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?
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;"
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.
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.
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.??
|FDIC Certificate #||12054|
|Return on Assets - YTD||0.49%|
|Return on Equity - YTD||2.39%|
|Annual Interest Income||$76.2MM|
|Assets and Liabilities|
|Assets||Q1 2019vs Q1 2018||$5.70B$6.29B|
|Loans||Q1 2019vs Q1 2018||$3.97B$4.27B|
|Deposits||Q1 2019vs Q1 2018||$4.41B$4.86B|
|Equity Capital||Q1 2019vs Q1 2018||$1.19B$1.22B|
|Loan Loss Allowance||Q1 2019vs Q1 2018||$69.9MM$79.3MM|
|Unbacked Noncurrent Loans||Q1 2019vs Q1 2018||$177.1MM$209.7MM|
|Real Estate Owned||Q1 2019vs Q1 2018||$20.3MM$26.4MM|
Rates for DollarSavingsDirect are currently being reviewed.
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