as well as confirm two trial deposits.

Contact Information:
Email: emigrantdirect@emigrant.com
13 Croton Avenue
Ossining, NY 10562

1-800-836-1997 (Monday-Sunday 8:00 AM – 12:00 AM ET)

Customer Service Opinion: I’ve never called them. Anecdotally, I’ve heard both positive and negative things about their customer service, although almost all the negative comments have to deal with their somewhat involved sign-up process, and not the customer service itself. I’ve been happy with my account so far.

User interface Opinion: It is simple, but it works. It definitely won’t win any design awards or anything.

Other things to note: I previously wrote another review of this account: Emigrant Direct Saving Account & Application Process Review

* .ofx is Microsoft Money’s current format, .qfx is Quicken 2005+ format, .qif is Quicken 2004 and older and also older MS Money format, .csv is Comma Separated Values which is a more generic spreadsheet format.

[updated 10/28/06]

My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned.

MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.

User Generated Content Disclosure: Comments and/or responses are not provided or commissioned by any advertiser. Comments and/or responses have not been reviewed, approved or otherwise endorsed by any advertiser. It is not any advertiser's responsibility to ensure all posts and/or questions are answered.


  1. wannabe ceo says

    These last few posts are just in time. If you check this post, http://filthystinkinrich.blogspot.com/2005/08/money-moves.html

    I was just remarking how you keep up with the latest high yielding banks. I think I may split between Emigrant and ING.

  2. What do you think of the “U Promise” Accounts? Link current credit cards to U Promise and earn an additional cash towards a college account (or from what I heard you can take it out even if you have no college kids).

  3. Great! thanks for the info! I think I’ll tough out the horrible application/start up process with Emigrant and go with them. Too bad, they don’t have the open bonuses like ING. Maybe i’ll open the ING to just get the bonus. Thanks so much!

  4. Mike Pollock says

    Good review there. One note about the screen shot – the logo does appear correctly in Internet Explorer. However, as I use Firefox as well, I see that weird jagged effect.

    So far I haven’t had any trouble at all. The sign-up process was a bit long, but as 75% of my net worth is housed there, I appreciate the security.

  5. Mike Pollock says

    Actually, you know what? It could the Adblock add-in that’s doing it (causing the logo to appear that way). Nonetheless, at this point, I would recommend emigrant direct..

  6. Raymond P. Williams says

    We have never received an Email with instructions on the account validation process. Our credit union account statement shows two small transactions as previously stated. Your account confirmation number is 306443. Please advise

  7. Raymond, I’d check your Bulk Mail folders, otherwise use the contact info above and call them on Tuesday. I’m sure they’ll try to help ya.

  8. I’ve noticed that the money that I’ve pushed to Emigrant from ING does not appear to have a hold. It shows up in the available balance right away whereas the deposits I’ve pulled using Emigrant are not.

  9. I joined in late July, at 3.25% i think. 90% of my net worth is there. Works fine, and the sign-up process was smooth. Monthly reports hit my mailbox regularly, as does the interest earned. I love the utilitarian UI, screw all that mellow color/rounded edges/pastel nonsense firms put on their websites these days. 4% is not yet as “good” as the REAL inflation rate, but probably the best on the block.

  10. I signed up with Emigrant on 11/1 and didnt receive the letter with account info until the 15. That was a long wait, but there was a holiday in there that probably delayed the mail. I sent them email from the account interface 2 days ago and still havent heard from them. There was also a 24 hour wait before I could make another deposit. Ordinarily, I would be pretty nervous with this account, but since all the ‘right’ people seem to feel good about Emigrant, I’m sticking with it for now. Do you know if you can create sub-accounts at ED? Thanks for this post JP.

  11. Arnold Iznyuk says

    I forgot my username & passhpord.please help

  12. See contact information above…

  13. Hi: do you know if emigrant direct can be linked [to debit funds from] with treasury direct account? thanks.

  14. ED @ 4.65%.

  15. I signed up for an Emigrant Direct account without even having to send any money or cancelled check. It happened within 24 hours all online. Maybe it was a glitch on their part, but I had it all running with $0 deposited to begin. I have called them a few times and have had wonderful service each time.

    I also like that they allow for additional external accounts to be linked up.

    I have converted many people I know. This is a great bank. I would only consider changing to another bank if the rates at Emigrant drop way below the majority of their competitors.

  16. I thought I would post my experience with Emigrant for those that currently have accounts or are considering signing up for one. I initially signed up many months ago through this site (thanks for the signup bonus, Jonathan). I have used it to pay my credit cards via ACH (initiated by the cc company) and to route funds between my HSBC and eLOAN accounts (originating from those accounts, since they are not checking). In January, I attempted to sign up for a special 6.25% APY CD from Pentagon Federal using Emigrant as the funding account. In February, PenFed told me that the transfer did not go through and that Emigrant’s ABA was listed as “obsolete” by the Federal Reserve, but that they would honor my rate if I would wire in the money that day. I called Emigrant only to find out that outgoing ACHs are no longer allowed and that even wire transfers could only be done to one of the 4 accounts that you link. Of course they told me I should be receiving a letter to explain all of this (only a month or two after the change).

    My advice. If you require outgoing ACH, I would recommend HSBC, who offers the same rate. If you can live with transfer limitations, consider eLOAN or others who offer better rates to compensate for the limitation.

  17. According to a phone rep, Emigrant recently stopped allowing ACH transfer as of a few weeks ago. This is very inconvenient as I used to transfer funds to my brokerage account (last successful transfer in mid March 2007). I now have to transfer funds to my linked checking and then from my checking to my brokerage.

  18. Just wanted to say I have used Emigrant Direct for over a year and have had no complaints. It is still amazing to me how many people stick with their home-town bank savings account that is earning them less than 1%.

  19. Does Emigrant Direct support the ability to download acocunt information into Microsoft Money? If so how? I don’t see it on their website.


  20. Rosalie Smith says

    I have tried for two months to get my apartment number changed. I changed it the way they told me but the mail keeps coming to the old apartment.



  21. Actually, Emigrant only allows two external accounts, not four. I know this because I have more than two accounts I’d like to link to it, but it won’t let me.

    If that isn’t a big deal, then Emigrant is great, but because of that limitation, ING is my favorite. Plus, ING will give referral bonuses! $25 to the one who opens an account with at least $250 and $10 to the one who does the referring. If you want a link, just shoot me an email (gfarnam at gmail). I’d be happy to help you make an easy $25.


Speak Your Mind