Comments on: Dollar Savings Direct Account Review

By: funny true stories

funny true stories — Wed, 21 Oct 2009 12:56:00 +0000

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.

By: funny true stories

funny true stories — Wed, 21 Oct 2009 12:54:49 +0000

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.

By: Henry

Henry — Fri, 03 Apr 2009 04:10:47 +0000

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.

By: John

John — Thu, 02 Apr 2009 13:52:19 +0000

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.

By: David P

David P — Fri, 27 Feb 2009 13:05:30 +0000

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….

By: Bible Money Matters

Bible Money Matters — Sun, 22 Feb 2009 15:30:55 +0000

Thanks for the review, i think i’ll skip this one after hearing how quick they drop the rates!

By: David

David — Sat, 21 Feb 2009 21:17:17 +0000

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!”

By: Henry

Henry — Sat, 21 Feb 2009 19:01:27 +0000

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!

By: Mike

Mike — Sat, 21 Feb 2009 18:45:18 +0000

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.