Emigrant Direct is the bank I use for my long-term savings. It works well for me, so I'm a bit partial to it.

First of all, Emigrant Direct has been one of the leaders in high-interest savings accounts. At the time I write this, their annual rate is 4.25%, one of the highest in the nation. Just so you know how high that is, my old bank pays 0.75%. That means that Emigrant Direct pays 533% as much interest as my old bank. Your old bank is probably very similar.

So what does that mean for you in real-world terms? Well, if you have $1,000 in the bank, your old bank will pay $7.50 per year in interest. Puny! Miserable! In contrast, Emigrant Direct will pay $40 per year in interest. Just by switching to Emigrant Direct you've made $32.50 more per year. The amount goes even higher as your savings increases.

What your old bank doesn't want you to know is that you're actually losing money by having your savings there. That's because 0.75% per year in interest doesn't even keep pace with inflation, which averages about 3%. Emigrant Direct's 4.00% interest rate easily surpasses inflation, leaving you with a little extra interest at the end of each year.

I'll admit, the setup process for Emigrant Direct was slow. I had to follow some simple instructions, and wait for some mail from Emigrant Direct to arrive. Then I had to wait for some trial deposits from Emigrant Direct to my checking account. But I wasn't in a big hurry - it wasn't like I had to start saving money right now. After all, savings is a long-term process, so why rush?

After the account was set up, it was a breeze. I use my Emigrant Direct account to make automatic withdrawals from my checking account once a month. That money's going to be the down payment on my dream home in a few years. I recommend the automatic approach for long-term savings - it cuts down on your excuses for not putting money aside for the future, and it's easy to fit it into your budget if you know it's going to happen at the beginning of each month.

My overall recommendation for Emigrant Direct, even with the slow setup process, is to go for it. With no minimum deposit, and 4.00% interest, it's the best deal out there.

Click here now to sign up for Emigrant Direct's high-interest American Dream Savings Account