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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

Emigrant Bank first started operating in 1850 and has its headquarters in New York, New York. Emigrant Bank handles $6 billion in assets as well as deposits totaling $5 billion, ranking it as a large bank. Emigrant Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. At a SmartAsset rating of 3.6 out of 5 stars, Emigrant Bank should be near the middle of the pack in your search for a bank. Emigrant Bank offers a full suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; you can find higher rates with other banks. Using an institution with no-fee checking, in addition to a high savings APY is the best option for getting the highest income from your deposits alongside convenient access to your money.

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

With a savings rate of 0.50%, Emigrant Bank ranks poorly in comparison to the national average. Emigrant Bank's one-year and five-year term lengths CDs earn at a rate of 0.70% and 2.80%, respectively, while its highest-yielding money market account earns at an APY of 0.40%. Given its noncompetitive savings rate, you should think about looking at the competition to open savings accounts.

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 bank locations in New York. It also offers access to a web app, for an easy online-banking experience. It does not provide access to all-day customer service with 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 complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored 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 is a large bank owning assets totaling $6 billion as well as deposits totaling $5 billion. Emigrant Bank has a strong Texas Ratio of 17.35%, denoting that the 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 Account 0.4% APY $2500

Emigrant Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Emigrant Bank does not have the best savings rate, which means you should think about 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 compared to the average U.S. bank.

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Find a Emigrant Bank Near Me

Emigrant Bank has five branches across the U.S.

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