Related Posts
5/16 - DollarSavingsDirect Raises Dollar Savings Account Rate
4/6 - DollarSavingsDirect Boosts Dollar Savings Account Rate
12/1 - Rate Decreased From 0.70% To 0.60%
9/8/11 - Rate Drops AGAIN!
8/15/11 - More Rate Drops
4/22/11 - Rate Decrease (4457)
1/30/11 - DollarSavingsDirect.com's History & Closing Tips
1/21/11 - Dollar Savings Direct Rate Decrease
9/20/10 - Rate Decrease
8/20/10 - Closing A Dollar Savings Direct Account
6/16/10 - Comparing CDARS with DollarSavingsDirect's CD
5/12/10 - Dollar Savings Direct & Emigrant Direct Savings Account Rates Fall
3/3/10 - Dollar Savings Direct Cuts Savings Account Rate to 1.30%
2/9/10 - Emigrant Bank Cuts Rates at DollarSavingsDirect and EmigrantDirect
1/2/10 - 2.25% 16-Month CD at DollarSavingsDirect - Available Nationwide
12/4/09 - Emigrant's New Internet Bank: DollarSavingsDirect
3/17/09 - Dollar Savings Direct Cuts Savings Account Rate Again - Options and Issues to Consider
3/17/09 - ACH Transfers and Linking External Accounts at Dollar Savings Direct
3/3/09 - DollarSavingsDirect Savings Account Yield Falls to 3.50% - Alternatives?
No Problems Here. Just Got Rate Increase Also!
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.
Easy Easy !
Opened the account with zero problems . Looks and feels like my Emigrant online account. Same Bank better rate ! :)
Warning - This Is Not A Liquid Account
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
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.
Data as of Q2 2017
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 12054 |
| Year Established | 1850 |
| Employees | 590 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.7% |
| Return on Equity - YTD | 3.99% |
| Annual Interest Income | $146.4MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2017vs Q2 2016 | $6.41B$6.46B |
| Loans | Q2 2017vs Q2 2016 | $4.31B$4.29B |
| Deposits | Q2 2017vs Q2 2016 | $4.30B$5.20B |
| Equity Capital | Q2 2017vs Q2 2016 | $1.13B$1.11B |
| Loan Loss Allowance | Q2 2017vs Q2 2016 | $79.7MM$72.5MM |
| Unbacked Noncurrent Loans | Q2 2017vs Q2 2016 | $211.6MM$199.3MM |
| Real Estate Owned | Q2 2017vs Q2 2016 | $32.7MM$49.8MM |
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.
DollarSavingsDirect Savings Account Rates
| 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