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5 East 42nd Street
New York, NY 10017

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DollarSavingsDirect Offers Highest Savings Account Rate - 7/13/2017

DollarSavingsDirect (internet bank) has again raised the rate on its nationally available Dollar Savings Account (1.40% APY), making it the new top savings rate.

DollarSavingsDirect Raises Dollar Savings Account Rate - 5/16/2017

DollarSavingDirect (internet bank) has raised the rate on its Dollar Savings Account to 1.30% APY, currently the highest rate for a nationally available savings account.

DollarSavingsDirect Boosts Dollar Savings Account Rate - 4/6/2017

DollarSavingsDirect (internet bank) has raised the rate on its Dollar Savings Account to 1.25% APY, making it the new top rate for nationally available savings account.

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No Problems Here. Just Got Rate Increase Also!

Posted by: GEO | Jul 21, 2017

Moved over to this bank after old bank CITBank would not give me there new rate with out opening up a new account. I have good credit so setting up the account was painless. As for this waiting 60 days to take out your money? It looks like you do need to keep the money in for 60 days but then you can use your connected account to transfer money out. So that is ok with me. If anything changes when I move to another back with a better rate, I will update this review then. But this bank is fine. The rate is 1.4 now so its even better.

Easy Easy !

Posted by: mrmed | Apr 11, 2017

Opened the account with zero problems . Looks and feels like my Emigrant online account. Same Bank better rate ! :)

Warning - This Is Not A Liquid Account

Posted by: slovokia | Jul 13, 2017

Dollar Savings Direct reserves the right to hold your money for 60 days after you notify them of your intention to withdraw your money.

"Refusal to Permit Withdrawal
The Bank may refuse to permit withdrawals in cases such as, but not limited to, the following:

The Bank chooses to exercise its legal rights to require up to 60 days advance written notice of any intended withdrawal from this Account and the 60 days have not passed since we received the required notice from you;"

From: https://dollarsavingsdirect.com/DollarSavingsDirectWeb/en/common/help/consumer/AccountDisclosures.jsp

So while the interest rate might be nice you are potentially locking up your money for 2 months. So if you want to invest in the stock market during a financial crisis you may not be able to do it with money on deposit at Dollar Savings Direct.

For comparison purposes most other internet banks only reserve the requirement of 7 days advanced notice for withdrawals.

Can't Withdrawal From External Source

Posted by: skynet | May 2, 2017

Evidently, the only way you can withdrawal your money through ACH is by initiating it from their website. You can't have another externally linked bank debit the funds. Interesting however that you can have an external bank deposit the funds, but the same bank cannot withdrawal them. Totally unacceptable in my opinion. A stupid policy like this is an excellent way to lose customers.



Health Grade Components

FDIC Certificate #12054
Year Established1850
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.7%
Return on Equity - YTD3.99%
Annual Interest Income$146.4MM
Assets and Liabilities
AssetsQ2 2017vs Q2 2016$6.41B$6.46B
LoansQ2 2017vs Q2 2016$4.31B$4.29B
DepositsQ2 2017vs Q2 2016$4.30B$5.20B
Equity CapitalQ2 2017vs Q2 2016$1.13B$1.11B
Loan Loss AllowanceQ2 2017vs Q2 2016$79.7MM$72.5MM
Unbacked Noncurrent LoansQ2 2017vs Q2 2016$211.6MM$199.3MM
Real Estate OwnedQ2 2017vs Q2 2016$32.7MM$49.8MM
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DollarSavingsDirect Savings Account Rates

1.40%--Dollar Savings Account

DollarSavingsDirect is an Internet only bank and does not have branch locations. Its headquarters is located at 5 East 42nd Street - New York, NY 10017