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.

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