Simple & Straight Forward Bank For Savings
I saw 3 stars for Dollar Savings Direct (DSD) and had to leave a review. DSD is paying 4.85% APY at the moment of this review. Deposits are credited the same day you initiate the transaction so if you are making deposit from another bank to them you are not losing any interest whatsoever and if initiated on a Friday you could potentially gain interest from the outgoing bank as well as DSD, this really matters for large deposits. This is the perfect bank to save money where you do not have immediate access to your account if you lack self-discipline. LOL! Customer service is ready to help by email or phone. They also offer competitive no frills mortgage rates as well for loans where you have a 40% down payment. Because their risk is lower on these mortgages, they offer lower rates than other lenders. I highly recommend DSD.
New Interest Rate
I just opened an account at 3.05% and had money transferred 2 days ago. I just saw today that the rate went to 3.5% and called customer service. A woman from the US answered the phone promptly and told me the rate just announced (3.5%) would automatically be applied to my account tomorrow.
Savings Account Rate Drop
DSD's savings account rate dropped from 4.85% APY to 4.25% APY.
Open CD, July 2024
I opened a CD the other day and found the process to be easy. When you open an account it's automatically a 'savings' account which you can use to fund CD's. That part wasn't clear. Once I saw the deposit was under 'savings' I called and the released the hold on the account so I could open the CD. I'm not sure how long the hold would have been active if I hadn't called. The CD was easily opened from their website. The savings account can have a zero balance. The link to my external account went through without a hitch. You can do one linked account and then after 60 days you can add another. They actually transferred the money from my external account before I did the 'two deposit' verification. The representative I spoke to was excellent and I was only on hold for a couple of meetings. I saw someone else said you needed a cancelled check to open which was not the case for me.
Data as of Q1 2025
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57083 |
| Year Established | 2001 |
| Employees | 480 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | -0.43% |
| Return on Equity - YTD | -2.32% |
| Annual Interest Income | $90.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $5.95B$6.24B |
| Loans | Q1 2025vs Q1 2024 | $4.07B$4.62B |
| Deposits | Q1 2025vs Q1 2024 | $4.6B$4.67B |
| Equity Capital | Q1 2025vs Q1 2024 | $1.13B$1.45B |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $85MM$73.6MM |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $207.1MM$237.3MM |
| Real Estate Owned | Q1 2025vs Q1 2024 | $7.7MM$6.8MM |