Emigrant Bank

Headquarters

5 E 42nd St
New York, NY 10017
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Notable Rates APY Vs.Others
Savings N.A. 5.50% →
1-Year CD N.A. 4.80% →
2-Year CD N.A. 4.25% →
5-Year CD N.A. 4.00% →
30-Year Mortgage 7.56% 4.91% →
15-Year Mortgage 7.36% 4.39% →
HELOC N.A. 0.99% →

Reviewed by george | December 21, 2022 |

Warning, Dollar Savings Direct, My savings direct both play game, interest rate are good, but once you deposit its very difficult to get money out(withdraw), think twice before you put money in,you also loss 4-5 days interest.


2024 Overview

General Bank Information

Emigrant Bank is an FDIC insured institution located in New York, NY. It was founded in 1850 and has approximately $6.41 billion in assets. Customers can open an account at one of its 5 branches.

FDIC Insured Yes
FDIC Certificate # 12054
Date Established 1850
Assets $ 6.52 billion
Loans $ 4.62 billion
Deposits $ 4.85 billion
Capital $ 1,409.24 million
 

For a more detailed analysis of Emigrant Bank's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - November 21, 2024

Your Current Location: Ohio, OH 43085

Online Only Savings Rates of My Savings Direct, a division of Emigrant Bank

Online Savings Rates APY MIN MAX
Online Savings Account
4.35% $1 - Learn More

Online Only Savings Rates of Dollar Savings Direct, a division of Emigrant Bank

Online Savings Rates APY MIN MAX
High Interest Savings Account
4.85% $0 - Learn More

Online Only CD Rates of My Savings Direct, a division of Emigrant Bank

Online CD Rates APY MIN MAX
6 Month CD
4.00% $1,000 - Learn More
24 Month CD
3.00% $1,000 - Learn More
30 Month CD
3.00% $1,000 - Learn More
36 Month Online CD
3.00% $1,000 - Learn More
60 Month CD
2.50% $1,000 - Learn More

Online Only CD Rates of Dollar Savings Direct, a division of Emigrant Bank

Online CD Rates APY MIN MAX
6 Month CD
4.00% $1,000 - Learn More
12 Month CD
3.50% $1,000 - Learn More
16 Month CD
3.50% $1,000 - Learn More
18 Month CD
3.50% $1,000 - Learn More
24 Month CD
3.00% $1,000 - Learn More
36 Month CD
3.50% $1,000 - Learn More
60 Month CD
3.00% $1,000 - Learn More

Bank Online Offers

My Savings Direct Raises Online Savings Rate to 2.40%
Dec 5, 2018

My Savings Direct, a division of Emigrant Bank, has raised their online savings rate to 2.40%.   This is currently the best online savings rate available nationally.   


My Savings Direct Lowers Online Savings Rate to 1.90% APY
Dec 5, 2019

My Savings Direct, a division of Emigrant Direct, has lowered its online savings rate from 2.00 to 1.90% APY.   While the rate is still competititve, it feels like we are a long way from this past summer with this bank topped out at 2.50% APY.


My Savings Direct Lowers Online Savings Rate to 1.80% APY
Jan 7, 2020

My Savings Direct has lowered its online savings rate to 1.80% APY.   The Emigrant Direct subsidiary's rate is now a far cry from where it peaked at 2.50% in the Spring of 2019.


My Savings Direct Continues to Lower Its Savings Rates
Mar 12, 2020

My Savings Direct, a division of Emigrant, is continuing its drip-drip-drip lowering of savings rates with rates now at 1.60% APY.   While a lowering of rates is perfectly understandable in the current environment, it is disappointing to long-term customers as Emigrant is currently offering a 1.80% APY rate in its Dollar Savings Direct accounts.


Emigrant Drops Dollar Savings Direct to 1.50% APY and My Savings Direct to 1% APY
Mar 17, 2020

Emigrant has dropped the savings rate offered by both of its online banking subsidiaries.


Dollar Savings Direct Lowers Savings to 1.30% APY
Jun 16, 2020

This Emigrant bank subsidiary has lowered its savings rate by 10 basis points for the second time in a week.


Dollar Savings Direct Lowers Savings to 1.20% APY
Jun 24, 2020

This is the bank's third 10 basis point cut in less than 3 weeks.   Whereas most banks make quick cuts, this Emigrant subsidiary seems to opt for something akin to water torture.


Dollar Savings Direct Lowers Savings to 1.10% APY
Jun 25, 2020

This 10 basis point drop follows a 10 basis point drop two days ago, and 2 earlier ones within the last two weeks.   Drip, drip, drip.


Dollar Savings Direct Lowers Savings to 1.00% APY
Jun 30, 2020

Dollar Savings Direct has made its 5th 10 basis point rate drop this month, leaving its online savings rate at 1.00% APY.


Dollar Savings Direct Lowers Savings to 0.60% APY
Sep 22, 2020

Lowered from 0.75% today.   What else did you expect from Emigrant Bank?


Dollar Savings Direct Lowers Online Savings Rate From 0.55% to 0.50% APY
Nov 11, 2020

A nice move from an online bank that was the rate leader until earlier this year.


Dollar Savings Direct's online savings rate is now 0.45% APY
Nov 24, 2020

This is down from 0.50% and a far cry from a year ago when the Emigrant subsidiary offered the most competitive online savings rate in the industry.


Dollar Savings Direct Boosts Online Savings Rate from 0.35% to 0.75% APY
May 6, 2022

Emigrant Direct's subsidiary is back.


Dollar Savings Direct's Online Savings Rate is Now 3.11% APY
Oct 13, 2022

The bank raised its rate from 3.05% to 3.11% APY this morning.



Loan Rates - November 21, 2024

Your Current Location: Ohio, OH 43085

Refinance Mortgage Rates APR Rate Monthly Payment

Monthly payments for mortgage products are based on a loan amount of $200,000. Home equity monthly payments are based on a loan amount of $50,000. Auto loan monthly payments are based on a loan amount of $25,000. Rates for each product are based on a variety of factors including credit score and loan amount. For specific requirements please check with the lender. Rates may change at any time.

Branches

Emigrant Bank branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.

Your Location:
Columbus,Ohio



Climate Policy and Initiatives

Emigrant Bank is encouraged to provide us with this information. When we receive this information from the bank, we will provide it here.


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Financial Details

Emigrant Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Emigrant Bank. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
Emigrant Bank U.S. Bank Average
17.63% 4.48%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of June 30, 2024, Emigrant Bank had $257,669,000 in non-current loans and $4,651,000 in owned real estate. To cover these potential losses it had $1,409,237,000 in equity and $78,577,000 in loans loss reserves. That gives it a Texas Ratio of 17.63%.

Return on Equity
Emigrant Bank U.S. Bank Average
3.31% 10.46%

Emigrant Bank has a Return on Equity of 3.31% versus the BestCashCow average of 10.46%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Capitalization
Emigrant Bank U.S. Bank Average
21.61% 10.84%

Emigrant Bank has a Capitalization of 21.61% versus the BestCashCow average of 10.84. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

Emigrant Bank Balance Sheet Analysis

As of September 30, 2023, Emigrant Bank had assets of $6,412,660,000, loans of $4,619,288,000, and deposits of $4,845,324,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

June 30, 2024
ASSETS
Cash & Balances due from depository institutions $ 562.77 million
Interest-bearing balances $ 549.35 million
Total securities $ 436.42 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 4.62 billion
Loan loss allowance $ 78.58 million
Trading account assets $ 0.89 million
Bank premises and fixed assets N.A.
Other real estate owned $ 4.65 million
Goodwill and other intangibles $ 104.63 million
All other assets $ 512.90 million
     Total Assets $ 5.00 billion
LIABILITIES
Total deposits $ 4.85 billion
      Interest-bearing deposits $ 4.67 billion
      Deposits held in domestic offices $ 4.85 billion
      % insured (estimated) 86.82%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 18.90 million
Subordinated debt N.A.
All other liabilities $ 119.05 million
      Total Liabilities $ 5.00 billion
      Shareholders’ Equity $ 1,516.33 million

Summary Income Statement

June 30, 2024
INCOME AND EXPENSES
Total Interest Income $ 332.35 million
Total Interest Expense $ 145.76 million
Net interest income $ 186.59 million
Provision for loan and lease losses $ 19.10 million
Total non interest income $ 41.72 million
Total non interest expense $ 161.01 million
Pre-tax Net Operating Income $ 31.36 million

Bank Loan Profile?

The top three loan types in Emigrant Bank’s loan portfolio are Commercial and Industrial Loans, Commercial Real Estate, and Multifamily Mortgages.

Compared to other banks in New York, Emigrant Bank has a significantly higher percent of Commercial and Industrial Loans on its balance sheet, potentially indicating a specialty in that lending area.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

%
Loans
%
Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 12.21
Multifamily
Mortgages
12.71
Credit Card Loans 0.00
Consumer Auto Loans 0.01
Small Business Loans 7.33
Construction and Development Loans 4.03
Commercial Real Estate 14.60
Commercial and Industrial Loans 45.40
Farm Loans 0.00

Customer Reviews for Emigrant Bank


  • December 21, 2022 |

    Warning, Dollar Savings Direct, My savings direct both play game, interest rate are good, but once you deposit its very difficult to get money out(withdraw), think twice before you put money in,you also loss 4-5 days interest.

  • June 14, 2017 |

    Thanks guys for being honest and truthful...I'll put my money elsewhere...I don't need any more headaches...

  • July 13, 2016

    Your bank in Ossining nu has displayed extremely poor taste neglecting too fly the flag at half staff in light of the assimilation of the 5 police officers in Dallas, especially as it is one of the villages most visible locations

  • September 22, 2015

    Typical Emigrant bank. Begin with a great rate, then make a big reduction. All down hill from here.

  • September 15, 2015

    Yeap 1.25% must have been a con game now 1.10%.


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