Is an Emigrant online savings account safe?


Quick Answer

The FDIC insures online savings accounts at EmigrantDirect for up to $250,000 per depositor, according to the EmigrantDirect website. Furthermore, the FDIC insures individual and joint accounts separately, so if a consumer has both types of accounts, it insures deposits for up to $500,000.

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Full Answer

EmigrantDirect is an online division of Emigrant Bank, which was founded in New York in 1850, as described on its website. In addition to FDIC insurance, both state and federal agencies regulate it. However, before opening an account, consumers should become familiar with its policies, especially the Internet banking agreement and the account and electronic disclosures statements. EmigrantDirect provides links to these at the bottom of every page on its website.

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