Dollar Savings Direct Account Review


I recently opened up a Dollar Savings Direct account solely because of the 4.00% 2.65% 2.05% interest rate on it, which is the highest I’ve seen lately. This was created by the same guys that created Emigrant Direct (which I wrote a scathing post about why I was cancelling).

However, I’m still willing to give them another chance, especially for such a high interest rate. It actually makes business sense to create a whole new online brand rather than raising the rates on the old Emigrant Direct. Why? Because they can now attract new customers with the higher interest rate and not have to pay the old customers the new rate. Not good for consumers, but it’s relatively easy enough to just open another account.


The opening process was easy and completely online (unlike the old Emigrant Direct). All you have to do is enter your information, link a checking account with a routing and account number, deposit at least $1,000 and submit! The process was very simple and quick. My account was opened in two business days with my initial deposit! They used trial deposits to verify the account (beware, they do withdraw them).

The layout is very similar to Emigrant Direct. It has tabs on top like Accounts, Transfers, Profile, Statements, etc. The account screen shows the current balance, interest rate (currently at 4% 2.65%), year-to-date interest, and interest earned this month (this was actually a request of mine from the old Emigrant Direct). Interest accrues daily and posts monthly.

Emigrant Bank is an old bank established in 1850 with over $14 billion in assets and this account is fully insured to the FDIC maximum (currently $250,000). The $1,000 minimum opening deposit is a bit high compared to other online accounts but there is no minimum to earn interest so you can have less than the $1,000 and still earn interest. There is a five business day hold on new deposits.

I would definitely recommend this online savings account as it currently has the highest rate out there with no fees and no minimums to earn interest (although there is a $1,000 minimum to open). It’s a great place to park that emergency fund! It looks like they have improved upon Emigrant Direct and have a truly online savings account with no mailing involved. There is room for second chances, after all!

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60 thoughts on “Dollar Savings Direct Account Review”

  1. Sounds more like they bought you out. I transferred money as well from Emigrant to Dollar Savings at the 4% last month, now it’s down to 2.65……it was a definate teaser rate in which they reject as true.

  2. I was not bought out. I never sell reviews or posts on my blog. It goes against my philosophy. However, I am a rate chaser and when I find an online savings account that’s the highest in the country, I usually switch and try it out.

    Yes, the interest rate is now at 2.65%. I don’t like that they’re dropping their rate and dropping it fast. That’s why I’m actively looking for a replacement right now. But general interest rates are falling and everyone is dropping their rates.

    I have found some others like Everbank that’s doing a 3.51 intro rate (guaranteed for 3 months) but then it drops to 2.40%. I may try it out. Anyways, thanks for being a reader!

  3. I have become totally disillusioned with Emigrant/DSD because they REPEATEDLY start with a TEASER rate & then quickly DROP their rates! I THOUGHT that since it was described as a non-brick savings place that they would keep their rates higher for longer…but alas, JUST as they did dirty to me with a previous ED acct, they have DROPPED their rates from weeks to even days. I am transfering ALL of my $ back to my bank that has consistently offerd 2.7! So much for me chasing rates & good bye ED/DSD & whatever else they come up with FOREVER! Now known as the “BAD LUCK OF THE IRISH!”

  4. I put 200K in this bank back in November. What a joke just logged on today and its down to 2.65% now? I figred at least an email stating a change in interest. THe girl on the phone told me the President of the bank just changes rates if he feels its too high? WHAT? He just come in and changes it? Yes? All I can say is its better to be getting 2.65% FDIC insured then having your money in the stock market! Tell me where the next bank is and I’ll open an account. EVERBANK 3.51% is just on the first 50K…… There is a credit card giving 2% back on all purchases I like that….

  5. DSD had a 4% APY for months. It wasn’t just a teaser rate – all banks are lowering their rates! DSD is still one of (if not the) highest savings account available.

    The bank is a business, so yes they can change their rates when they want to. There is no reason for them to leave it at 4% when lowering it to 2.05% still keeps them at a competitive advantage.

    It’s still a good deal.

  6. John, I completely agree. The trend is interest rates going lower and DSD is just following the herd. It is still a good deal and one of the highest rates I’ve seen especially after FNBO dropped from 2.15% to 1.90% today.

    Online savings accounts, in my view, are commodities. Every bank seemingly has one and the only competition is “price” in the form of interest rate. There’s no incentive for banks to offer a huge rate difference versus their competition because it makes business sense to follow industry trends.

  7. ING is a foreign based company, but it like many other major money center banks have US operations, US Chartered Bank subsidiaries and are paying for FDIC insurance on those subsidiary banks.

  8. I have a savings account from ING Direct and earned about $500 dollars of interest last year. I was wondering if I had to file both a 1099 INT and a 1099 OID tax form? Or just one? thanks.

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