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866-395-8693
5 East 42nd Street
New York, NY 10017

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DollarSavingsDirect Raises All CD Rates - 1/15/2018

DollarSavingsDirect (internet bank) has raised the rate on its 60-month CD (2.50% APY). Minimum opening deposit is $1k, with no stated balance cap.

Higher CD Rates Now Offered: 1Yr@1.8% Up To 5Yr@2.5% - 1/12/2018

Looks like DSD is preparing for much higher rates in the future by starting to raise CD rates. Not rate leaders, but interesting. 180 day early withdrawal penalty: 60 month term available at 2.50% APY.** 24 month term available at 2.00% APY.** 16 month term available at 1.90% APY.*** 12 month term available at 1.80% APY.****

DollarSavingsDirect Offers Top Savings Account Rate (1.60% APY) - 1/3/2018

DollarSavingsBank's (internet bank) Savings Account now earns 1.60% APY. There is no minimum deposit or minimum balance requirements.

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Great Bank

I used Dollar Savings for years until their rate dropped below another bank I used so I transferred out. Never a problem at Dollar Savings and now that their rates are the best in the nation I am transferring all my savings back to them.

No Problems Here. Just Got Rate Increase Also!

Posted by: GEO | Jul 21, 2017

UPDATE 1/5/2018 : It has been 1 year since I opened up this account and they are awesome. I even had another rate increase again to 1.6. I have no idea why people are trashing them for only having 1 way to move money back and forth. I can move the money with no problems. But why would I move my money from here when they have the best rates and continue to have the best rates each quarter.

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.

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.

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Health

Health Grade Components

Overall
FDIC Certificate #12054
Year Established1850
Employees599
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.81%
Return on Equity - YTD4.65%
Annual Interest Income$222.9MM
Assets and Liabilities
AssetsQ3 2017vs Q3 2016$6.53B$6.69B
LoansQ3 2017vs Q3 2016$4.49B$4.40B
DepositsQ3 2017vs Q3 2016$4.62B$4.81B
Equity CapitalQ3 2017vs Q3 2016$1.15B$1.13B
Loan Loss AllowanceQ3 2017vs Q3 2016$78.0MM$73.8MM
Unbacked Noncurrent LoansQ3 2017vs Q3 2016$193.7MM$214.0MM
Real Estate OwnedQ3 2017vs Q3 2016$34.1MM$44.1MM
  User-submitted Promotions & Notices

This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.

Higher CD Rates Now Offered: 1Yr@1.8% Up To 5Yr@2.5%

barry_NY   |  
Looks like DSD is preparing for much higher rates in the future by starting to raise CD rates. Not rate leaders, but interesting. 180 day early withdrawal penalty:

60 month term available at 2.50% APY.**
24 month term available at 2.00% APY.**
16 month term available at 1.90% APY.***
12 month term available at 1.80% APY.****

Dollarsavingsdirect Has Added CDs

Carpline   |  
DollarSavingsDirect has added three CDs that have a $1k minimum deposit.

6-month CD - 1.50% APY
16-month CD - 1.25% APY
60-month CD - 1.50% APY


https://www.dollarsavingsdirect.com/securebanking/cdInfo.do

To Our Valued Customers

IvoryMale   |  
To Our Valued Customers:

Your banking experience is of paramount importance to us. We strive to make it easier and more convenient. We are pleased to announce new upgrades which will do just that. While we perform these upgrades, DollarSavingsDirect.com will not be available for 48 hours: from 12:01 AM EDT on November 11, 2017 through 12:01 AM EDT on November 13, 2017.

NEW ADVANTAGES FOR YOU: Beginning November 13th, access to your account will be streamlined and cyber security and fraud protection will be enhanced.

You will no longer be required to select or identify an image at login. We will be introducing 2-step verification during the login process which means that, after entering your current user ID and password, you will be prompted to enter a six digit, one-time use passcode. You can choose to receive the passcode via SMS text message, email or telephone call. Please take a moment to ensure that we have your current contact information on file by going to the "My Profile" tab and verifying the personal information you have already provided.

If you have any questions or require assistance, we are here to help. You may contact customer service at 1-866-395-8693, from 8:00 AM ET to 11:30 PM ET, seven days a week.

We are excited about the implementation of our upgraded system, which assures our ability to provide you with continued excellent service.

Sincerely,
Vito Messina
Vice President

Savings Account Now 1.50%

Rickny   |  
Just checked Dollars site. Savings rate is now 1.50%. Rate was 1.40%.

Rates
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DollarSavingsDirect Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.60%--Dollar Savings Account

DollarSavingsDirect CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.50%$1k-60 Month CD
2.00%$1k-24 Month CD
1.90%$1k-16 Month CD
1.80%$1k-12 Month CD
1.50%$1k-6 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