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Closing A Dollar Savings Direct Account

Friday, August 20, 2010 - 12:52 PMDollarSavingsDirect - Details
Did you open a Dollar Savings Direct Account? Or perhaps an Emigrant Direct savings account? Emigrant Direct was the first internet bank launched by Emigrant Bank. They had the best savings account rates for much of 2005. Those were the fun days for deposit accounts when the Fed was raising rates and deposit rates followed right along. A couple of years ago, they added Dollar Savings Direct which offered a slightly higher rates in exchange for a $1,000 minimum balance.

Both now have rates that are a little below average for internet savings accounts. So you might have thought about closing these. Jim at Bargaineering has a quick summary about how he closed his Dollar Savings Direct account in this blog post. The process at Emigrant Direct is probably the same.

One important note is that if you close the account in the middle of the month, you lose the interest that was accrued during the month that had not yet been credited.
Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
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