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.
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.
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...
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 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.
|FDIC Certificate #||12054|
|Return on Assets - YTD||0.59%|
|Return on Equity - YTD||3.53%|
|Annual Interest Income||$277.2MM|
|Assets and Liabilities|
|Assets||Q4 2016vs Q4 2015||$6.41B$6.77B|
|Loans||Q4 2016vs Q4 2015||$4.38B$4.06B|
|Deposits||Q4 2016vs Q4 2015||$4.40B$5.54B|
|Equity Capital||Q4 2016vs Q4 2015||$1.10B$1.10B|
|Loan Loss Allowance||Q4 2016vs Q4 2015||$75.8MM$74.6MM|
|Unbacked Noncurrent Loans||Q4 2016vs Q4 2015||$200.8MM$229.0MM|
|Real Estate Owned||Q4 2016vs Q4 2015||$40.4MM$57.3MM|
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|
|1.30%||-||-||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