DollarSavingsDirect Offers Highest Savings Account Rate


Deal Summary: Dollar Savings Account, 1.40% APY on all balances, no minimum opening deposit requirement.

Availability: Internet bank

If you get the feeling you may have read this blog post before, you’re not completely mistaken. In April and May, I wrote twice about DollarSavingsDirect’s offering the highest rate on a nationally available savings account, and as of this morning, they’re leading the pack again: the Dollar Savings Account now earns 1.40% APY.

In the last three months, the Dollar Savings Account’s APY has increased by 15 bps. That makes for a sharp contrast to the past six years, when the APY was 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).

1.50%--DollarSavingsDirectDollar Savings Account
Accounts mentioned in this post. Rates as of November 23, 2017.

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 “What types of precious metals do you offer?”


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 "C+" at, with a Texas Ratio of 22.70% (above average) based on March 31, 2017 data. The Bank has an excellent capitalization level (18.87%), the results of holding $6.21 billion in assets with $1.19 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 eight times, and EmigrantDirect responded with three rate increases.

How the Dollar Savings Account Compares

When compared to the 206 Personal Savings accounts tracked by that are available nationwide, DollarSavingsDirect’s Dollar Savings Account APY currently ranks first.

The above rates are accurate as of 7/13/2017.

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

Att   |     |   Comment #1
They advertise that they have the highest rates with an*. Guess with other institutions rates going up they have to raise theirs.
barry_NY   |     |   Comment #2
There is a "possible" $2 mill max, buiried in their disclosure documents.
RichReg   |     |   Comment #3
$2 million cap? Way too low.
Can't do it....
deplorable 1
deplorable 1   |     |   Comment #5
Sarcasm? I hope so because having millions in cash at these low interest rates is a really bad move particularly with so many monthly and quarterly paying dividend stocks out there paying from 5-20% APY. I even have some bond funds paying 7-8%. Still can't put it all in the market at risk...........I get it.
RichReg   |     |   Comment #7
I take it you missed the All America Bank's Mega MMkt. debate.
Sarcasm? Yes...
rhutnik   |     |   Comment #9
Can you open one MMA from both All America Bank and from Redneck bank (same person same SSN) to get the 1.50% rate for under $35k? I know they are sister banks but it's one account per SSN per bank not one account between the two banks right?
deplorable 1
deplorable 1   |     |   Comment #11
As far as I know you can only open one account per person or SS# whether that account is Redneck or All America bank as they are both technically All America bank.
deplorable 1
deplorable 1   |     |   Comment #4
Well I might just have to open one of these accounts again now since it seems like they are actually raising instead of lowering their rates. Talk about doing a 180 compared to their past history. I still don't trust them but I have my 2 Redneck accounts maxed out at 1.5% and I'm still waiting for that elusive 3% 4-5 year CD to pop up. With only a $1 minimum how can you go wrong if they do drop the rate I'll just transfer the cash back out to the bank purely account at 1.3%.
rhutnik   |     |   Comment #15
For curiosity, how is Bank Purely's new account so far? No reviews yet on here I don't believe. Same interface as iGoBanking right?
deplorable 1
deplorable 1   |     |   Comment #24
Yes in fact you actually use the igobanking webite itself you just get a higher rate 1.3% APY. It's pretty good if you are just going to drop cash in there and let it sit but their ACH transfer system is very slow as in 3 days during the week and 5 days if a weekend falls in there. They also suck the cash out of your account right away so you earn no interest on it while you are waiting for the transfer to complete(I really hate that!). You can only link a maximum of 5 external accounts for ACH transfers. Using another bank to ACH in and out works fine though. There is a quick transfer option for ACH out but it has a max cap of $2,000 which can't be increased. ACH transfer limit outgoing $15,000/day($2,000 for fast transfers) $50,000/mo. incoming $100,000/day $500,000/mo. no fee. The outgoing limit can be increased up to $100,000 by emailing them and asking for a one time increase. Every time I have done a transfer using their system they have asked me to call them to confirm the transfer! Huge PITA IMO. I'm going to try Dollar Savings Direct and see if I like it any better as I have a tendency to move cash around. Redneck/All America bank is great for moving cash around quickly and linking multiple external accounts. The only problem with them is the $5,000 transfer limit(there is a waiting period for that even) and the $35,000 cap. Once again 3rd party transfers work great though to get around the limit.
Att   |     |   Comment #6
Nice thing with dollar is overnight ACH transfers out
RichReg   |     |   Comment #8
What about ACH in?
Very Anonymous
Very Anonymous   |     |   Comment #10
If you request by 6:00 pm on a business day, it happens the next business day. in either direction.

And you don't lose any interest in transit. For example, if you request a transfer from DSD to another bank by 6:00 on Monday, it will be deducted from your DSD account on Tuesday and show up in your remote account on Tuesday.

They have a very good ACH system. They deserve to be commended on that.
deplorable 1
deplorable 1   |     |   Comment #12
That is good news as the Bank Purely/igobanking ACH transfer system is slooooooow! 3-5 business days if a weekend doesn't fall in there(if you're lucky!) with much lost interest. Does DSD have decent transfer limits?
RichReg   |     |   Comment #16
I'm sold. Calling them today....
rhutnik   |     |   Comment #13
I know when they raised rated a few months back there was a lot of talk of avoiding DSD due to the potential teaser rate of 1.30%. Now that rates are going up/probably not a tease, are there any particulars detractors of DSD? How is the online interface? I know transfer capabilities seem to be very good, but is there anything else to know?
Very Anonymous
Very Anonymous   |     |   Comment #14
The online interface is very basic. You can view your account balance, transaction history, and statements. You can also initiate transfers for the current date or a future date.. No fancy graphics or trendy design. It just lets you do whatever you need and get it over with.

All deposits pulled in by DSD via their ACH system have a 5 business day hold. You do get interest during this time.

You can have a maximum of two external linked accounts. The second one can be added after 60 days and requires mailing a voided check.

You can push money into the account via ACH initiated at another bank. However, you cannot pull money out of the account via ACH initiated at another bank. To remove money from the account, you have to use DSD's ACH system. To some people this is an absolute end-of-the-word deal-breaker. I'm perfectly happy with it.
Att   |     |   Comment #17
You have to watch dollar. I've been with them before and they do drop rates after a few months. Until recently they have not been one of the rate leaders. I wish I could link some other savings accounts in addition to my regular checking but they require a voided check as someone has mentioned already.
rhutnik   |     |   Comment #18
Decisions decisions... I want a savings account above Ally's 1.15% rate but something like GS Bank at 1.20% is too small a difference to be worth it I think. Maybe Purepoint? Not really trusting CIT right now, they play games with making you open new accounts instead of actually raising rates. And I could try BankPurely or AbleBank but I don't know much about them/how they are to deal with or their unproven rate history so far. I probably should start with the Redneck and All America MMAs I guess and go from there.
barry_NY   |     |   Comment #19
You can link without the voided check. You mail in a copy of the statement. CSR will give details.
Att   |     |   Comment #20
This is the only bank that requires you to send a check or a statement. Most banks allow you to add accounts with just routing and account numbers and you verify small deposits. Their process is archaic. Thank you for mentioning this.
Very Anonymous
Very Anonymous   |     |   Comment #21
Just to be clear, you don't have to send a check or statement for the first account (the one you use to make the original deposit). It's only needed if you want to link a second external account.
Att   |     |   Comment #22
I opened an account already. They should allow you to open secondary accounts without all the fuss.
dakkars   |     |   Comment #31
However, you can only add/link a checking account even after going through voided check./ bank statement route. They will not link to a Money market account or savings account. This is very odd. I wanted to switch large amount money to them from my Dime MM account. They told me that is not possible. Only way around is transfer to a checking out first and then to DSD. This way you lose lot of interest money while this is being transferred. Unfortunately I will have to pass (I already have a DSD account and I was hoping to revive the account and bring money back to them).
deplorable 1
deplorable 1   |     |   Comment #25
That's nothing Att my Ally Demand note account used to require you to fill out a form with a "gold medallion signature guarantee stamp" and snail mail it in in order to to add a account for ACH transfers. It is a step above a notary and many banks didn't even know what it was. I had to go to a Chase branch to get it done.
Att   |     |   Comment #27
Wow. Thats real crazy. I have may checking at Chase for signature guarantees or medialians when required usually for stock transactions.
deplorable 1
deplorable 1   |     |   Comment #28
It was worth it as back in those days I was getting 5-6% APY with no 6 withdrawal per month limit or debit card transactions hoops. All you had to do was keep $1,000 in there and it was basically a high yield checking account with no strings. Checks, ACH transfers in and out all fee free with a 5 year CD rate. Even now @ 1.16% with the tier levels it is still a better deal than most rewards checking accounts. I can't tolerate debit card transaction hoops as I would be losing 2-7% from my cash back credit cards. I'm expecting a rate hike soon. Only drawback is no FDIC and $250 min. for writing checks(which I rarely do anyway).
Att   |     |   Comment #29
I had a similar account called GE Interest Plus. Paid a high rate and they had unlimited checking with a $250 minimum on checks and the checks were free. Not FDIC insured but GE Capital was solid at the time. They also for a while had a hologram on the checks to prevent forgeries. GE decided to get rid of this account when they started unwinding some of GE Capitals Assets. I use Dollardirect now for my liquid savings and have some funds in GS Bank which I pull my mortgage from. I opened a savings account with CIT bank to get the $100 bonus that I'll close once I get the bonus unless they offer a rate comparable to Dollar if they are still high. Years ago I had a NY Tax Free Money Market Account with Vanguard that paid a high rate with no taxes. Got out of that when Muni rates went down. I'm a little wary of Ally with all the auto loans out there and that GM now has their own finance arm again GM Financial, Ally is the former GMAC.
RJM   |     |   Comment #23
I had an account at Emigrant way back when. A little concerned that they keep coming up with new names for new internet banks.

I'm over the limit at Ally but thinking about just staying over the limit with their 1.5% no penalty CDs for now. Is the risk of Ally going belly up really significant before I can transfer out below the limit ?

Maybe opening another 2.3% 5 year CD at my broker. I just wish the brokerages would get competitive with money sitting there waiting to be invested.
deplorable 1
deplorable 1   |     |   Comment #26
I hear you RJM they used to have sweep accounts that paid 6% APY and I used to just dump money in there for savings. I think they are keeping rates low now in order to get people to invest it all and make more commissions off of us.
Att   |     |   Comment #30
I currently have 8 cents in my sweep account related to my brokerage account at vanguard. When I plan to buy or sell I make the necessary transactions to that account.
unmesh   |     |   Comment #32
I opened an account with them, notwithstanding the fine print about linked accounts and ACH restrictions, and had to call them to complete the process. The nice CSR saw various account opening inquiries and said "you're rate chasing, huh?" but completed the opening of the account :-)
DollarSavingsDirect Raises Dollar Savings Account Rate

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,...

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DollarSavingsDirect Boosts Dollar Savings Account Rate

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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DollarSavingsDirect has made a nice change to its CD offering. It has long been offering a 16-month CD, and as I described two weeks ago, the rate has been competitive. The bank just changed the term to a 12 months, and it has also raised the rate to 1.05% APY. Minimum deposit is $1,000.

As I described two weeks ago, DollarSavingsDirect now has its CD listed on its website. In addition, they have an online application, and you no longer need to have the DollarSavingsDirect savings account before you open the...

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DollarSavingsDirect continues to offer a 1.65% APY 16-month internet CD. This rate has held since January when the yield was 2.25%. Since January, it has become more competitive as rates at other banks have fallen. This rate isn't listed at DollarSavingsDirect's website. I just called the bank (1-866-395-8693), and verified the rate. They also have a 2.50% APY 5-year CD which has been the same rate since last July. Fortunately, that rate is still not competitive (let's hope it stays that way).

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