DollarSavingsDirect Raises Dollar Savings Account Rate to 1.30% APY

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Deal Summary: Dollar Savings Account, 1.30% APY on all balances, no minimum opening deposit requirement.

Availability: Internet bank

I’m having a bit of déjà vu this morning with DollarSavingsDirect’s Dollar Savings Account. Last month, I reported that rate had been raised to 1.25% APY (the highest APY for a nationally available savings account) and as of last night, the rate is 1.30% APY (the new highest APY for a nationally available savings account).

While there used to be a $1k minimum opening deposit for the Dollar Savings Account, 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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.30%--DollarSavingsDirectDollar Savings Account
Accounts mentioned in this post. Rates as of May 26, 2017.

For the past six years, the Dollar Savings Account’s APY has been less than 1.00%, ranging from a high of 0.90% (for four months) to a low of 0.55% (for the past four+ years).

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 “What types of precious metals do you offer?”

Availability

DollarSavingsDirect is an internet division of Emigrant Bank, which is headquartered in New York City. 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.

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

Bank Overview

As an internet division of New York-based Emigrant Bank, DollarSavingsDirect operates under Emigrant Bank’s FDIC Certificate (# 12054) and shares its financial history.

DollarSavingsDirect/Emigrant Bank has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 20.43% (above average) based on December 31, 2016 data. The Bank has an excellent capitalization level (18.4%), the results of holding $6.41 billion in assets with $1.18 billion in equity. Please refer to our financial overview of DollarSavingsDirect/Emigrant Bank 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. Emigrant Bank has established three internet divisions in the past 12 years: EmigrantDirect (2005), DollarSavingsDirect (2009), and MySavingsDirect (2013). EmigrantDirect was the first internet bank to aggressively respond to the Fed’s rate hikes in 2005. That year the Fed raised rates six times, and EmigrantDirect responded with three rate increases.

How the Dollar Savings Account Compares

When compared to the 206 Personal Savings accounts tracked by DepositAccounts.com that are available nationwide, DollarSavingsDirect’s Dollar Savings Account APY currently shares the top spot with BankPurely’s SavingsPurely.

Interest RateAccount NameCredit Union/Bank
1.30% APYDollar Savings Account (no min)DollarSavingsDirect
1.21% APYIncredible Savings (no min)Incredible Savings
1.15% APYHigh Rise Savings Account (no min)Popular Direct

The above rates are accurate as of 5/16/2017.

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

Related Pages: New York savings accounts, savings accounts, nationwide deals, Internet banks

Comments
barry_NY
barry_NY   |     |   Comment #1
I was quite surprised when I saw the 1.30% on their site today. But, my account still says 1.25%. Will it take another day before accounts reflect the rate change?
xyz
xyz   |     |   Comment #2
just off phone with csr

your assumption is correct
Att
Att   |     |   Comment #3
Years back I had my savings with them and after several months the rates dropped.
xxx
xxx   |     |   Comment #4
Ya, if you look at their rate history, it's been around 0.5% for years. There's been occasional spikes in the rates. Not worth the bother.
pinkterror
pinkterror   |     |   Comment #5
i closed my account roughly 2 years ago (same with emigrant) i doubt i'll reopen....

rate does seem decent though.
deplorable 1
deplorable 1   |     |   Comment #6
First time that I have seen this bank actually raise the rate without you having to open a new account. Looks like the banks paying 1.3% caught them off guard. Hopefully this will be a new trend.
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Deal Summary: Dollar Savings Account, 1.25% APY on all balances, no minimum opening deposit requirement.

Availability: Internet bank

DollarSavingsDirect has raised the rate on its Dollar Savings Account to 1.25% APY - the highest APY for a nationally available savings account. While there used to be a $1k minimum opening deposit for the Dollar Savings Account, 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...

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