EmigrantDirect Hikes Cashback Credit Card Rebate to 1.4%

NEW YORK--(BUSINESS WIRE)--March 24, 2006--EmigrantDirect, the online banking division of Emigrant Bank, has raised the amount of the cash back rebate for its recently introduced no-fee EmigrantDirect Platinum MasterCard from 1.25% to 1.40%. The new rate will apply to all purchases retroactively to the inception of the card in January.

The maximum benefit of the card, which is available online at www.EmigrantDirect.com, is offered to those with an average daily balance of $10,000 in an EmigrantDirect American Dream Savings Account, about one third of a typical customer's EmigrantDirect savings account. The rebate, for which all purchases qualify, is deposited bi-annually into the account. EmigrantDirect was launched last year with the highest savings interest rate offered in the United States. There are no fees or minimum balance requirements, and the current interest rate is 4.5%.

“Our mission is to provide EmigrantDirect customers with the best possible offerings across the spectrum of our financial products and services. We hope you enjoy this increased benefit that helps you save even more when you spend.”

Howard Milstein, Chairman and CEO of Emigrant Bank stated in a letter to EmigrantDirect depositors, "Our mission is to provide EmigrantDirect customers with the best possible offerings across the spectrum of our financial products and services. We hope you enjoy this increased benefit that helps you save even more when you spend.".

On March 15, EmigrantDirect introduced a Certificate of Deposit with a 5% interest rate and the option of a term of anywhere between 18 months and 10 years. The minimum amount of the CD is $1,000 and is also offered exclusively to EmigrantDirect depositors.

EmigrantDirect's American Dream savings account has attracted more than 225,000 customers and $6 billion in deposits since its launch in Jan. 2005. Its parent company, Emigrant Bank, was founded in 1850 to serve the needs of a growing America and a dynamic immigrant population.