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EmigrantDirect American Dream Savings AccountRates and Account Review Last Update: August 1, 2008
In 2005, EmigrantDirect sent the rate chasing world on fire with the American Dream Savings Account. It was the first major high-yield online offering to rival the market leader ING DIRECT.
That year, EmigrantDirect stomped on ING DIRECT in the high yield online rate game - a game that ING DIRECT no longer plays.
Yield Trend
Account Features
Account Review
Although the American Dream Savings Account was born with the slogan, "America's Highest Rate," those words are noticeably absent from the EmigrantDirect web site these days.
The rates are no longer the highest available. In fact, as of July 2, 2008, Emigrant's rates are much lower than those from original rivals ING DIRECT and HSBC Direct.
Just like ING Direct before it, EmigrantDirect decided not to compete with the super-sized rates that the newer online banks dazzle customers with.
Yields on the American Dream Savings Account had reached a high of 5.15% apy at the end of July 2006, but fell to 5.05% apy at the end of September 2006, remained steady for over a year, and then fell along with the rest of the online savings accounts at the end of September 2007.
Account Features
Like some of the best online savings account options, the American Dream Savings Account has no minimum deposit requirement or monthly fee. You will earn interest on all balances in your account.
Your initial deposit can be made by check. All other deposits and withdrawals are done online through the external transfer function associated with your account information. Deposits and withdrawals pass between your linked checking account and EmigrantDirect via the Automated Clearing House (ACH) and usually take 2 to 4 days to process.
An individual may have up to two checking accounts linked to EmigrantDirect, this is down from four linked accounts that Emigrant originally allowed.
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