By: Michael E. Martinez

If you're into online banking, then you're probably familiar with Emigrant Direct. If not, Emigrant direct is an online savings account with the highest interest in the nation. What I like about Emigrant Direct are the high interest rates within the account. You can link up to two checking accounts at once to the account, and set up regular deposits from those checking accounts. The interest rate is compounded daily and credited monthly.

Emigrant offers some of the highest rates for a savings account in the county, as mentioned before. But, compared to brick and mortar banks, this is a great deal.Another nice feature about Emigrant Direct are that there are no minimum balances and no monthly or yearly fees attached. At the current time of this article, the interest is 4.25 percent APR (Annual Percentage Rate). In other words, annually, your account will earn 4.25 percent on your balance in interest.

Emigrant Direct is a legitimate bank that is headquartered in New York, with a brick and mortar bank. At the end of 2005, Emigrant Bank had $10.5 billion in assets and $789 million in net worth. On a final note, I am in no form endorsing Emigrant Direct or Emigrant Direct. However, I am mentioning alternatives to our current "lack of interest" savings accounts.