Available nationwide, Dollar Savings Direct is offering a rate of 4.85% APY when you open an Online Savings Account.
Update 10/4/24: The rate has decreased to 4.85% APY from 5%.
About Dollar Savings Direct Online Savings
Dollar Savings Direct is a division of Emigrant Bank. Emigrant Bank was founded by Irish emigrants as a mutual savings bank in 1850. By the 1920s it had grown to become the largest savings bank in the nation.
As a traditional savings bank, Emigrant Bank, through its mortgage banking subsidiary, Emigrant Mortgage Company, is licensed to originate home loans and has provided 16,700 home loans.
| Balance Requirement | APY Rate |
| $0.01+ | 4.85% APY |
Dollar Savings Direct Online Savings Rate
To earn this generous rate, simply open up a new savings account and you will be on your way to earning the fantastic APY Rate on your funds.
- Account Type: Online Savings
- Interest Rate: 4.85% APY
- Availability: Nationwide Online
- Minimum Balance: None
- Maximum Balance: None
- Credit Inquiry: Unknown
- Opening Deposit: $1
- Monthly Fee: None
- Early Termination Fee: None
(FDIC Insured)
Dollar Savings Direct ACH Capabilities & Limits
| ACH Type | Speed | Daily $ Limit | Monthly $ Limit | Notes |
| Push | 1 day | $500K | # of days x $500K | Maximum of 2 linked accounts |
| Pull | 1 day | $500K | # of days x $500K | Five business day hold time for ACH deposits |
Important Notes:
- No ACH withdrawals initiated by another bank. External ACH deposits are allowed.
- Linked accounts can only be personal checking accounts.
- No sooner than 60 days after the establishment of your DSD savings account, a second external account can be added.
- Establishing second linked account requires mailing in a voided check and form.
- A single beneficiary can be designated during the online application.
How to Earn Dollar Savings Direct Rate
- Apply and sign up online. You must provide all of your personal credentials.
- Open an Online Savings Account from Dollar Savings Direct.
- Must be at least 18 years old, have a valid tax identification number, a legal address and a personal checking account in a US bank.
- Earn the 4.85% rate and gain access with all of their features on all balances.
Why You Should Sign Up For This Account
- No minimum balance or monthly fees
- Easy online account management
- Free telephone banking
- FDIC-insured for your peace of mind
Bottom Line
Don’t hesitate to take advantage of this competitive rate offered by Dollar Savings Direct! The account has a great rate on your account balances and it does not have any monthly fees to worry about.
Interested in Bank Bonuses? See our favorite banks including HSBC Bank, Chase Bank, Huntington Bank, Discover Bank, TD Bank, or CIT Bank.
For more bank offers, see the complete list of Best Bank Rates!
Check back often to see the latest info on Dollar Savings Direct Online Savings Account.
would u recomend
I suggest reading the fine print in the account disclosure as interest earned during the month will be forfeited if the account balance is $0.00 at month-end. I was unaware of this quirk and lost some income. Customer service was inflexible and would not credit the interest back as a goodwill gesture.