Moved over to this bank after old bank CITBank would not give me there new rate with out opening up a new account. I have good credit so setting up the account was painless. As for this waiting 60 days to take out your money? It looks like you do need to keep the money in for 60 days but then you can use your connected account to transfer money out. So that is ok with me. If anything changes when I move to another back with a better rate, I will update this review then. But this bank is fine. The rate is 1.4 now so its even better.
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.
|FDIC Certificate #||12054|
|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|
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.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|1.40%||-||-||Dollar Savings Account|
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