Dollar Savings Direct Review shows off this online bank and its best rates in savings accounts and cd accounts. As an offshoot of Emigrant Bank it definitely holds its own with high interest and no fees.
Dollar Savings Direct—Emigrant Bank, One in the same
Emigrant Bank was established in New York in 1850 by Irish emigrants. It had prospered into one of the nation’s largest savings institutions by 1920. Still headquartered in New York, Emigrant bank spawned Dollar Savings Direct as its online banking unit though the website is not specific about when it was launched. However as of December 31, 2009 Emigrant Bank and its partner banks held $15.4 billion in assets, $12.9 of which is solely Emigrant Bank’s. The bank is still going strong after 160 years and now Emigrant Bank’s online bank division Dollar Savings Direct is offering one of the best internet savings accounts. Currently the APY is 1.20% as of May 11, 2010, the most recent rate quote on the website www.dollarsavingsdirect.com.
About DollarSavingsDirect.com
If you have been shopping all the online banks you will notice they usually adhere to a basic format of which Dollar Savings Direct seems unaware. In our DollarSavingsDirect review, we gave their website, dollarsavingsdirect.com a low rating. At first glance the website appears amateurish. The home page is very sparse and fails to convey much information other than the current 1.20% APY and “account highlights.” To learn more about the high interest online savings account one must click on the “learn more” button in the center of the page. Keeping with the sparsely designed home page, the “learn more” page is basically a list of the online savings account particulars. And when the “learn more” button leaves you with questions just click the “F.A.Q” button which does a really good job of addressing the most common questions in a straightforward manner. It is not until you click through to the “F.A.Q” page that you will learn Dollar Savings Direct Bank offers high yield savings accounts as well as certificates of deposit. Unfortunately the cd interest rates are not available on the website and you must have an active savings account before you can open a certificate of deposit account. Perhaps the nominal web design is part of how Dollar Savings Direct can offer some of the best savings interest rates on the internet but the website is lacking in comparison to other banking websites.
Opening Your DollarSavingsDirect High Yield Savings Account
Opening a Dollar Direct high interest savings account is easy enough: you fill out a simple online form and make an initial deposit of $1.000. After the bank account is active there is no minimum balance requirement and you are never assessed fees or surcharges of any kind. The variable interest rate fluctuates with the market but it is compounded daily and then credited once a month. For your convenience your account may be linked to your checking account at your current bank. Actually Dollar Savings Direct allows you to link two checking accounts to your online savings account. It is also very easy to set up automatic transfers and direct deposit from the online banking portal once your account is established. Statements are issued monthly and are available online for 24 months.
Recap of Dollar Savings Direct Bank Review
As our Dollar Savings Bank review concludes, know that DollarSavingsDirect is the online financial arm of Emigrant Bank which carries a 160-year tradition of being one of the best savings banks in the country. As of this writing Dollar Savings Bank is advertising a 1.20% APY on its high interest savings accounts. While there is an opening balance requirement of $1,000 the account is fee-free and you are not required to maintain the $1,000 balance. As with all the best online banks you have 24/7 access to your account and the insurance of the FDIC. In terms of interest rates Dollar Savings Direct really has one of the best online savings accounts in the industry. To see a full review of Dollar Savings Direct Savings Account
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