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Overview / Commentary
5 East 42nd Street
New York, NY 10017

Related Posts

2.25% Annual Percentage Yield Certificate Deposit 6 Months - 9/14/2018

Account Highlights For DollarSavingsDirect account holders only. Low minimum deposit balance of only $1,000 Interest is compounded daily and credited monthly. Automatic notification prior to maturity. FDIC Insurance to the maximum extent allowed by law. A penalty will be imposed for early withdrawal.

6 Month CD, 2.15%APY, $1000 Minimum - 8/1/2018

I guess to compensate for not raising their rate, they are offering 2.15% for 6 months. This is very intriguing. Given the lost interest from the time to transferr to another bank, plus effort, this seems a good short term place holder.

No Longer Claims To Be Top Rate In America. - 7/27/2018

Dollar Savings Direct changed their logo to "One of the top rates in America". They no longer want to be the rate leader. I gues this is the end of DSD. Except for their fast next day ACH, their isn't much reason to continue banking with them.

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Account Holder

Posted by: moondog11 | Oct 7, 2018

Been with dollar savings for about 6 months, in fact I invested in a cd recently. The one thing that blew my mind, is I've had a savings account with, I guess it's called there parent company, it' part of dollar savings direct, is Emigrant Bank, and I clicked on a link that said "earn interest three times what banks pay" Now mind you, I was getting 0.5% with no minimum balance. well when I saw this link, they were not kidding, now these are all internet banks, just like my Emigrant acc. they had rates that were from about 1.25% to around 1.80% all FDIC insured, with no minimum deposit. Called Emigrant, asked why didn't anybody tell me about Dollar savings direct, he mumbled something, if there ever was a no brainer incident, this has got to be it. Pulled my money out of Emigrant, and put a total of $440,000, folks thats when the good times started. Was getting $600plus interst, compared to $48 from my reg. bank. Not kidding folks. 1.8% vs .05 makes a really big difference. Ever hear the old saying, knowledge is power?

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;"


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.

No Problems But Rate Isn't The Best Anymore.

Posted by: Ben111 | Jul 12, 2018

I've had a great experience with this bank! No problems what so ever. I love how you are able to see how much interest you have gained daily on their sight. Only problem is, now we have other savings options at 2% compared to 1.8 offered here. I will be opening an account elsewhere and transfering my money over next week unless im lucky enough for the rate here to climb before.??



Health Grade Components

FDIC Certificate #12054
Year Established1850
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.49%
Return on Equity - YTD2.39%
Annual Interest Income$76.2MM
Assets and Liabilities
AssetsQ1 2019vs Q1 2018$5.70B$6.29B
LoansQ1 2019vs Q1 2018$3.97B$4.27B
DepositsQ1 2019vs Q1 2018$4.41B$4.86B
Equity CapitalQ1 2019vs Q1 2018$1.19B$1.22B
Loan Loss AllowanceQ1 2019vs Q1 2018$69.9MM$79.3MM
Unbacked Noncurrent LoansQ1 2019vs Q1 2018$177.1MM$209.7MM
Real Estate OwnedQ1 2019vs Q1 2018$20.3MM$26.4MM

Rates for DollarSavingsDirect are currently being reviewed.


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

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