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Savings Account Emigrant Bank Online
A Quick Review of the Emigrant Direct Savings Account
By Stanley McMahon
Emigrant Direct is the online banking branch of Emigrant Bank. Emigrant
Bank was found in 1850 and by year end 2005; it had assets worth $
10.5 billion. Emigrant Direct services can be accessed through their
American Dream Savings Account.
The Annual Percentage Yield (APY) of Emigrant Direct is much
higher as compared to other online banks. Unlike the high APY
offered by other banks which is only for an introductory period,
with Emigrant Direct the APY is for the duration of the account. A
high-paying savings account with no fees and minimums is one of the
salient features of Emigrant Direct. This means that one can enjoy
high yields by having just $ 1 in the account. One can keep an
existing checking account and link the Emigrant Direct Savings
Account to it. The Emigrant Direct Account can be linked to two
accounts. Transfer of money can be done easily by logging onto one's
Emigrant Direct Savings Account. Emigrant Direct does not levy any
transfer fees.
With Emigrant Direct, the interest which is compounded daily is
credited every month to the user's account. Employers can directly
deposit money into their employees' accounts at Emigrant Direct.
Automatic deposits from various sources of income are a useful
feature of the Emigrant Direct Savings Account. Online access is
available 24 x 7 and there are no time restrictions.
Account opening is a smooth procedure that requires submitting an
application online. Identification is by means of the tax
identification number. A personal checking account in a U.S bank and
a U.S address are required. The account details are sent to the
prospective account holder by post. This also serves to double check
the particulars provided by the applicant. Thus, even though signing
up for the account is relatively fast; completing the process and
activating the account may take a few days.
There are no hidden costs attached while banking with Emigrant
Direct. There are no bank service charges and one can cancel the
account anytime without any penalties. Emigrant Direct accounts are
insured by FDIC for a value of up to $ 100,000 for every account
holder. This means that married couples who have an individual and
joint account with the bank can avail insurance of up to $ 200,000
for their accounts. Account holders also get to enjoy the benefit of
Platinum MasterCard which has a cashback of 1.4%. Account holders
are not required to pay an annual fee for the card.
About the Author
Stanley McMahon recommends you visit OSAWatch for a more in-depth
review of the
Emigrant Direct savings account.
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