Emigrant Direct 5.0% APY, Presidential Savings 5.12% APY, More

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Emigrant Direct is now at 5.0% APY. [Emigrant Review] [$10-$20 Opening Bonus]

Presidential also raised rates last week to 5.12% APY on their Premier Savings Account. [Savings Review]

Added: VirtualBank is keeping their base rate of 4.60% APY, but if you keep $100,000 in there you’ll get 5.13% APY.

My Money Blog has partnered with CardRatings and Credit-Land for selected credit cards, and may receive a commission from card issuers. 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.

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  1. Anonymous says

    Does Emigrant do a hard credit pull? If not I might do the 10-20 bonus thing.

  2. Wow, that was probably the fastest comment after posting I’ve ever had!

    No, Emigrant did not do a hard pull for me, and I’ve never heard of them doing one for anyone else.

  3. I sincerely apologize for asking this dumb question, but I can’t wrap my head around the answer. So, Emigrant is 5.00% APY. I’m with GMAC right now, 4.80% APY. Your “rate chaser” uses APR, not APY.

    If one only knows the APY, can you still use the rate chaser? I understand APY is the more useful number, but then why does “rate chaser” not ask for APY?

  4. Not a dumb question at all. The reason why I ask for APR instead of APY is that the underlying formula uses APR, and I was trying to avoid having to ask for compounding frequencies.

    After I made that calculator, I also made the

    APY to APR Calculator

    …which I haven’t used yet to update the Rate-Chaser calculator code. I’ll go and at least add a link, so that people can just use them together.

    Finally, if you just plug in APYs for both, your final answer will be very close anyways. It may be off by a few percent is all.

  5. HSBC is at 5.05% APY

  6. Excellent…the pressure was on after HSBC’s move. Thanks.

  7. methodmuse says

    HSBC and Presidential do hard credit pulls, correct?

  8. HSBC, no. Presidential, yes on your first account with them.

  9. Anonymous says

    6 mo cd rate: 4.93% APY: 5.05%
    1-yr cd rate: 5.31% APY: 5.45%

    source: http://netbank.com/investments_cds.htm

  10. Jonathan, as a fellow Californian and Vanguard fan, have you ever considered Vanguard’s CA tax-exempt money market fund instead of a taxable savings account at an online bank? The yield on this fund is 3.66% and when I factor in the tax savings (I’m in the 25% fed bracket and the 9.3% state bracket), this fund seems more attractive than even HSBC’s current 5.05% rate, and just as liquid. Just curious to know what you and other readers think. Here’s a link to the fund:


  11. Rick – Yes, if it offers the better rate than the others, I say why not? Fidelity has a similar product. I believe there are minimums to consider, though. I actually don’t live in CA right now, so I haven’t really looked too deeply into it myself.

  12. when you guys are looking into these tax-exempt funds offered by Vanguard and Fidelity, are you factoring in the management fees when looking at total after tax return?

    If the management fee is .3%, when vanguard quotes a 3.66% yield, is that after management fee’s??? or would the yield really be 3.33%?

    thanks in advance

  13. Listed money market yields are net after expenses. Thus in your example it would be 3.66%.

    It should usually say that somewhere in the fine print as well.

  14. Their bankrate rating has dropped to 2 stars! – no thanks. I will stick with banks that have a good rating.

  15. I didn’t realize that Bankrate.com gave rankings to specific mutual funds. John, you mentioned that the rating has dropped to two stars — were you referring to Vanguard’s California Tax-Exempt fund? (VCTXX)

    By the way, I decided to move my money from ING to Emigrant since ING no longer remains competitive with its rates, rather than put it into VCTXX. I would have come out marginally better with this fund (at it’s current yield) but between the expenses and redemption fees, I’d rather my $$ just sit in Emigrant and grow without hassle.

  16. LordOfTheManor says


    Emigrant will be 5.15% APY effective July 28th.

  17. Emigrant Direct is raising the rate to 5.15% effective July 28th!


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