Bank technology

In Brief: Emigrant Raises Web Savings Bar to 4.65%

Published May 30, 2006, 1:00 a.m. EDT

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Updated May 26, 2006, 6:02 p.m. EDT

1 Min Read

Emigrant Bancorp of New York has raised the rate it offers on its online savings account to 4.65%, from 4.50%.

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The change took effect Friday. Emigrant's American Dreams savings account, offered on its Web site, EmigrantDirect.com but not in branches, competes with online savings accounts from ING Group NV, HSBC Holdings PLC, and others. These accounts offer higher returns than most savings accounts but also have more restrictions. Most do not allow money to be withdrawn by ATM, for example.

Since Emigrant began offering the account in January 2005, it has vowed to keep its rate higher than its competitors'. ING's current rate is 4.15%, and HSBC's is 4.65%.

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