DollarSavingsDirect Savings Account Is New Rate Leader

POSTED ON THURSDAY, OCTOBER 27, 2022 BY Ken Tumin

Update 10/27/22: The rate has been increased to 3.50% APY. Previously, the rate increased to 3.01% APY (10/1/22), to 3.05% APY (10/8/22), and to 3.11% APY (10/13/22). The original post was first published on 9/21/22.

Deal Summary: Dollar Savings Account 3.00% APY, $1 minimum initial deposit.

Availability: Nationwide (internet bank)

Emigrant Bank’s second online division, DollarSavingsDirect (DSD), increased the rate of its Dollar Savings Account from 2.00% to 3.00% APY yesterday. For those who followed online banks back in 2005, this should remind you of EmigrantDirect, which was the first to have a 3% APY during the 2004-2006 rate hiking cycle. EmigrantDirect was the first online division of Emigrant Bank.

APY	MIN	MAX	INSTITUTION	PRODUCT	DETAILS
3.50%	-	-	DollarSavingsDirect	Dollar Savings Account

Rates as of February 9, 2023.

When DSD was launched in 2008, its rate was very competitive, and that lasted for a couple of years, but from 2011 through early 2017, it was uncompetitive compared to other online banks. During these years, Emigrant Bank launched its third online bank, MySavingsDirect (MYD). From its launch in late 2013 through most of 2016, MYD remained competitive. DYD became the competitive online division in April 2017 as the Fed was just ramping up rate hikes in its 2015-2018 rate hike cycle. DYD and MYD flipped again in 2018 with DYD becoming uncompetitive as MYD became the competitive one. MYD’s competitive streak ended in early 2020.

As you can see in DSD and Emigrant Bank’s history, Emigrant Bank uses one of its online divisions to attract deposits while existing customers at its other online divisions remain in low-rate accounts. This makes it less costly for Emigrant Bank to offer competitive rates. Those customers who don’t move their money when rates become uncompetitive lose out.

Based on this history, DSD may remain a good deal for a year or two before it loses its competitiveness. This is unlikely to be a good long-term deal, but if you can make sure to move your money once rates fall, it can be a good short-term deal.

Dollar Savings Account Features

DSD’s Dollar Savings Account has no minimum balance, and all balances earn the stated APY. There are no monthly maintenance fees.

In the initial online application, you must establish a link to an existing checking account which will serve as the funding account. Initial funding can be done with ACH transfer from this checking account or by mailing in a check. The check can only be from this checking account. Future deposits must be done by ACH transfers.

A single beneficiary can be designated during the online application. You will need the beneficiary’s address, social security number and the phone number.

DSD allows customers to open multiple savings accounts. DSD’s online account management software makes it easy to transfer between the savings accounts. The software also allows customers to designate a separate beneficiary for each savings account. These features make insuring deposits over $250k fairly simple, with this DollarSavingsDirect document illustrating how this can be accomplished.

If you want to ensure the vast majority of your savings goes to just one beneficiary and still insure over $250k, this can also easily be done. Please refer to my blog post Maximizing Your FDIC Coverage with Beneficiaries.

ACH Transfer System

An important downside with Emigrant Bank’s online divisions has been that they don’t allow ACH withdrawals that are initiated from other banks. If you open a DSD account, you’ll have to depend on its ACH service to make ACH withdrawals.

After speaking with an DSD CSR and reviewing my earlier blog posts on Emigrant Bank and its online divisions, I was surprised to see that not much has changed over the past 17 years. The ACH details are the same as when I first wrote about DSD in 2008. And if memory serves me right, I think EmigrantDirect listed the same features when it began in 2005. Below is the list of the important ACH features:

No ACH withdrawals initiated by another bank. External ACH deposits are allowed (CSR).
Maximum of 2 linked accounts which includes the initial funding account (Q&A).
Linked accounts can only be personal checking accounts (Q&A).
No sooner than 60 days after the establishment of your DSD savings account, a second external account can be added (Q&A).
Establishing second linked account requires mailing in a voided check and form (Q&A).
Maximum amount that can be transferred via ACH (in/out) is $500,000 (CSR).

Here’s some good ACH news - transfers are fast, with customers reporting ACH transfers that only take one business day to complete. On the other hand, there is a five business day hold time for ACH deposits.

Availability

As an online division of New York City's Emigrant Bank, DSD has no brick-and-mortar branches and any account with DSD must be opened online.

As stated on the FAQ page, opening a DSD Account “is quick, easy and convenient.”

Just click on the Open Now button on our home page. The only requirements are that you are at least 18 years old, have a valid tax identification number, a legal address and a personal checking account in a US bank. If you still have questions, please call Customer Service at 866-395-8693.

Bank Overview

DollarSavingsDirect (along with EmigrantDirect and MySavingsDirect) is an online division of Emigrant Bank, and operates under Emigrant Bank’s FDIC Certificate and shares its financial history.

DollarSavingsDirect/Emigrant Bank has an overall health rating of "B" at DepositAccounts.com, with a Texas Ratio of 16.67% (above average), based on June 30, 2022 data. Deposit growth has been weak in the past year with a loss of $268.61 million (-7.32%) in non-brokered deposits. This is likely an important factor in the competitive DSD rate. One positive is the Bank’s excellent capitalization level (26.03%), the result of holding $5.61 billion in assets with $1.46 billion in equity. Please refer to our financial overview of DollarSavingsDirect/Emigrant Bank (FDIC Certificate # 12054) for more details.

Launched in 2008, DollarSavingsDirect was the second online banking division created by Emigrant Bank. The first was EmigrantDirect which was launched in late 2004. The third came in 2013 with the launch of MySavingsDirect.

Emigrant Bank was founded by 18 members of the Irish Emigrant Society in 1850 as a mutual savings bank. By the 1920s, it had grown to become the largest savings bank in the nation. In support of its “hometown,” the Bank invested substantial funds into the New York City community, underwriting constructions loans for Saint Patrick’s Cathedral and a public works project that later became Central Park.

In 2013, the Milstein Family (owners of Emigrant Bank) sold 29 of its 31 branches to Apple Bank for Savings. The remaining two branches are located in New York City and Ossining (Westchester County). In addition to its online banks, Emigrant Bank retained its lending platforms and its residential mortgage, mixed-use and small business lending businesses.

Emigrant Bank is currently New York’s 24^th largest bank with assets in excess of $5.6 billion, and is also the largest privately owned bank in the country.

How the DollarSavingsDirect Savings Account Compares

When compared to nationally available Money Market Accounts and Savings Accounts tracked by DepositAccounts.com, that do not require large balances or direct deposit and do not have small balance caps, the DSD Dollar Savings Account currently ranks first.

The above information and rates are accurate as of 9/21/2022.

To look for the best rates on liquid bank accounts, both nationwide and state specific, please refer to our Money Market Accounts Table and Savings Accounts Table.

P_D | Sep 21, 2022 | Comment #16

There are a lot of parallels between the current economy and the Carter economy of the 70s, most prominently runaway inflation. Would not be surprised if savings account rates approach or even exceed CD rates as the yield curve continues to flip signaling a severe recession in the making. This might be an early sign of what is to come.

In a high inflation economy like this you get paid to borrow money and punished to save it. So depositors understand you don't want to lock that punishment into a long term CD.

milty | Sep 21, 2022 | Comment #17

There has been high inflation during other administrations as well: Nixon (6%), Ford (11%), Reagan (10%), Bush-1 (5%) . So, there are other parallels regarding inflation, but the big difference has been the Fed keeping rates at historically low rates since 2008. Even if the Fed raises rates by 1% today, they will still be historically fairly low, going back to 1955, that is.
https://www.usinflationcalculator.com/inflation/historical-inflation-rates/

P_D | Sep 21, 2022 | Comment #18

There are far more parallels between the Carter economy and the current administration's economy than to any of the others you mentioned. Maybe when the appropriate blog comes around I'll talk about them. Let's hope this administration has something else in common with the Carter administration. I'll leave it at that.

milty | Sep 21, 2022 | Comment #20

I look forward to your further discussion. In the meantime, it appears this administration, like Carter's and some others, is not interfering in allowing the Fed to focus on price stability instead of asset appreciation.

Btw, I had an account with DSD a few years back and don't recall having had any problems.

P_D | Sep 21, 2022 | Comment #21

"In the meantime, it appears this administration, like Carter's and some others, is not interfering in allowing the Fed to focus on price stability instead of asset appreciation."

Political discussion is allowed here as long as it's comedy?

kcfield | Oct 11, 2022 | Comment #49

PD: If you use the Shakespearean definition, all political conversation is comedy as long as nobody dies at the end of the story. When Fed rates were at zero, the discussion about CDs and investing was entitled "Much Ado About Nothing" since there were not many savings opportunities north of 1%. Now, we are talking about the myth of how to come out ahead when inflation rates are higher than savings rates; so the current storyline is entitled: "A Midsummer Night's Dream" (Or "An Autumnal Dream"). Yet, all of us, as a community, do look forward to the day--sometime in the future--when inflation rates are once again lower than savings rates, the pandemic is over, and there is finally cooperation between the major parties with respect to lowering the Federal debt. We shall call that conversation if we are still around for it, "All's Well That Ends Well."

DAtroll | Oct 11, 2022 | Comment #67

Coming from the biggest clown of all?

lou | Oct 11, 2022 | Comment #50

Reagan Administration was not 10%. Sure he inherited double digit inflation, but after one and a half years into his first term, inflation came down rapidly.

P_D | Oct 11, 2022 | Comment #53

"Reagan Administration was not 10%. Sure he inherited double digit inflation, but after one and a half years into his first term, inflation came down rapidly."

And this is how he did it.

"In May 1981, Congress approved virtually the entire Reagan program. It reduced personal income taxes by 25 percent over a three-year period, cut federal spending on a wide swath of social programs and accelerated a military buildup that had begun under Carter."

He also stopped the communist government employee unions from destroying the economy and cut economy killing regulations.

Reagan asks Congress to cut spending and taxes, Feb. 5, 1981

Did I mention that he brought down the Soviet Union at the same time because they could not compete with his economic success and the resulting might of our own military? THAT'S how you disable these foreign dictators and PREVENT wars. Reagan's "Peace through strength."

ALL of this the exact OPPOSITE of what the Democrats are doing now.

Mak | Oct 11, 2022 | Comment #54

#53..... don't forget in 8 years Reagan increased the US debt by 186%
Trump--4 years 33% republican
Obama 8 years 74% democrat
Bush 8 years 101% republican
Clinton 8 years 32% democrat
Bush sr 4 years 54% republican

P_D | Oct 11, 2022 | Comment #56

#54

Yes I've heard that silly Democrat Red Herring talking point ad nauseam.

Repeating irrelevant statistics over and over again doesn't make them relevant. The absolute level of debt is meaningless unless it's quoted in relative terms.

At the end of Reagan's term the debt to GDP ratio was 41%. At the end 2021, it was 137.20%.

The phony debt story about Reagan was trashed years ago.

Mak | Oct 11, 2022 | Comment #58

#56.. I'm not arguing, debt is out of control but my post was US debt not debt to gdp,,, when he came into office debt to gdp was 32% and when he left office I show 51%... a gain of almost 65%...you have to look at where it was coming from, numbers can be fun...;)

Kerry2 | Oct 11, 2022 | Comment #52

milty, the present administration printed $10 TRILLIONS in just 2 years, such record can never be outdone, this is the end of the FED's debt notes and the dems alone are responsible for it. There is NO coming back from such calamity of the dollar, the end is near, thanks to the dems irresponsibility.

Mak | Oct 11, 2022 | Comment #55

#52.. where did you come up with" $10 TRILLIONS".? debt was $26.9 trillion at the end of Trump's term and the other day they reported it now at $31 trillion.
Way too much debt but I was worried about the debt way before now, unlike some people that post on here.

Kerry2 | Oct 11, 2022 | Comment #57

Mak, #55, the dems controlled the congress since 2018, pay attention. C-19 consumed $4 trillion alone, stimulus and inflation fighting money took another $ 4 trillion and the the $2 trillions where given to the businesses as gift.

Mak | Oct 11, 2022 | Comment #59

#57... so the democrats did it all no help from Trump and the republicans....ooooookkkkkkk

Btw...debt to gdp goes to the president imo, never heard it quoted to congress.

Kerry2 | Oct 11, 2022 | Comment #61

Mak, #59, Kamala broke the tie in congress for the green deal/inflation fight money and C-19 stimulus. The green deal will destroy this nation because it is a permanent $4-8 trillions per year in perpetuity or until the economy collapses (which ever comes first). The dollar is finished as we know it.

Comments

Sort by Date | Sort by Votes

102 Comments.

payitforward | Sep 21, 2022 | Comment #1

Too risky for me. Shouldn't be too long before one of the more stable fi matches or exceeds DSA's savings account rate.

spoofeeDotCom | Sep 22, 2022 | Comment #27

Why is this risky? FDIC insured right?

RichReg | Oct 13, 2022 | Comment #84

"No ACH withdrawals initiated by another bank".
Risky as in "Opportunity cost" (potentially).

Nonchalance | Sep 21, 2022 | Comment #2

I applied for an account yesterday, and was declined. Never happened to me before and I checked my credit report and everything is in order, as always. They blamed Chex Systems and I have not followed up with Chex to see what they considered an issue. With Dollar's ACH barriers, it's just as well.

paulalmony | Sep 21, 2022 | Comment #5

Chex Systems hands out low scores, indicating a credit risk, if there are numerous new accounts - even if the accounts are all at the same bank (i.e., a savings, checking and money market account at the same bank). It is amazing to me that they are getting away with slandering people's credit worthiness when opening an account is not indicative of being a credit risk.

fdic | Sep 21, 2022 | Comment #24

same nonsense here

fdic | Sep 21, 2022 | Comment #25

same non sense here as well

Mikeebo1965 | Sep 26, 2022 | Comment #35

Same thing happened to me. My credit score is over 800. No good reason to reject me.

Hojo20 | Sep 21, 2022 | Comment #3

I figure after tomorrow's Fed announcement of a rate hike, there should be more banks close to the 3% mark.

RichReg | Sep 21, 2022 | Comment #4

The Fed meeting is today,...and so is the announcement.

jofr4646 | Sep 21, 2022 | Comment #23

Or higher,.

deplorable_1 | Sep 21, 2022 | Comment #6

Great write up as usual Ken. Thank you for the $500,000 ACH transfer confirmation.
I would be interested to know if this statement about Emigrant's right to refuse withdrawals is a non stated banking standard or something unique to Emigrant bank since it has sparked much controversy here in the comments.
Refusal to Permit Withdrawal
The Bank may refuse to permit withdrawals in cases such as, but not limited to, the following:
1. 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.

deplorable_1 | Sep 21, 2022 | Comment #7

Just logged in an can confirm the rate is now 2.96% APR which works out to 3% APY

111 | Sep 21, 2022 | Comment #8

I have a couple bucks in my DSD Dollar Savings Account started back in 2018 but never really funded - I think because some other bank with fewer restrictions came out with a better rate at nearly the same time. I've meant to close it a few times since but never did. Guess I'll just leave it open for now and see what happens with rates overall. Yes, the website shows I'm getting an APR of 2.96% and an APY of 3.00% (without me having to call or message them).

One thing I'll say for them - they haven't charged an inactivity fee in 4.5 years!

P_D | Sep 21, 2022 | Comment #9

"Maximum amount that can be transferred via ACH (in/out) is $500,000 (CSR)."

Per transfer with unlimited transfers? Per Day? Per Month? Other?

deplorable_1 | Sep 21, 2022 | Comment #11

I believe that is per day PD and would include ACH in and out on the same day.

spoofeeDotCom | Sep 22, 2022 | Comment #28

Geez, you guys are moving too much. FDIC only insures up to $250k correct?

fred_b | Sep 21, 2022 | Comment #10

Do they do a hard pull of your credit report? Do they use ChexSystems or EWS?
I'm hoping one of my existing accounts goes to 3% shortly. I'm planning to finally ditch HMBradley. HMBradley has been paying me 3% for quite some time, but they have a lot of activity requirements and they are about to reduce their credit card cash back. It was worth it until now.

remmymo | Sep 21, 2022 | Comment #12

Sounded great until I read the fact that they have the right to deny a withdrawal request without 60-day prior notice

remmymo | Sep 21, 2022 | Comment #13

Sounded great until I read their policy that allows them to deny a withdrawal request without 60-day prior notice

Rickny | Sep 21, 2022 | Comment #14

Had an account with DD in 2018 when they were paying the highest rate on savings accounts. Never had a problem with withdrawals. Emigrant Bank is a strong bank in NYC and has been around for over a century. They also updated their website to state: "Dollar Savings Account America's Highest Rate* ". When they had this statement on their website before they did have the highest rate. (*Nationally advertised annual percentage yield for day of deposit to day of withdrawal accounts, no minimums).

I doubt they will ever use the 60 day restriction. I wouldn't be surprised if they lower the rate after awhile and change the statement on their website. They have done this before.

P_D | Sep 21, 2022 | Comment #15

I had an account with Emigrant probably about 100 years ago when they started.

Clearly the 60 day clause is meant for a financial crisis. So could it happen? If it did it wouldn't be the first time banks had a financial crisis.

Kerry2 | Oct 10, 2022 | Comment #46

P_D #15, this time the financial crisis will not repeat itself as in the past, it will be terminal. The end of the FED's debt notes is very near. Take cover.

enduser | Sep 21, 2022 | Comment #19

it sounded great until: "An important downside with Emigrant Bank’s online divisions has been that they don’t allow ACH withdrawals that are initiated from other banks."

no thanks not falling for this money trap.

milty | Sep 21, 2022 | Comment #22

#19: That does appear to be the case about allowing ACH deposits from an external FI, but only allowing withdrawals using ACH from DSD's side. Don't know why they do that, but not sure it's a problem (I suppose it might be if the transfer takes several days). Btw, the account does allow for joint ownership and beneficiary.

payitforward | Sep 22, 2022 | Comment #26

Not allowing ACH transfers initiated from external banks is a huge flag. Essentially, DSD has a built-in wall; the "automated" component of ACH is one-sided.

eskimojoe | Sep 27, 2022 | Comment #37

I had this situation with Regions Bank. I opened checking and savings accounts to get bonuses. The checking worked as normal but when I tried to link the savings from Alliant, the trial deposit worked but the offsetting debit did not and Alliant canceled the link, I would guess most FIs would work the same.

111 | Sep 23, 2022 | Comment #29

Ken's article above states “On the other hand, there is a five business day hold time for ACH deposits.”

For anyone who's opened this account and actually used it (I've done the first but not the second) - can you tell us: for ACH deposits, is there also a delay on when interest starts being paid on that deposit? I don't mean for the initial-funding ACH; one might expect a slight delay there. I mean later ACH deposits.

In my experience it's rare but it has happened, that FIs with a hold time on AHC deposits also fail to pay interest on the ACH during that time.

outtempster | Sep 23, 2022 | Comment #30

I don't have an answer, but I know it's possible for banks to hold the ACH without giving interest. BrioDirect is about 7 days.

I wonder what's the hold time on ACH for DSD.

outtempster | Sep 23, 2022 | Comment #32

DSD has 5 days hold time on ACH, for both initial deposit or any ACH deposit later. I would assume once it shows up in your account, it should earn interest but you can't withdraw those fund until after 5 business days, which is a full week.

111 | Sep 23, 2022 | Comment #31

I should have mentioned earlier that this bank's "Account Disclosure" form does state, "All deposits will be credited to the Account and begin accruing interest on the business day of deposit." Still, there are enough oddities with this one (e.g., not allowing ACH withdrawals initiated from the other FI, their 5-day hold on ACH deposits, etc.), that it might be useful to know whether anyone has experienced anything different from what their policy states, regarding paying interest.

deplorable_1 | Sep 25, 2022 | Comment #33

@111: As I recall you do earn interest on the ACH deposit as soon as it hits the account. It's very similar to the corporate debt accounts where there is a 5-6 business day hold on deposits before they become available for withdrawal but interest is earned immediately. You have to time everything just right when using them for a bill pay account vs. a typical checking account. Wise to keep a bit extra in there always available just in case.

111 | Sep 25, 2022 | Comment #34

Thanks. I probably won't use them for billpay. Just for "liquid storage" while deciding what to do.

outtempster | Sep 26, 2022 | Comment #36

Anyone has experience on how fast or slow the account is opened? and when they notify you the account is opened, do they already have your initial funding in account, or not in account but withdrawn from your linked external checking account?

outtempster | Sep 29, 2022 | Comment #38

if people want to know, it tool 7 days for the account to be opened. there is 2 days on the weekend, so 5 business days, basically a week to have the account open, in my case.

deplorable_1 | Oct 10, 2022 | Comment #39

Well so far it has been keeping up with all the corporate debt accounts while maintaining full FDIC coverage. My main beef with them is not allowing more easily linked accounts and external ACH transfers.

Kerry2 | Oct 10, 2022 | Comment #47

deplorable_1, #39, that is the danger of such policy, anyone with account with them are trapped and on their mercy. They control the "vertical" they control the "horizontal" on your money, think about it, what does it sounds like when logically analyzed.

deplorable_1 | Oct 11, 2022 | Comment #48

Hmmm Sounds like they are controlling the "outer limits". ; )

P_D | Oct 11, 2022 | Comment #51

One of the best TV shows in history. Rod Serling was a genius (not to mention a decorated war hero).

deplorable_1 | Oct 11, 2022 | Comment #65

Actually PD Rod Serling wrote The Twilight Zone which is one of my all time favorite shows but the Outer Limits(original) aired shortly thereafter. I have every episode on a portable hard drive including the Mike Wallace interview with Rod prior to the first episode being aired. sorry off topic but couldn't resist. ; )

P_D | Oct 14, 2022 | Comment #91

Right! Was thinking about Twighlight Zone.

Both great but TZ was the classic winner.

NYCDoug | Oct 10, 2022 | Comment #40

A reminder that Merchants Bank of Indiana also has a 3.05% APY on it's less-restrictive Money Market "Checking" account. No ACH transfers can be initiated from withing Merchants, but in a pinch you can at least write checks.

(Just beware that Merchants continues to observe the long-ago deprecated Regulation D limit of 6 withdrawals per month, even taking into account micro-withdrawals made by an external FI as part of the ACH linking process.)

So DSD is not the “Rate Leader” . . . merely a top contender. I just checked and, curiously, verified that I can still access my DSD account online — this in spite of having had an inactive a $0 balance there over the past few years. And my maximum two ACH links (to external checking accounts) remain in place.

So as far as “liquid storage” is concerned, we currently have at least two viable, highest-yielding options . . .

Rickny | Oct 10, 2022 | Comment #41

#40 Dollar states in the fine print the guarantee applies to accounts with no minimums. Merchants has a $50 minimum to open. So technically they are the rate leader if you take into account no minimum accounts.

Keep an eye on Dollar as the last time they stated the "The Highest Rate in America" it changed to "One of the Highest rate in America".

Also looks like Elements Financial is no longer offering 3.25% and a 1 year rate guarantee on their Helium Savings Account.

NYCDoug | Oct 10, 2022 | Comment #42

Yikes! ~ Thanks!

Helium has deflated to a measly, sub-standard !% APY!
https://www.elements.org/personal/savings/helium-savings/

Taking Elements off my shopping list :-)

blazer9 | Oct 10, 2022 | Comment #43

IMPORTANT info ^^^^^^
THIS IS the Problem with posting info into a completely different thread
that belongs elsewhere. LIKE the Elements thread.
here its off topic and not helpful if looking for info of Elements

NYCDoug | Oct 10, 2022 | Comment #44

Cross referencing a by-now archived post
https://www.depositaccounts.com/banks/elements-financial/offers/
which Ken apparently appended last week (albeit below my radar):

"Elements Financial Guarantees Helium Savings 3.25% APY For One Year - EXPIRED"
Update 10/7/22: This Helium Savings promotion with a 3.25% APY has ended.

Which is by way of saying that I found comment #41 helpful, in bringing this "off topic" topic to my attention. I would have otherwise missed the big picture, which I believe is the ultimate objective of DA — finding and tracking the best deals :-)

Rickny | Oct 10, 2022 | Comment #45

Yep Elements must have got bombarded. Ops God forbid... THIS IS the PROBLEM posting this. :)

Mak | Oct 11, 2022 | Comment #60

Here is your debt to gdp by year.
1981 $998 31% Reagan tax cut
1982 $1,142 34% Reagan increased spending
1983 $1,377 37% Jobless rate 10.8%
1984 $1,572 38% Increased defense spending
1985 $1,823 41%
1986 $2,125 46% Reagan lowered taxes
1987 $2,350 48% Market crash
1988 $2,602 50% Fed raised rates
1989 $2,857 51% S&L Crisis
1990 $3,233 54% First Iraq War
1991 $3,665 58% Recession
1992 $4,065 61%
1993 $4,411 63% Omnibus Budget Act
1994 $4,693 64% Clinton budgets
1995 $4,974 64%
1996 $5,225 64% Welfare reform
1997 $5,413 63%
1998 $5,526 60% LTCM crisis and recession
1999 $5,656 58% Glass-Steagall repealed
2000 $5,674 55% Budget surplus
2001 $5,807 55% 9/11 attacks and EGTRRA
2002 $6,228 57% War on Terror
2003 $6,783 59% JGTRRA and Iraq War
2004 $7,379 60% Iraq War
2005 $7,933 61% Bankruptcy Act and Hurricane Katrina.
2006 $8,507 61% Bernanke chaired Fed
2007 $9,008 62% Bank crisis
2008 $10,025 68% Bank bailout and QE
2009 $11,910 82% Bailout cost $250B ARRA added $242B
2010 $13,562 90% ARRA added $400B, payroll tax holiday ended, Obama Tax cuts, ACA, Simpson-Bowles
2011 $14,790 95% Debt crisis, recession and tax cuts reduced revenue
2012 $16,066 99% Fiscal cliff
2013 $16,738 99% Sequester, government shutdown
2014 $17,824 101% QE ended, debt ceiling crisis
2015 $18,151 100% Oil prices fell
2016 $19,573 105% Brexit
2017 $20,245 104% Congress raised the debt ceiling
2018 $21,516 105% Trump tax cuts
2019 $22,719 107% Trade wars
2020 $27,748 129% COVID-19 and 2020 recession
2021 $29,617 124% COVID-19 and American Rescue Plan Act
2022 $30,824 123% Inflation Reduction Act and student loan forgiveness

Looks to me like it was right after the Great Recession bailout and QE that debt to gdp jumped.

Kerry2 | Oct 11, 2022 | Comment #62

Mak, #60, those number posted are for the sheeple to read, the real numbers are anywhere between $215 and $350 TRILLIONS. In your numbers posted above, intentionally are omitted the entitlements, military projects, FED's secret holdings of over $50 trillions in US debt and trillions in foreign pledges given every year to nations around the globe.

Mak | Oct 11, 2022 | Comment #63

#62..... kerry, ....I don't know about any of that that, my security clearance level isn't that high..;). If you look at history both parties increase the debt ...so I will ask you again what I asked you once before...what do you want me to do about it, what are you going to do about it?

Kerry2 | Oct 12, 2022 | Comment #72

Mak, I respect every poster on this blog, I do not give financial advice, just the truth as is NOT KNOWN to many posters here, some are influenced by the media and globalists agenda and are spreading the same misinformation to the rest of us. I did what I had to do and nobody is advised to do anything, be your own judge.

Mak | Oct 11, 2022 | Comment #64

Debt to gdp dropped after world war 2 and finally settled in and averaged in the low 30% level until Reagan that is... interest rates dropped and the debt to gdp ratio started to increase again and has never looked back for the whole bond bear market of 40 years. Maybe low interest rates aren't always good....;)

spentcattle | Oct 12, 2022 | Comment #76

If this blog was actually about interest rates rather than frustrated political and historical analysts we might all actually be rich. Jesus its like going to the family reunion and making sure you avoid your drunk uncle who never shuts up

blazer9 | Oct 12, 2022 | Comment #77

That is why I refer to "some" posters as Drift Wood.
They just float around wherever they like
making the On Topic post a BSing log jam of " "

Kerry2 | Oct 12, 2022 | Comment #78

spentcattle and blazer9, with all do respect let me just say this: the politicians created 90% of the USA debt by bringing to the table green deals and inflation fighting ideas that never work. Once the useless debt is created, they try to cover it or plaster over it with new crazy ideas that create more debt and so on. I believe you know that, if not, get into it and research it. The politics can not be separated from the money.

blazer9 | Oct 13, 2022 | Comment #89

THEN WHY DON"T START A SPECIFIC POLITICAL MONEY THREAD !? DING DING DING
Let most of us be able to find Regular Deposit Account Info without all the
Cerebral Mind Melding you guys think is necessary.?
It's great having Guidance for I Bond and Treasuries ect.
but all the personal point of view political baggage that has been dragged in has really
SMOTHERED a once Very USEFUL website destination.
Like has been said GET A ROOM !

Kerry2 | Oct 13, 2022 | Comment #90

blazer9, there was always a political page on this blog, you missed the in dept political education, years and years back. This is most a repeat of the old school, we are sorry you missed that time on this blog. Anyhow, your opinion is always welcome, good or bad we appreciate your comment and you should let other persons express their own opinion, facts or mis guidance, the money are tied at the heap with politics, that is why we are now in such a dire situation.

senda | Oct 13, 2022 | Comment #79

78 comments (so far) and almost none of them have anything to do with Dollar Savings Direct.

So what say I start a discussion of classic rock?
Or ideas on why the physical size of a nickel (5c) is larger than a dime (10c)?

Just saying... 78 comments and almost none of them on Dollar Savings Direct...

Choice | Oct 13, 2022 | Comment #80

senda… let me jokingly reply with a canned response with what others say, “do you want a refund?” Sad

deplorable_1 | Oct 13, 2022 | Comment #81

Hey your comment had nothing to do with Dollar Savings Direct. lol Which just raised the interest rate to 3.11% APY btw ; )

Kirkland | Oct 13, 2022 | Comment #82

Thank you Ken for providing this DollarSavingsDirect savings account rate info. After your first post, I was able to, within 2 days open the account, after submitting via email, my driver license, bank statement, and voided check. DSD provided posting and interest began to accrue immediately upon my initial ACH request, (not after 3 business days like Synchrony, Ally, and most of these other institutions). I also confirmed validation deposits from DSD with my external account. Subsequently boosted my DSD up to near max FDIC insured and again DSD gives you credit immediately, with interest accruing immediately upon your request to transfer in (unlike other institutions such as Synchrony, Ally, etc. which do not give credit for like 4 days after you request the ACH in). I am very satisfied with my DSD account and as others and Ken has posted, DSD has raised the rate several times since. So thanks Ken, I am receiving 3.11% versus only 2.25% at Barclays, Ally, and 2.45% at Synchrony. Thanks Ken for placing the High Yield Savings account at the top of the site, as most of us are holding in liquid savings, while watching long term rates slowly rise. :)

Mikey1 | Oct 13, 2022 | Comment #83

UFB Elite Savings pays the identical rate.

Rickny | Oct 13, 2022 | Comment #85

#83 If UFB does not have minimum $ account requirement, Dollar has to raise their rate.

Mikey1 | Oct 13, 2022 | Comment #87

The UFB Elite Savings webpage displays tiers which currently have the identical rate. So, for now at least, there is no minimum balance to receive that rate. Those of us who have this account will obviously monitor on a periodic basis. I’ll report any changes I notice on the UFB page at depositaccounts.com.

RichReg | Oct 13, 2022 | Comment #86

And Brilliant Bank pays the identical rate as an APR.
....which translates to a 3.15% APY.

senda | Oct 13, 2022 | Comment #88

For those with Dollar Savings Direct:
When one logs in to their account, the new 3.11% rate isn't reflected yet.
However Customer Service said it takes one day for a new change to show in everyone's account, and said that by the next day the new rate will show in people's accounts.

gregk | Oct 27, 2022 | Comment #92

Now blows away all competitors.

But another large Fed rate hike is looming.

Rickny | Oct 27, 2022 | Comment #93

Great! I just remember not to long ago getting 1% on my T Mobile savings account. Only problem is inflation is eating up these interest gains.

milty | Oct 27, 2022 | Comment #94

My inflation costs are up a few hundred over last year, but my interest income is up by thousands. So much depends on one's principal :-)

P_D | Oct 27, 2022 | Comment #96

I assume then that you are not counting the cost of the losses on your savings or else you don't have any savings since the cumulative rate of inflation since the Democrats took over the government is about 15%. Since the cumulative rate of return on the highest yielding safe investments during that same period has been maybe about 2 or 3% that means that even if you had your money in the best safe rate investments available during that period, you lost about 12 or 13% of it to inflation cost.

Let me do the math. For every $100,000 you have in savings, you would have lost $12,000 to $13,000. That comes out to about $650 a month inflation cost (just on your savings, it doesn't count the extra cost of living expenses) per $100,000 since the Democrats took over Washington.

Of course your monthly losses on your savings now are much higher yet as the Democrats have somehow found a way to do an ever worse job as time goes on.

gregk | Oct 27, 2022 | Comment #97

If you own your own home, that knocks about 40% of the “official” inflation rate (increases in the cost of housing) off one’s own personal inflation rate right off the bat.

Rickny | Oct 27, 2022 | Comment #99

#97 Can you provide a reference that owning your home knocks off 40% of the inflation rate?

Choice | Oct 27, 2022 | Comment #100

Rick, take a look at how shelter, housing, etc impact CPI…starting with
https://www.bls.gov/news.release/cpi.t01.htm

P_D | Oct 28, 2022 | Comment #101

Speculative investments don't "knock" anything off of the inflation rate. They are speculative. They can go up or down. What you need to use as a benchmark for this analysis is the safe return rate such that I used.

Choice | Oct 28, 2022 | Comment #102

Right, your home/housing is speculative! Go camping on the UP. Stay focused!

111 | Oct 28, 2022 | Comment #103

# 97 - “If you own your own home, that knocks about 40% of the “official” inflation rate (increases in the cost of housing) off one’s own personal inflation rate right off the bat.” I'd also like to see the documentation on that. It's a great theory - right up until the point when life makes it clear to you that housing maintenance expenses (which of course someone else had to pay for back in the day, when you were a renter), are going up at AT LEAST as much as the general inflation rate! Add to that increases in property tax, homeowner insurance, etc., and that 40% might become a mirage.

Choice | Oct 28, 2022 | Comment #104

CPI includes housing component…what part of that is questionable? The percentage on a personal basis or any amount? Is it about 39% or more or what that’s creating the backwater?

111 | Oct 27, 2022 | Comment #95

My account still shows 3.11% APY. I think last time it took a day to show the new rate. But as I recall, this FI is not one where you have to call them and ask for the new rate.

senda | Oct 27, 2022 | Comment #98

Nope... it takes 24hrs for the online banking system to catch up (online banking system is updated overnight). Rate change IS effective 10/27 but won't show online until 24hrs later (10/28). No need to call, it's updated automatically and you'll see the new rate information tomorrow. That info relayed to me by CSR a month or two ago, and with each recent rate change I've noticed that's indeed the way it's been.

notveryamused | Nov 3, 2022 | Comment #105

The phrase "America's Highest Rate" has disappeared from the DSD home page. Watch for the rate freeze as the Fed goes to 4% and other banks and fintechs begin to eclipse Dollar Savings Direct's rate. Maybe MySavings Direct will take the baton from here...

racecar | Nov 3, 2022 | Comment #106

Today (11/3/22) Dollar Savings took away their "America's Highest Rate" line from their main page and just shows the 3.5% (since Bask and others raised theirs to above 3.5%). Remains to be seen if they will raise theirs or see some depositors leave them for places that are paying more...

EDIT
Notveryamused: Interesting, right after my post I saw you had already posted the same thing. Can't delete my post now, so... well, great minds think alike.

We'll have to see if DSD holds at 3.5 and sees some of their money leaving for other places or not...

wthanos | Nov 7, 2022 | Comment #107

Brio now is 3.75%…. Chasing yield is a new hobby. Maybe rocket money can add a “yield chasing “ feature to their app.

stathis66 | Dec 26, 2022 | Comment #108

Do the 3 subdivisions share a common FDIC-insured limit ($250,000)?

stathis66 | Dec 26, 2022 | Comment #109

Do the 3 Emigrant Bank online subdivisions share a common FDIC-insured limit ($250,000)?

NYCDoug | Dec 26, 2022 | Comment #110

Yes, according to this:

https://www.emigrantdirect.com/securebanking/faq.do

Is EmigrantDirect FDIC insured?

Yes, to the maximum allowed by law.

Since each of EmigrantDirect, DollarSavingsDirect and MySavingsDirect is an online banking division of Emigrant Bank, any deposits you have at Emigrant Bank, EmigrantDirect, DollarSavingsDirect or MySavingsDirect are aggregated and FDIC insured up to $250,000 per depositor. Keep in mind that individual and joint accounts are insured separately, so if you have both types of accounts with us, your total deposits can be insured up to $500,000; that's up to $250,000 in all of your individual accounts, and up to an additional $250,000 in all of your joint accounts.

Plus, you may even be able to extend your FDIC insurance coverage at EmigrantDirect if you establish deposit accounts in different ownership categories. View our handy chart to learn more. For general information about the FDIC, visit their Web site, www.fdic.gov.

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