DollarSavingsDirect Leads With Savings Account


Deal Summary: Dollar Savings Account, 1.80% APY on all balances, no minimum opening deposit requirement. 60-month CD, 2.80% APY, $1k minimum deposit.

Availability: Internet bank

As of this morning, there's a new savings account rate leader: DollarSavingsDirect’s Dollar Savings Account now earns 1.80% APY on all balances.

1.80%--DollarSavingsDirectDollar Savings Account
Rates as of July 15, 2019.

About ten months ago, DollarSavingsDirect starting raising the rate on its Dollar Savings Account, by adding an eye-catching 70 bps. Prior to that April 2017 rate hike, the Dollar Savings Account’s APY lay dormant at 0.55% for more than four years. Including today’s rate increase, a total of 125 bps have been added since last April.

The Dollar Savings Account used to have a $1k minimum opening deposit, but that requirement was changed sometime in late 2016. Currently, there is no minimum deposit balance required to either open the account or earn the stated APY; CSR stated the account could be opened with as little as $1.

The Dollar Savings Account can be opened with a single beneficiary, with the “address, social security number and the phone number of the beneficiary” required to complete the online application.

DollarSavingsDirect has a FAQs page, which answers a variety of questions from, “How do I open a Dollar Savings Account,” to “How can I add a joint depositor to my individual account?” The FAQs also explain how your funds are insured by the FDIC.

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.

60-Month CD

DollarSavingsDirect began offering CDs in the past few months, but with rates that prompted DA reader, Sperry8, to comment,

Crazy low. What's the point of even adding these, DollarDirect?

While there’s been little to no movement on most of the CD rates, DollarSavingsDirect seems to be making a statement with its 60-month CD (2.80% APY). In the past three months, there have been as many rate increases, including today’s addition of 15 bps. All of DollarSavingsDirect’s CDs can be opened with a $1k minimum deposit, and there are no stated balance caps.

2.80%$1k-DollarSavingsDirect60 Month CD
Rates as of July 15, 2019.


DollarSavingsDirect is an internet division of Emigrant Bank, a New York City-based bank DollarSavingsDirect offers its product line to individuals who are “at least 18 years old, have a social security number, a legal US address, and a personal checking account in a US bank.”

Opening a Dollar Savings Account must be done online. The initial funding of a new Dollar Savings Account can be done online or by check, but subsequent deposits must be done electronically. As noted in the FAQs,

The check must be from the same bank account you established
as your linked funding account on the online application.

Note: a second checking account can be linked to the Dollar Savings Account, but cannot be added within the first 60 days following account opening. Only personal checking accounts qualify to be linked accounts.

Bank Overview

DollarSavingsDirect is an internet division of the New York-based Emigrant Bank, and as such operates under Emigrant Bank’s FDIC Certificate and shares its financial history.

DollarSavingsDirect/Emigrant Bank has an overall health grade of "B" at, with a Texas Ratio of 18.58% (above average) based on September 30, 2017 data. The Bank has an excellent capitalization level (18.87%), the results of holding $6.53 billion in assets with $1.23 billion in equity. Please refer to our financial overview of DollarSavingsDirect/Emigrant Bank (FDIC Certificate # 12054) for more details.

Founded as Emigrant Savings Bank in 1850 by members of the Irish Emigrant Society, Emigrant Bank is the oldest savings bank in New York City.

DollarSavingsDirect is one of three online banking divisions of Emigrant Bank. The first online banking division was EmigrantDirect which launched in 2005. During those early years, EmigrantDirect was often the nationwide savings account rate leader, but that ended after a couple of years, and in 2012, the savings account rate bottomed at 0.50% where it remains.

DollarSavingsDirect was the second to launch in 2008, and it soon took over as the rate leader as EmigrantDirect’s rate fell. The rate leading status didn’t last, and the rate eventually bottomed at 0.55% in 2012. That rate held until April 2017 when DollarSavingsDirect went back to being a rate leader.

The third online banking division was MySavingsDirect which was launched in 2013. Its savings account soon became the most competitive of the three. Its best year was 2015 when the APY reached 1.25%, but that didn’t last long. In 2016, the rate fell to 0.85% where it remained until June 2017 when it increased to 1%.

Based on the history of Emigrant Bank’s online banking divisions, I don’t expect DollarSavingsDirect to remain a rate leader for the long run. Nevertheless, Emigrant Bank has kept DollarSavingsDirect a rate leader since last April, and it appears they’re going to keep it that way in 2018.

How the Dollar Savings Account Compares

When compared to the 208 Personal Savings accounts tracked by that are available nationwide, DollarSavingsDirect’s Dollar Savings Account APY currently ranks first.

To look for the best Savings account rates, both nationwide and state specific, please refer to our Savings Account Rates Table page.

How the CD Compares

When compared to the 181 similar length-of-term CDs tracked by, requiring a similar minimum deposit and are available nationwide, DollarSavingsDirect’s 60-month CD APY currently ranks second.

The above rates are accurate as of 2/27/2018.

To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD Rates Table page.

Related Pages: New York savings accounts, savings accounts, 5-year CD rates, nationwide deals, Internet banks

Att   |     |   Comment #1
Good news. Guess I will be closing the rest of my 1.75% Ally 11 month no penalty CDs and put the money back in Dollar.
TheBombingRange   |     |   Comment #5
Have the Ally accounts at 1.80% due to the 3 month CD trick described by cumulus. If rates go above that I'll close them as well. Haven't opened an account at Dollar yet, curious about their ACH process. In an older blog post it mentioned that Dollar only allows ACH pushing out, no pulling from other banks. Are these pushes fast (2-3 days?) compared to the 5 day hold put on incoming funds?
Sperry8   |     |   Comment #6
I've heard their internal ACH is quick and nothing to be concerned about. But personally I do prefer to push as well.
TheBombingRange   |     |   Comment #7
Internal transfers usually are immediate, also not to worry if I only have a savings account there. I was just wondering about pushing from Dollar to another bank (for example, Ally) and how long that ACH would take, since you can't pull from Dollar to Ally using the Ally interface (not allowed to pull apparently).
Long time Dollar User
Long time Dollar User   |     |   Comment #14
I can tell you I put in a transfer request at 3PM yesterday to move a large sum of money from Dollar to my local bank, Citizens. This morning the full amount was in my local account and fully "available".
Tazz   |     |   Comment #8
Why don't you just wait a few weeks after they raise rates again to get a higher rate. That's a lot of hassle just closing CDs for .05% increase.
Att   |     |   Comment #12
No hassle closing a CD with Ally. You initiate the transfer online and get the funds in a day or 2. If I keep the funds in Ally just 1.75%. At Dollar 1.8% and if they raise rates higher the money is already in an account and will earn a even higher rate.
tightwad   |     |   Comment #9
For .05%?? No just wait.......that's nothing/ Ally will probably raise again soon......and you lose a few days interest probably on transfers.
TheBombingRange   |     |   Comment #10
Ally dropped their no-penalty CD rates at the highest tier from 1.75% to 1.50% I believe, so I'm not sure if they are "leading" their rates with that product, they most likely have gone back to trying to raise their savings rate instead. I think the No-Penalty CD rate will stay relatively lower than the savings rate in the near future.
Att   |     |   Comment #13
You are correct about the no penalty CD and they pay 1.45% on all tiers for savings accounts. Ally best deal is 12 months at 2% CD with 25K minimum. You can get an 11 month CD at NASA that pays 2.25%.
IvoryMale   |     |   Comment #2
Glad to see them raise the interest rate as they advertise being America's Highest Rate!...Who will be the first bank to 2.00% interest rate for savings/money market?
Att   |     |   Comment #3
With United Direct offering 1.7% no minimum and Dollar offering 1.6 I guess they had to raise their rates since they advertise they have America's top rate with no mimimum
NYCDoug   |     |   Comment #4
Automatic bump-up, without begging -- Yay!
[Unlike United Bank -- Boo!]

Internal email from customer service:

"Effective February 27, 2018, the Dollar Savings account is earning an Annual Percentage Yield (APY) of 1.80% with an interest rate of 1.78%. Since the interest rate changed during the month, both the previous and current APY/rate are factored into the interest earned for the month.

"Rest assured that you are earning the current advertised APY and interest rate on your Dollar Savings account(s). "
rzelman   |     |   Comment #11
By request and with an additional $50K deposit(duration not specified) I was bumped up to a 1.8% rate guaranteed for 6 months. It was easy to speak to a knowledgeable CSR with no wait time.
RJM   |     |   Comment #15
Ally, your move!
Att   |     |   Comment #16
I don't expect Ally to compete with Dollar. Hope that Dollar continues to keep their promise of Americas Highest Rate.
RJM   |     |   Comment #21
i hope they get close anyway.

I tried Emigrant Direct way back when but their top rate dropped quicker than I liked so I closed it down. That's why I hesitate to jump on this.
Att   |     |   Comment #24
Closed my Ally NP CDs yesterday. Funds are now in my checking will be in Dollar by tomorrow morning.
Att   |     |   Comment #26
RJM We've seen the leaders change many times when it comes to savings rates and CDs. Look at Penfed as an example of an institution that was the rate leader and now they are no longer competitive. If Dollar drops their rates my money will be quickly moved to another institution. They state they have "America's Top Rate"
deplorable 1
deplorable 1   |     |   Comment #28
@RJM: Same here but I jumped on a while back @ 1.6% as it does look like they have decided to remain competitive once again.
DOA   |     |   Comment #22
Ally, I move!
Joe   |     |   Comment #17
Awesome news! I've had Dollar for years and (knock on wood) have had no problems with transfers, etc. Great news on a day that markets went down!
mix   |     |   Comment #18
After the Fed comments today I am even more convinced it will surprise and raise by 50 basis points next month.
BigDog   |     |   Comment #19
my only issue with DollarSavingsDirect is that it doesn't connect to Mint. for the last five months, they are not fixing their connection issue.
klink   |     |   Comment #20
Gotta love it. Thanks DSD.
anonymous   |     |   Comment #23
I'll consider moving money to Emigrant Bank again if they raise my EmigrantDirect account to a competitive rate.
Emn   |     |   Comment #25
Hard or soft credit check?
CTM   |     |   Comment #27
Today, I did an ACH pull from Alliant to DSD, using DSD's transfer system.
(I ran afoul of Alliant's outbound ACH limits.)

I initiated the transfer before 10:00 AM PST and the money was in the account by ~ 3:00 PM.

A 7 day hold was placed on the transfer.  The account is 10 years old, but recently only had $ 1.00 as a placeholder.
111   |     |   Comment #29
Just curious -
1) Did they indicate that 7-day holds would no longer happen to you in the future, once you've had a more substantial amount of funds in the account for a while?
2) While the funds are on hold, will they earn the full 1.8% (APR) interest? (I know the answer is very likely to be "yes", but in the past there were some financial institutions that did not do this.)
Thanks much.
CTM   |     |   Comment #30
111 -

1. The hold notification was purely programmatic, no human was involved. I'll report on the next attempt. The ACH push from Alliant was credited today and available immediately.

2. Yes, the funds earned interest yesterday and were credited to the account.
Ted   |     |   Comment #32
Is there any limit to the amount of funds you can pull into the DSD account using DSD's ACH?
JackTrip   |     |   Comment #33
Switched from CitBank last year to DSD. I have loved the ride. Every time I check they are the
best rates. I asked CITBank to match them last year and they laughed. Look who is laughing
now. I love DSD. I did my first transfer of a large amount this month with ACH to the account
I set up the savings account with. No issues what so ever.
dsd   |     |   Comment #34
How come there is no news on DSD? They haven't increased their rates and are now at the bottom of the pack. They once claimed rate leader. Is something bad going on at DSD? I still have money there but if they don't act, I am thinking moving out.
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Availability: Internet bank

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Availability: Internet bank

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Availability: Internet bank

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Availability: Internet bank

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Availability: Internet bank

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