DollarSavingsDirect Raises Dollar Savings Account Rate to 1.30% APY


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.

1.30%--DollarSavingsDirectDollar Savings Account
Accounts mentioned in this post. Rates as of June 28, 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?”


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, 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 that are available nationwide, DollarSavingsDirect’s Dollar Savings Account APY currently shares the top spot with BankPurely’s SavingsPurely.

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

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   |     |   Comment #2
just off phone with csr

your assumption is correct
Att   |     |   Comment #3
Years back I had my savings with them and after several months the rates dropped.
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   |     |   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.
DollarSavingsDirect Boosts Dollar Savings Account Rate to 1.25% APY

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...

Continue Reading
New Top 12-Month CD Rate at DollarSavingsDirect

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...

Continue Reading
Competitive 16-Month CD Rate at DollarSavingsDirect

It has been awhile since I mentioned DollarSavingsDirect. Its savings account rate has been disappointing for the last several years, and with a current rate of 0.55%, it’s still disappointing. However, the bank also has 16-month CD which does have a competitive rate. The 16-month CD has a 1.00% APY as of 6/7/2013. Minimum deposit is $1,000. This rate has held for many months. It’s one of the cases when the rate becomes competitive due to falling rates at other banks. Thanks to the reader who emailed me a...

Continue Reading
Update on DollarSavingsDirect's 16-Month CD and Emigrant Bank

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).

To open a CD at DollarSavingsDirect, you must first...

Continue Reading
2.25% 16-Month CD at DollarSavingsDirect - Available Nationwide

Update 6/08/2010: According to the bank's CSR, the 16-month CD rate is now 1.65% APY. The CSR can be reached at 1-866-395-8693.

Even though DollarSavingsDirect is no longer listing CDs on its front page, it's still offering the 2.25% APY 16-month CD. When I was updating the rates on Saturday, I noticed the CD info was removed. I just called DollarSavingsDirect, and the CSR confirmed that it's still available as of today (8/24/09). He said he hasn't heard of any rate cut, and they typically inform the reps 1 or 2...

Continue Reading

More Past Offers