They are part of Emigrant Savings, a 150-year old NYC thrift, and are FDIC-insured. Their website was really fouled up when they opened, but I have no access problems using Firefox on my MacBook. Their rate is better than Emigrant-Direct, Emigrant's regular internet bank, but why Emigrant is in competition with itself beats me. I bet they have some dicey commercial loans on their books, but that the FDIC's problem if there is a problem.