Emigrant Savings Launches Internet Savings With EmigrantDirect

Emigrant Savings Launches Internet Savings With EmigrantDirect

One of New York's most venerable savings banks is 'branching' out over the internet to offer new depositors the highest rate in the country

NEW YORK, Jan. 5 /PRNewswire/ -- Emigrant Savings Bank, one of America's most venerable savings institutions, has announced the opening of EmigrantDirect.com, a new division of Emigrant, offering depositors across the country the highest interest rate in America, 3% on their money, in the bank's new Internet "American Dream" Savings Account. The announcement was made by Emigrant Savings Bank Vice-Chairman for Banking, James Woolsey. Beginning this week, the American Dream Savings Account will not only offer consumers 3%, the highest nationally advertised rate on FDIC insured savings, but will eliminate all account fees and require no minimums.

Founded in 1850 to serve the needs of a growing America and a dynamic immigrant population, Emigrant has served generations of new Americans who came to America seeking a "better way of life" for themselves and their families. By the 1920's, Emigrant was the largest savings bank in the nation with nearly $3 billion in assets. Today the bank has more than $10 billion in assets supported by more than $1 billion in shareholder equity, giving it the strongest balance sheet in the nation. The announcement of EmigrantDirect.com follows a deliberate Internet strategy that allows the bank to provide the highest interest rates available to depositors across the country, by eliminating the infrastructure and marketing costs of local branches for those who don't need them.

However, Mr. Woolsey noted that while every American now has the option of turning to EmigrantDirect.com for the nation's highest savings rates, the bank remains proud of its New York heritage. "With some 36 branches throughout New York City's five boroughs and its suburbs, we have played an important role in helping to finance the homes and education of millions of New Yorkers. This historic bank has also helped finance such New York landmarks as the construction of Central Park and St. Patrick's Cathedral."

Today's announcement does not alter that commitment to New York but it does permit Emigrant to take its philosophy nationwide to customers, some of whose parents or grandparents may have been Emigrant customers and have watched the bank grow from strength to strength. Emigrant's offering is aimed at people who want their dollars in a solid and respected institution that has protected its depositor's money through both good and bad economic times.

"Traditional borders are gone. Yet the tradition of Emigrant Savings Bank as a strong and robust haven for personal savings is now available to every American through EmigrantDirect.com, especially for those who seek to take advantage of a 3% return on their savings with FDIC insurance. The American Dream Savings Account is our latest product designed to help our customers and their families achieve that 'better way of life' which is the American dream," concluded Mr. Woolsey.


Source: Emigrant Savings Bank

CONTACT: Gary Lewi or John Henderson, Rubenstein Associates,
+1-212-843-8000, for Emigrant Savings Bank


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