Been with dollar savings for about 6 months, in fact I invested in a cd recently. The one thing that blew my mind, is I've had a savings account with, I guess it's called there parent company, it' part of dollar savings direct, is Emigrant Bank, and I clicked on a link that said "earn interest three times what banks pay" Now mind you, I was getting 0.5% with no minimum balance. well when I saw this link, they were not kidding, now these are all internet banks, just like my Emigrant acc. they had rates that were from about 1.25% to around 1.80% all FDIC insured, with no minimum deposit. Called Emigrant, asked why didn't anybody tell me about Dollar savings direct, he mumbled something, if there ever was a no brainer incident, this has got to be it. Pulled my money out of Emigrant, and put a total of $440,000, folks thats when the good times started. Was getting $600plus interst, compared to $48 from my reg. bank. Not kidding folks. 1.8% vs .05 makes a really big difference. Ever hear the old saying, knowledge is power?

Warning - This Is Not A Liquid Account

Posted by: slovokia | Jul 13, 2017

Dollar Savings Direct reserves the right to hold your money for 60 days after you notify them of your intention to withdraw your money.

"Refusal to Permit Withdrawal
The Bank may refuse to permit withdrawals in cases such as, but not limited to, the following:

The Bank chooses to exercise its legal rights to require up to 60 days advance written notice of any intended withdrawal from this Account and the 60 days have not passed since we received the required notice from you;"

From: https://www.dollarsavingsdirect.com/DollarSavingsDirectWeb/en/common/help/consumer/AccountDisclosures.jsp

So while the interest rate might be nice you are potentially locking up your money for 2 months. So if you want to invest in the stock market during a financial crisis you may not be able to do it with money on deposit at Dollar Savings Direct.

For comparison purposes most other internet banks only reserve the requirement of 7 days advanced notice for withdrawals.

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.

121

No Problems But Rate Isn't The Best Anymore.

Posted by: Ben111 | Jul 12, 2018

I've had a great experience with this bank! No problems what so ever. I love how you are able to see how much interest you have gained daily on their sight. Only problem is, now we have other savings options at 2% compared to 1.8 offered here. I will be opening an account elsewhere and transfering my money over next week unless im lucky enough for the rate here to climb before.??

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Health

Data as of Q2 2019

Data displayed below is for insuring bank: Emigrant Bank

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #	12054
Year Established	1850
Employees	484
Primary Regulator	FDIC

Profit Margin
Return on Assets - YTD	0.52%
Return on Equity - YTD	2.51%
Annual Interest Income	$152.4MM

Assets and Liabilities
Assets	Q2 2019vs Q2 2018	$5.64B$6.16B
Loans	Q2 2019vs Q2 2018	$4.11B$4.11B
Deposits	Q2 2019vs Q2 2018	$4.30B$4.73B
Equity Capital	Q2 2019vs Q2 2018	$1.20B$1.24B
Loan Loss Allowance	Q2 2019vs Q2 2018	$70.2MM$81.3MM
Unbacked Noncurrent Loans	Q2 2019vs Q2 2018	$177.5MM$211.7MM
Real Estate Owned	Q2 2019vs Q2 2018	$17.1MM$24.9MM

Rates

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Always verify rates and promotions with the bank or credit union. We are not DollarSavingsDirect; we are a rate comparison website and cannot provide official rates or promotions.

DollarSavingsDirect Savings Account Rates

APY	MIN	MAX	ACCOUNT NAME	VIEW DETAILS
1.80%	-	-	Dollar Savings Account

DollarSavingsDirect CD Rates

APY	MIN	MAX	ACCOUNT NAME
2.80%	$1k	-	60 Month CD
2.15%	$1k	-	6 Month CD
2.00%	$1k	-	24 Month CD
1.90%	$1k	-	16 Month CD
1.80%	$1k	-	12 Month CD

Locations

DollarSavingsDirect is an Internet only bank and does not have branch locations. Its headquarters is located at 5 East 42nd Street - New York, NY 10017

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.

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