Dollar Savings Direct

Online Bank, dollarsavingsdirect.com

Dollar Savings Direct logo
C+ MyBankTracker
Rating
MyBankTracker rating based on the following criteria that includes customer reviews, financial health, bank fees and other key factors compared to the other banks.
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About the Bank

DollarSavingsDirect is an online banking division of Emigrant Bank, any deposits you have at Emigrant Bank, EmigrantDirect or DollarSavingsDirect are aggregated and FDIC insured up to $250,000 per depositor.

Dollar Savings Direct Fees

  • National Average
  • Monthly Inactivity $0 $6
  • Non-Sufficient Fund (Overdraft) N/A $30
  • Stop Payment item N/A $27
  • Return Deposit $0 $13
  • Domestic Wire Transfer (Outbound) $30 $22
  • Domestic Wire Transfer (Inbound) $0 $10
  • Non-Bank ATM N/A $1.0

Latest Customer Reviews

  •  
    Reviewed By Harold T. Apr 4, 2013

    Too Many Limitations

    I opened an account with Dollar Savings Direct, because it advertised a very competitive interest rate at the time. When rates started to fall, DSD lowered theirs more than their internet banking competition. Now in 2013 it is easy to find higher interest rates elsewhere. I never liked the limitation that you could not link another savings account for funds transfer; you can only link a checking account. There are competitors who do not have this limitation. I also didn't realize that in the small print of the account disclosure, they say that they pay zero interest in any month that your balance is zero. I made the mistake of transferring all of my balance out of the account near the end of the month. I should have left a penny in the account, because they refused to pay any interest for that month. Rest assured, they lost this customer for good!

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  •  
    Reviewed By Jason R. Feb 4, 2009

    Great rates. simple to use.

    I found that Dollar's rate of 3.5% was one of the highest on this site and within minutes opened the account. I transfered most of my money over. That took a few days, but now I'm accruing interest.

    So far, Dollar satisfies my basic needs in a Savings account; high rate, easy to transfer, daily compounding interest. Now I just have to start saving more!

    Update: now that interest rates have fallen, Dollar is no longer as attractive. But, it's still has a competitive APY around at 1.20%

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