DollarSavingsBank 60-Month CD Earns 2.80% APY


Deal Summary: 60-month CD, 2.80% APY, $1k minimum deposit

Availability: Nationwide, internet bank

We’re approaching the second anniversary of CDs being added to DollarSavingsDirect’s product line. In November 2017, DA reader, Carpline, noted that DollarSavingsDirect had introduced three new CDs with rather pathetic rates: 6-month (1.50% APY), 16-month (1.25% APY), and 60-month (1.50% APY). Sperry8 posted a response that summed up what many DA readers were thinking:

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

Just two months later, the APYs were increased – not to rate-leader levels, but definitely in the neighborhood. With four rate increases in six weeks (January-February 2018), adding a total of 130 bps, the 60-month CD has continued to be the most competitive of the CDs. The minimum deposit for any of the DollarSavingsDirect CDs is $1k, with no stated balance cap.

2.00%$1k-DollarSavingsDirect60 Month CD
Rates as of May 24, 2022.

In January 2018, two more CDs were added, both with decidedly unimpressive rates: 12-month (1.80% APY) and 24-month (2.00% APY). Those rates are still in effect today.

Savings Account

In February 2018, DollarSavingsDirect’s Savings Account offered the highest rate (1.80% APY) on nationally available savings account. Between April 2017 and February 2018 a total of 125 bps were added in six rate increases, giving rise to speculation that DollarSavingsDirect’s Savings Account might be the account to lead the charge in the rising rate environment. While the 1.80% APY hasn’t change in the past 18 months, DollarSavingsDirect’s sister bank, MySavingsDirect, has been offering 2.40% APY on its MySavings Account since December 2018. UPDATE 9/16/19: The MySavings Account rate has just fallen to 2.25% APY.

0.75%--DollarSavingsDirectDollar Savings Account
0.50%--MySavingsDirectMySavings Account
Rates as of May 24, 2022.

DollarSavingsDirect has a FAQs page, which answers a variety of questions from, “How do I open a Certificate of Deposit,” to “What types of precious metals do you offer?” The FAQs also explain how to name beneficiaries.

How can a beneficiary be added to an account?

For individual accounts, simply use the beneficiary tab under the account view. This will allow you to add a beneficiary, and you can also update the address of a current beneficiary.

For joint accounts, both depositors will need to sign a form that is available in the Title Change link under the Customer Service tab. You may mail the completed form and any required documentation to DollarSavingsDirect, Attn: Account Fulfillment, 13 Croton Avenue, Ossining, NY 10562.

As stated in the CD Account Disclosure document, the Early Withdrawal Penalty (EWP) reads as follows:

For an account with a term of one year or more, the penalty will be an amount equal to 180 days interest (whether earned or not) and calculated at the contract rate on the principal amount.

Breaking CD early is not necessarily guaranteed, as evidenced by this statement from the CD Account Disclosure:

Principal or any part thereof may not be withdrawn from the CD Account prior to maturity without the consent of the Bank.


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 any CD 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 and shares its financial history.

DollarSavingsDirect/Emigrant Bank has an overall health grade of "B" at, with a Texas Ratio of 15.33% (above average) based on June 30, 2019 data. The Bank has an excellent capitalization level (22.51%), the results of holding $5.64 billion in assets with $1.27 billion in equity. Please refer to our financial overview of DollarSavingsDirect/Emigrant Bank (FDIC Certificate # 12054) for more details.

According to DollarSavingsDirect’s FAQs page,

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.

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 14 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 the federal funds rate from 2.25% to 4.25%, and EmigrantDirect responded with three rate hikes that increased its savings account APY from 3.00% to 4.00%..

How the CD Compares

When compared to the 179 similar length-of-term CDs tracked by that require a similar minimum deposit and are nationally available, DollarSavingsDirect’s 60-month CD APY currently ranks sixth.

Interest RateCD Length of TermCredit Union/Bank
3.00% APY60-Month CDHanscom Federal Credit Union
2.98% APY60-Month CertificateState Department Federal Credit Union
2.95% APY60-Month CDPen Air Federal Credit Union
2.80% APY60-Month CDDollarSavingsDirect

The above rates are accurate as of 9/16/2019.

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

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

  |     |   Comment #1
In checking on the current rates offered on a savings account at My Savings Direct, the website shows the current rate to be 2.25% not the 2.40% shown here.
  |     |   Comment #3
It's over man, (sob-sob), it's freakin' over...
...the end of great short term rates.
  |     |   Comment #4
I love safe, FDIC insured investments. But with rates occurs to me the real risk will be earning some paltry rate in a bank account. I think with some work,time and research......You can find some fairly low risk investments in the market. Earning 1% or less in a bank is not tenable.
  |     |   Comment #7
Luckily I've got Northern @2.50% to the end of this year, and then Northpointe at @2.30% until November 2020 for the liquid stuff. I'm going to get creamed on my CDs maturing over the next year though. And the stock market is too darn strong. Need it to crash so I can buy.
  |     |   Comment #8
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)."\uD834\uDD1E".
  |     |   Comment #9
Okay I'll bite. How is 1.30% APY "the new highest APY for a nationally available savings account" when there are dozens of accounts available nationally that pay a higher rate? What's the punchline?
  |     |   Comment #14
VIO Bank rules with their High Yield Online Savings Account.
Check the Savings Account rankings at the top of the page.
  |     |   Comment #10
Go Navy... they're still steady as she goes with their rates. Someone said last Friday was it, but I see they still have the rates up today

I can't do much at this point myself since I'm still locked in till 2/21 with 3.1% just enough to not go through the EW for 3.5

But a good rate for those still looking or well under 3%..
Trump is best POTUS since Reagan
  |     |   Comment #12
The PSECU three year CD at 3.25% APY will continue to be available for yet another week. This was announced earlier today. I agree that at this point a high-yielding five year CD might be preferable. But the yield difference is pretty stark between 2.8%-3.00% and 3.25%. So I dunno. It might be worth taking the risk and only locking in for the three available years. And anyone may join PSECU who is willing to part with ten bucks. Worth it.

As for NFCU, sure their 3.25% five year CD is good today. But that rate could change tomorrow; rates are strictly day to day at NFCU. And not everyone qualifies to join NFCU.

Decisions, decisions.
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.

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...

Continue Reading
DollarSavingsDirect Raises All CD Rates
Deal Summary: 60-month CD, 2.50% APY, $1k minimum deposit

Availability: Internet bank

While DollarSavingsDirect has been the savings account rate leader for most of 2017 (currently 1.60% APY), its CDs have been somewhat lacking. In November, DA reader, Carpline, noted that DollarSavingsDirect had added three new CDs, but frankly, the rates were dismal: 6-month (1.50% APY), 16-month (1.25% APY), and 60-month (1.50% APY). Sperry8 posted a response that echoed the thoughts of many DA readers:

Perhaps the point was setting the stage for raising the CD rates...

Continue Reading
DollarSavingsDirect Offers Top Savings Account Rate
Deal Summary: Dollar Savings Account, 1.60% APY on all balances, no minimum opening deposit requirement.

Availability: Internet bank

The past nine months have been quite productive for DollarSavingsDirect’s Savings Account, with four rate increases that added a total of 95 bps. Yesterday’s rate increase tacked on another 10 bps, making the Dollar Savings Account the highest earning, nationally available no-minimum savings account.

When you consider that from late 2012 to mid-2017 the Savings Account’s APY was only 0.55%, the new rate is even more impressive.

The Dollar Savings Account...

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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....

Continue Reading
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,...

Continue Reading

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