The Dollars and Sense of a Dollar Savings Direct Online Savings Account

In three words: fantastic interest rates.  As you compare online savings accounts, a high yield savings does not get much higher than 1.20% APY. DollarSavingsDirect hosts one of the best savings account. As one of the highest saving rates available, an online bank account from Dollar Savings Direct is a no-frills way to maximize your return.  While DollarSavingDirect.com leaves a lot to be desired in terms of easy access to information.  However, the company has been in business for over 160 years and there is strength in both its history and its track record as one of the best bank financial institutions in the nation.  And as you compare online savings account interest rates there is no disputing your Dollar Savings Direct account has one of the best savings rates available.

Ready, Set, Save with Dollar Savings Direct

Accounts must be opened with $1,000 but there are no daily balance requirements or fees of any kind.  The only requirement is you have an existing and active personal checking account at any traditional or online bank.  Interest is compounded daily and credited monthly to take advantage of the best daily rates as they are available.  Since the account’s rates are variable and reflect market conditions the daily rate maybe higher or lower than the 1.20% APY.  However, all Dollar Savings Direct accounts are backed by the FDIC so regardless of market conditions you know your money is safe.  Your Dollar Savings Direct high interest savings account can also be linked to up two other accounts one of which is the checking account used to fund this online savings account.  The funding account becomes your means of access to your Dollar Savings Direct online savings account.  Since you access your savings account through an existing checking account there you are never assessed ATM or other transaction fees so your high interest rates are not consumed by fees.  You may also link any one of your other accounts to this savings account.  Once your account is open you can add or remove beneficiaries and joint depositors through the Dollar Savings Direct online bank portal.  You can also easily schedule automatic transfers or set up direct deposit from the portal.

A Special Consideration about FDIC Insurance

You should take note if you also maintain an Emigrant Bank account FDIC regulations insure the first $250,000 per depositor and in this case that would include the combined balance from Dollar Savings Direct and Emigrant Bank.  Visit the website for more information on how you can open multiple accounts under different ownership classes for deposits in excess of $250,000.

If a High Interest Rate is Your Main Goal—Dollar Savings Direct Should Be Your New Bank

If all you need from your online bank is the best high yield savings then a Dollar Savings Direct account is just your ticket to high interest rates.  While www.dollarsavingsdirect.com skimps on the bells and whistles you might be used to with the websites for other online banks, they are one of the best high interest savings accounts available today.  Savings Accounts are easy to open with a $1,000 opening deposit and easy to maintain because there are zero penalties or monthly fees and you do not have to maintain a specific daily balance to earn the high interest rates. The Dollar Savings Direct Review goes into more detail about the company, its history, ratings, and banking services.

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