Posted by William Charles on April 16, 2017
Savings Accounts

Published on April 16th, 2017 | by William Charles

29

DollarSavingsDirect: 1.8% APY Savings Account Review

Update 02/27/18: Rate is now 1.8% APY, highest basic savings account rate.

Update: 01/03/18 rate is now 1.6%

Rate is now 1.5% APY

Offer at a glance

  • Interest Rate: 1.8% APY
  • Minimum Balance: None
  • Maximum Balance: Unknown
  • Availability: Nationwide
  • Hard/soft pull: Unknown
  • ChexSystems: Unknown
  • Credit card funding: None
  • Monthly fees: None
  • Insured: FDIC

The Offer

Direct link to offer

  • DollarSavingsDirect offers a 1.8% APY account, the account doesn’t have any requirements to receive this rate.

 

 

Avoiding Fees

This account has no monthly fees to worry about.

Our Verdict

DollarSavingsDirect is a division of Emigrant Bank, they have offered top rates in the past only to cut the rate dramatically at a later time. In terms of the rates DSD has offered, the previous high was 0.9% and they offered that for only four months according to deposit accounts. I personally don’t think there is a lot of value in chasing these basic savings account rates, if you don’t have the time for rewards accounts then pick one account that has offered a high APY for a long time and stick with that and instead focus on bank account bonuses.

That being said, this is the best basic savings rate currently and doesn’t have any minimum deposit required.



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Dani
Dani

Any advantages of this over All America Bank’s 1.25 APY?

PT
PT

Self-Help credit unions (FCU out of California and CU out of North Carolina) are another solid option at 1.24% APY for Money Market ($500 minimum). Nothing fancy here (incl no ACH features), but I just did ACH push from elsewhere, and I’m only using to stash some savings.

I’ve only had 6 months so far, but they have had two strong increases so far. There is a $5 membership fee to join (unless you qualify for free), and $5 in the basic savings share account due to being a CU.

JasonP
JasonP

Hard or soft pull? and is it chexsystem sensitive? TIA!

PT
PT

Pulls: I can confirm no inquiries at all on Equifax and TransUnion. So, either it has a soft pull on Experian or none at all at the major bureaus (sorry can’t confirm this yet).

Chexsystem sensitive: Unconfirmed, but I would say NO, as many of their customers start with limited or no banking history. I would be very surprised if you were rejected merely for opening a lot of accounts. (I only opened one account for promo bonus in 2016 before Self-Help).

No upper limit on amount you can deposit at 1.24% rate (in fact, it goes to about 1.34% if you are over $500K). So far, the rates have only gone up in the 6 mo I’ve had them, as I don’t see any sign they deal in promo/limited time rates.

PT
PT

Reminder that since they are a regular credit union, you can deposit cash or checks at any credit union CO-OP ATM nationwide, giving you another flexible option besides ACH push from another institution.

John
John

I agree with your assessment. I opened act. with them 7/2/15 @ rate of 1.25%, but quickly dropped it to 1.0%. Can only link Checking acts., & then only 2 which are not linked with trial deposits, very difficult to work with them…no 3rd party debits (despite them being linked with trial deposits). Interest is paid last day of month, so if you want to close do it on the first of the month!

I prefer Memory Bank @ 1.51% (up to $250K) guaranteed for 1 year, with very easy tasks monthly or
Florida Community Bank 1.35% (no limit) quarenteed for 4 mos, but they will meet deals @ end and the easiest and nicest EverBank 1.11% (no limit) quarenteed 1 year {just ask for this act.}

WheelinDealin
WheelinDealin

BankPurely, a division of Flushing Bank NY is offering 1.30% no minimum. They use the igobanking platform which is a pain to sign up for due to the archaic identity verification process which requires copies of a utility bill and ID, but worth a little pain for the rate.

Brian Pine
Brian Pine

Self-Help FCU (credit union) is now at 1.26% for money market savings, just raised recently from 1.24% (keeps going up steadily since Oct when I got my account). Only need $500 minimum in account to earn this and only $5 membership fee for anyone to join. No special terms, no limited time deal, or catches, No maximum amount. No fancy features either, but OK by me as it is set and forget. Note they have a sister credit union Self-Help CU in North Carolina with the same rate.

It is still a credit union with many branches and you can deposit or withdraw at most credit union ATMs in the country like you can with Alliant. They also continue to expand customer count and branches by natural expansion, mergers of smaller CUs, & taking on failed institutions.

a b
a b

These NYC banks (DSD/Emigrant, BankPurely/Flushing) are just like all things NYC: 90% scammy.

Tek
Tek

Warning, they have a clause in their T&C that allows them to hold your funds for 60 days if you attempt to make a withdrawal. For many people who use a savings account as an emergency account, that can be a life changing hold. Be warned!

ppsh
ppsh

Awful. Had this account since 2008. Because my funding account has long been closed and they still want a mailed-in check or statement to link other external accounts, I opted to close it out. It took 5 biz days (contrary to the 1-3 biz days quoted in the account closing message) for them to just zero out my balance, a substantial sum. And given the 5-7 biz days they quoted to mail the check, I’d be losing at least half a month of interest on the five figure deposit. One forfeits all acrrued interest if closing the account during the month, and it’s really no different if closing the account on the 1st of the month either, given my first-hand experience.

John
John

Why couldn’t you just ACH out all the money and then close it?

ppsh
ppsh

They block ACH pull initiated from another bank. The only way to ACH out is a push from their end to your linkedin external account(s), for which you have to mail/fax in a voided check or statement. In this day and age, not worth the headache.

Jason
Jason

This is very helpful info! Thanks!

Diane Braun
Diane Braun

a few months ago, they increased their rate to 1.50 no limits or requirements.
I like this one. Am I missing something? Diane

Diane Braun
Diane Braun

a few months ago, they increased to 1.50 Am I missing some fine print?
Thanks,
Diane

Steve
Steve

Typo in your update today: 17 should say 18

Donna
Donna

For anyone that has a Dollar Savings Direct account, please download the Prism app on your smart phone then link your Dollar Savings Direct account in order to monitor your balance. Thanks

John Doe
John Doe

This is now earning 1.80%, which is the highest rate among basic high-interest accounts as of today.

Mike A
Mike A

Some due diligence to consider: DollarSavings Direct/ Emigrant Bank is ranked as one of the 20 riskiest banks with assets over $1 billion based on its “Texas Ratio” according to DepositAccounts.com. As of Q3 2017, the bank had a ratio of at risk loans (90+ days past due and not government backed) to total bank assets of 18.58%. That’s a total of $1.2 billion in at risk loans against bank assets of $6.58 billion. Though the bank is insured, I wouldn’t want to deal with filing an FDIC claim in the event the bank collapes. With plenty of healthy banks offering the same or better interest rates I’d take a pass on this!

Jeremy Smith
Jeremy Smith

The interest rate is the only good thing about dollarsavings. Logging on to the online account is near imposable and it will not work with any auto aggregate programs. Why other online banks work fine but dollarsavings cannot is disturbing This makes dealing with dollar aggravating so if the rate drops there is absolutely no reason to have an account there unless they can hire some security people that have at least a small amount of intelligence and or skill.

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