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  2. DollarSavingsDirect

DollarSavingsDirect

Popular Accounts at this Bank

APYACCOUNT TYPEACCOUNT NAME
1.80%SavingsDollar Savings Account
1.30% - Nationwide Bank Online Savings Account
2.80%5-year CD60 Month CD
2.50% - Ally Bank High Yield 5 Year CDAdvertisement
1.80%1-year CD12 Month CD
2.10% - Goldman Sachs Bank USA High-yield 12 Month CDAdvertisement
View all DollarSavingsDirect rates »

Overview / Commentary
www.dollarsavingsdirect.com
866-395-8693
5 East 42nd Street
New York, NY 10017

Related Posts

DollarSavingsDirect Leads With Savings Account - 2/27/2018

DollarSavingsDirect raised the rate on its Dollar Savings Account to 1.80% APY on all balances. Its 60-month CD now earns 2.80% APY and can be opened with $1k deposit.

Dollarsavingsdirect's Savings Account Rate Now 1.80% APY - 2/27/2018

They're the new savings account rate leader! They also bumped up their 60mo CD rate to 2.80% APY. I'll have more on this soon. Thanks to the reader who emailed me news of this.

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.

View all posts from:


Reviews (22)

No Real Complaints Yet :)

Posted by: trailspeed | Mar 21, 2018

Had this savings account for a week, better than live oak bank. DSD website is fast, clean layout, all the details of the account is displayed just like Ally, respond to secure messages very quickly, transfers next business day even though the terms says 2-4, and best interest rate w/o playing games to get current interest rate offered.

Issues to keep in mind (because who writes a review with only nice things to say right?!), the terms state DSD may exercise their right to require 60 day written notice to withdraw money, and DSD said in email they never have exercised that right, and DSD has priors to raise interest then drop it back down after meeting quota.

12

Issue With Beneficiaries

Posted by: Hotshot01 | Mar 1, 2018

No question the rate is fantastic, only issue I have is that you are restricted to only one beneficiary. They said because its an on line account. I don't agree with that as I have multiple ben. on other on line savings. They said I could open multiple savings and put one ben on each. Oh well. Not sure what I will do yet.

9

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.

64

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.

114
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Health
B+

Data as of Q4 2017

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #12054
Year Established1850
Employees586
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.52%
Return on Equity - YTD8.48%
Annual Interest Income$301.9MM
Assets and Liabilities
AssetsQ4 2017vs Q4 2016$6.17B$6.41B
LoansQ4 2017vs Q4 2016$4.32B$4.38B
DepositsQ4 2017vs Q4 2016$4.64B$4.40B
Equity CapitalQ4 2017vs Q4 2016$1.20B$1.10B
Loan Loss AllowanceQ4 2017vs Q4 2016$77.8MM$75.8MM
Unbacked Noncurrent LoansQ4 2017vs Q4 2016$201.7MM$200.8MM
Real Estate OwnedQ4 2017vs Q4 2016$29.0MM$40.4MM
  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.

Dollarsavingsdirect's Savings Account Rate Now 1.80% APY

Ken Tumin   |  
They're the new savings account rate leader! They also bumped up their 60mo CD rate to 2.80% APY. I'll have more on this soon. Thanks to the reader who emailed me news of this.
8

Rates
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DollarSavingsDirect Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.80%--Dollar Savings Account

DollarSavingsDirect CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.80%$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

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact feedback@depositaccounts.com to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.