Very easy to open and fund account, but took 2 days for their approval and opening. There is a limit of $2 million, buried in their disclosures.

Adding additional external accounts is difficult. They require snail mailing forms to the bank! I sent a question to their CSR, which was replied to in about an hour with a complete answer.

Very nice web site, but signing in can be cumbersome.

Comment

1

Excellent Bank

Posted by: IvoryMale | Apr 9, 2017

Easy to open no problems customer service said there is nothing to mail in or fax in so it is the complete online experience.

Comment

4

APY Yield best

Posted by: alexhabib | May 13, 2015

Of all the online banks I've used, I found dollar savings direct to have the highest rate. When I used them most was when rates were around 4%. The interface is a little old looking, but I never had problems transferring money in and out of the bank. Overall I found that they offered a good service for what I was looking for at the time. If you're looking for a money market account I highly recommend Dollar Savings Direct. At the time I used them they also didn't have an export feature for tax files in TXF format. It was fairly simple to enter this information manually though. With rates at less than 1% I find that it is better just to keep the money in my brokerage account.

Comment

6

A Good E-Savings Account

Posted by: Anonymous | Nov 15, 2010

This is a wonderful e-savings account -- very easy to set up, use, and transfer in and out. The customer service has been excellent, the few times I dealt with them. I just wish their APY would rise (as of 11/15/10 -- 1.1%) after being on top of the USA a couple of years ago. Also, check the strength ratings of this bank...

Comment

3

Rates Well Below Average

Posted by: Tee | May 20, 2014

Rate is way to low to keep your account here...

Comment

4

Can't Withdrawal From External Source

Posted by: skynet | May 2, 2017

Evidently, the only way you can withdrawal your money through ACH is by initiating it from their website. You can't have another externally linked bank debit the funds. Interesting however that you can have an external bank deposit the funds, but the same bank cannot withdrawal them. Totally unacceptable in my opinion. A stupid policy like this is an excellent way to lose customers.

Comment

8

Rates Well Below Average Now

Posted by: 767 | Dec 31, 2012

I've had this account this 2007. At the time, they were paying a very competitive interest rate. I switched over from Capital One Online Savings Bank. Unfortunately, their rate has steadily declined to below average so it's now time to switch to another bank, American Express. Never had any real problems with them customer service-wise aside from the uncompetitive interest rate.

Comment

10

Health

C+

Data as of Q1 2017

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #	12054
Year Established	1850
Employees	582
Primary Regulator	FDIC

Profit Margin
Return on Assets - YTD	0.8%
Return on Equity - YTD	4.57%
Annual Interest Income	$72.7MM

Assets and Liabilities
Assets	Q1 2017vs Q1 2016	$6.31B$6.65B
Loans	Q1 2017vs Q1 2016	$4.29B$4.09B
Deposits	Q1 2017vs Q1 2016	$4.24B$5.41B
Equity Capital	Q1 2017vs Q1 2016	$1.11B$1.11B
Loan Loss Allowance	Q1 2017vs Q1 2016	$77.7MM$76.7MM
Unbacked Noncurrent Loans	Q1 2017vs Q1 2016	$232.9MM$238.5MM
Real Estate Owned	Q1 2017vs Q1 2016	$37.2MM$53.4MM

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