Online banks can offer all of the perks that your local bank offers, with additional incentives and twenty-four hour convenience. It’s important to get all the facts about an online bank before making the decision to switch. Many people use an online bank account for savings only, due to the typically higher interest rate, while keeping their current checking account active.

Emigrant Bank was established in 1850 by Irish emigrants as a mutual savings bank. In the 1920’s it had become the largest savings bank in the country and currently has thirty-five branches open in the New York Metropolitan area. Today, Emigrant Bank has over $13.8 billion in assets, and more than $890 million in net worth. Emigrant Direct is Emigrant Bank’s online banking system, and offers great flexibility, freedom and security. The American Dream Savings account is FDIC insured, which means that your total deposits can be insured up to $200,000 - which is up to $100,000 in all of your individual accounts, and up to an additional $100,000 in all of your joint accounts. You may also be eligible to extend coverage of your FDIC insurance, if you establish deposit accounts in additional ownership categories.Emigrant direct has no hidden fees or service charges, and in addition, you can earn a high interest rate on every dollar you deposit, and can enjoy twenty-four hour access to your account. Emigrant Direct can automatically link to your existing checking account, which allows you to make deposits or withdraw funds completely electronically via the Internet.