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Emigrant Bank Review

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Emigrant Bank Savings
0.50% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1850, Emigrant Bank has $6 billion in assets as well as deposits totaling $5 billion, classifying it as a large bank. Emigrant Bank, whose headquarters are in New York, New York, lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. Coming in at an average 3.6 stars out of 5, Emigrant Bank proves it is an average bank that leaves room for improvement. Emigrant Bank offers a variety of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Emigrant Bank has a fair savings rate; other popular banks have higher rates. Finding a bank with free checking and a high interest rate savings account is the best bet for getting the most income on your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.6/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

4.0
SmartAsset Average: 3.5

Emigrant Bank has a savings rate of 0.50%, which is poor compared to the average U.S. bank. Its one-year CD has a rate of 0.70% and the five-year CD has a rate of 2.80%, while its highest-yielding money market account earns at a rate of 0.40%. Given its poor savings rate, you should think about other options to earn more on your deposits.

How Emigrant Bank's Savings Rates Compare

Emigrant Bank Savings 0.50 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on Emigrant Bank's fees to provide a full SmartAsset rating.

Monthly Fee N/A National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

2.5
SmartAsset Average: 3.7

Emigrant Bank is a brick-and-mortar bank, with five total branches in New York. It also offers access to a web app, for an easy online-banking experience. It does not have all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday and 8:00 a.m. to 6:00 p.m. ET. Emigrant Bank gets a superb consumer satisfaction score based on relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating NR
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.2
SmartAsset Average: 4.8

Emigrant Bank ranks as a large bank with assets totaling $6 billion and $5 billion in deposits. Emigrant Bank's Texas Ratio is 17.35%, indicating that Emigrant Bank is in fine financial shape and far from failure. Additionally, Emigrant Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

17.35%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Emigrant Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.5% APY $1
Checking Account 0.25% APY $2500
Certificates of Deposit
  • 12 Month: 0.70% APY
  • 24 Month: 2.40% APY
  • 36 Month: 2.60% APY
  • 48 Month: 1.50% APY
  • 60 Month: 2.80% APY
$1000 for all terms
Money Market Accounts 0.4% APY 0.4% APY $10000 $15000

Emigrant Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Emigrant Bank does not have the best savings rate, which means you should consider looking elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Emigrant Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Emigrant Bank Near Me

Emigrant Bank has five physical locations in the U.S.

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