DollarSavingsDirect Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon

Pros:

  • No minimum balance or monthly fees
  • High-interest rates offered
  • Accounts are entirely online
  • CD terms with competitive interest rates

Cons:

  • Limited personal deposit accounts
  • Must link to an external checking account
  • No business accounts available
  • Deposits are held for five days

What You Need to Know

Dollar Savings Direct does not require you to keep a specific amount in their accounts. There are no monthly fees for their savings account. As with all CDs, you will be charged a fee if you withdraw your money before the maturity date.

The interest rates for Dollar Savings Direct accounts are competitive. The interest rates are much higher than your typical brick and mortar banks. They are competitive with other online-only accounts. Any balance in the savings account and CDs earn the highest interest rates. There is not a specific amount required to earn those rates.

Everything for your Dollar Savings Account is online. You open your account online. To transfer money, you must link account to an external checking account. Transfer the money electronically between the two accounts. You can access everything for your account online.

Dollar Savings Direct has five different CD terms. Each of the different terms has competitive interest rates. All the CDs at Dollar Savings Direct required $1,000 to open. The terms range from six months to a five-year term. The longer the term, the higher the interest rates. Fees only apply if you withdraw the money before the maturity date.

Dollar Savings Direct only offers a savings account and CDs. No checking accounts or money market account are available. There are five different CD term lengths offered. Those terms are 6-months, one-year, 16-month, two-year, and five-year.

Dollar Savings Direct requires you link account to an external checking account. You can transfer money between the saving account and the linked external account. You can link another external checking account to the savings account after 60 days. The names on all accounts must match.

There are no business accounts offered through Dollar Savings Direct. The only accounts offered are personal deposit accounts. One saving account and five different CD term lengths are available.

Any deposit made into a Dollar Savings Direct savings account must be in the account for five days. You cannot withdraw the money until after the five days. Once the money is in the account five days, you can transfer the money.

Cool Things

No Need to Change Banks

Opening an account with Dollar Savings Direct does not mean you have to change banks. You must link your Dollar Savings Direct accounts to an external checking account. This allows you to keep your same bank and still earn competitive interest rates. Transfer money between the linked checking account and Dollar Savings Direct accounts.

History

Dollar Savings Direct is an online division of Emigrant Bank. Emigrant Bank was founded in 1850 as a mutual savings bank by Irish emigrants. In the 1920s, Emigrant Bank had grown to become the largest savings bank in the nation.

Emigrant Bank helped the community of New York City by putting money back into the city. They did this by underwriting construction loans for two projects, one of which was Central Park.

Dollar Savings Direct only offers personal deposit accounts. A savings account and CDs are the accounts offered. No checking account, money market account, or business accounts are available. The interest rates are competitive, and there are no monthly fees.

Giving Back

Emigrant Mortgage participated in the "Night Out Against Crime." The 112th Precinct Community Council organized this event. Emigrant Mortgage Company was one of the sponsors.

Emigrant Bank and its chairman, Howard P Milstein, donated over $2.3 million. This money helped over 2,000 first responders affected by Hurricane Sandy. These men and women worked to save other homes while their own were being damaged by the storm. Mr. Milstein chose to deliver the money right before the holidays to more than 2,000 first responders.

Frequently Asked Questions

Is This Bank FDIC insured?

Yes. Dollar Savings Direct is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

You must link an external checking account to the Dollar Savings Direct savings account. You can then make electronic transfers between the accounts.

Does this bank offer mobile banking?

You can access your bank account information online.

Is this bank free?

Yes. Dollar Savings Direct accounts do not have any monthly maintenance fees. They also do not have a required balance to keep in the savings account.

Is this a good bank?

Their interest rates are competitive with other online-only accounts. Dollar Savings Direct saving account do not have monthly fees. There is no amount required to keep in the accounts. Dollar Savings Direct only offers a savings account and CDs. There are no branch locations.

Is this bank secure online?

They offer computer safeguards to protect your information online. They use security measures that meet federal laws. All Dollar Savings Direct account require a two-step verification.

Does this bank offer competitive interest rates?

Yes. The Dollar Savings Direct saving account and CDs offer competitive interest rates. Their rates are much higher than your typical brick and mortar banks. They are competitive with other online-only accounts.

Can I use this bank for my business accounts?

No. Dollar Savings Direct does not offer business accounts. The only accounts offered are a personal deposit savings account and CDs.

How is the online bank different from the online banking my bank offers?

The interest rates for Dollar Savings Direct are much higher than your typical bank. Everything for your account is online.

Do their checking accounts pay interest?

Dollar Savings Direct does not offer a checking account.

How do I reach customer service?

By phone, email, or mail.

Does this bank offer bill pay?

Dollar Savings Direct does not offer a checking account. Because of that, no bill pay is available.

Can I deposit cash?

No. Deposit money by transferring it between the linked external bank account and the Dollar Savings Direct account.

How long do transfers take?

Money is transferred between Dollar Savings Accounts and the linked account. Those transfers take two to four business days. Money deposited cannot be withdrawn until it has been in the account for five days.

Can I sign up for direct deposit to this account?

Yes. You can have money directly deposited into your Dollar Savings Direct savings account.

Bank Contact Information

DollarSavingsDirect
13 Croton Avenue
Ossining, NY 10562
866-395-8693

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