Emigrant Bank, one of the first banks to offer internet savings accounts, has now repositioned itself in the market by offering two public faces—Emigrant Direct and Dollar Savings Direct.

At first, Emigrant had hoped have two brands and target Spanish speaking individuals with a brand called BancoFortuna, but Emigrant seems to have given up on the idea and has now switched its secondary brand to be called Dollar Savings Direct.

Dollar Savings Direct has all of the same features as Emigrant Direct with the exception that customers have to have a minimum balance of $1,000 to earn the top yield of 1.70% compared to the 1.30% APY that customers will earn from Emigrant Direct. If the average daily balance drops below $1,000 for that period, the interest rate will drop to 1.00% APY. Emigrant Direct offers 1.30% APY for all accounts.

If you are an existing customer of Emigrant Direct, you will need to create a new account at Dollar Savings Direct. Customer service representatives from Emigrant have stated that Dollar Savings Direct accounts will be wholly separate from its “Emigrant Direct” cousins.

Dollar Savings Direct does not do a hard credit inquiry that could potentially damage your credit score.

The account has no minimum balance and uses ACH transfers for deposits and withdrawals. You can link two checking accounts for your Dollar Savings Direct account for ACH transfers and the ACH deposit hold time is 5 days. Dollar Savings Direct’s ACH transfers have a reputation of being very fast, so that you won’t lose out on any interest rates. ACH transfers must be submitted from within the Dollar Savings Direct website and not by external institutions. You can also add a beneficiary to the account to increase your FDIC insurance.

Emigrant Direct and Dollar Savings Direct are both divisions of Emigrant Bank, which has been FDIC insured since 1934. According to BankRate.com’s “Safe and Sound” rating system, Emigrant Direct has a rating of 3 stars.