I think about setting up an account with Emigrant Direct instead of using my linked savings account that I have with my checking account. 3 to 4% interest is way better than my savings account. Does anyone have any experience with Emigrant Direct's online savings account?
I have an ED bank account. It seems to be working out OK for me so far. I've only had it maybe 6 months. I do a lot of my banking online so it doesn't bother me that I don't have an actual bank near me that I can walk into. ED got a good review on bankrate.com's website so I tried them out. (09/22/2005)
Awesome bank. I have 2 accounts with them and I just got an email that the current rate is 4%. Very informative over the phone with any question I have asked. (09/22/2005)
Just be aware that EB holds all deposits for 5 days before you can get it back out. So if you run into an emergency (as I did), they held on to my money for 5 days and I couldn't touch it! (11/11/2005)
Someone asked about transferring money in and out of their ED account. There is a screen for that transaction on the left side once you are in your account.
The hold time for customer service is long so I wasn't too happy about that.
The other thing to keep in mind is whatever bank account you link to, make sure your bank doesn't charge a wire transfer in or out fee. For example: Washington Mutual charges a fee to wire money in from any external source. You can also link more than one account. I'm in the process of doing that so I'll see how that goes. (11/16/2005)
I've had my account for about 6 months with ED, so far I love it. It's easy to transfer, look on the left, click on transfer, click on one time transfer, then over on the main window click on what bank you want the money to come out of, then below click on what bank you want the deposit to go in, then at the bottom put in the amount. (02/20/2006)
Yes, I've had pretty good results with my Emigrant Savings Account. The combination of a great APR, no fees or minimum balance, and linking to my existing checking account, is pretty hard to beat. The customer service is marginal, but I hardly ever have a reason to call, you know? It's just a bare-bones, simple account that is easy to manage and works great! (07/24/2006)
I have had a saving account with Emigrant Direct for more than a year now. I really like everything about this bank: the interest is really good, the customer service is better than my local bank. I just hope that they will keep the interest up! (08/11/2006)
Don't ever open and account with Emigrant Direct. The customer service is very very bad. They are rude and don't care of their customers. There are lot of hidden charges for example, they charge $30.00 fees for balance confirmation letter/verification of deposit letter. And $5.00 for each additional copy. The amount deposited with not be allowed for withdrawal for first 1 week. Also, they keep coming with innovative ways to charge the customers. The interest rate looks tempting. But that is just a marketing gimmick. Beware of this bank. The website is also not user friendly. (01/31/2007)
I have had both saving and CD accounts for over 2 years now.
Can't complain. Good rate. Secure website. (02/09/2007)
Ive had an ED account for about 5 months now. I have made more in interest in these last 5 months than I did in 3 years with my credit union. In reference to customer service, I've had to call them only once when I had a question with setting up the account. They were very polite and thrifty in resolving the issue. I am very pleased with my decision to open this account and expect continued satisfaction. (09/15/2007)
Did NOT enjoy the customer service experience. I called as a potential member with a few basic questions and the woman on the other line 1) made me feel like an idiot and 2) never actually answered my main question. Disappointing. The interest rate may be high, but.. (11/27/2007)
The rates are good, but if you need to change the checking account that your ED account is linked to, then you are in for a royal hassle. They have an online process, but it won't actually work, and you have to fill out two forms and send in a voided check. I did it twice, and they never set it up. Given that my previous checking account was closed, I had no way to access my money. So, after two months of trying, I sent an email to close my account and send me a check. Oddly enough, this was done in two days! (03/17/2008)
I have had my emergency savings account with ED for about two years and have no complaints. The money is transferred to the account and I forget about it, which is good. My only issue was contacting customer service via an email and got an answer that didn't answer my question. Oh well. Other than that, can't complain. (03/24/2008)
I have been using ED for almost 2 years and so far had no problems. Had to call customer service to reset a password and the experience was painless, but for a minor language problem. Still, in today's world it pays to stay alert. (08/30/2008)
I have been with them for more than four years. They are very good on everything. Never had any problem. I recommend. (10/01/2008)
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