Emigrant Launches Web Bank
Emigrant Bancorp of New York has introduced a high-interest online savings account with the aim of challenging ING Bank’s popular Orange Savings Account.
The country’s largest family-owned banking company, with $10 billion of assets, said Wednesday that it had created a unit called EmigrantDirect.com to offer the American Dream Account. The product has a 3% interest rate; the Orange Savings Account’s is 2.35%.
Emigrant’s only marketing for American Dream so far is a one-page press release issued Wednesday afternoon. Co-chairman, president, and chief executive Howard Milstein said the company plans to do advertising this month after gauging the Web site’s performance.
EmigrantDirect.com took in about $1.1 million of deposits on Wednesday, its first day of operation, Mr. Milstein said.
