June 20, 2024

Dollar Savings Direct Review

Read more about Dollar Savings Direct
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Dollar Savings Direct offers two banking products with competitive APYs. Keep reading to know the numbers and how it compares to other banks.

5-point scale (the higher, the better)

Pros and Cons

  • Good rates
  • No monthly fees
  • Various CD terms
  • No mobile app
  • No debit/ATM card
  • Limited accessibility

Bottom Line

Online-only bank with good APY and no fees

Dollar Savings Direct is an online-only division of Emigrant Bank—a bank established in the 1850s by Irish immigrants.

Emigrant Bank today offers banking and borrowing services, along with other products through branches and subsidiaries.

That said, Dollar Savings Direct is an arm that provides high-yield savings accounts and CDs. Both can make managing your finances easier.

Read on to learn more about these two types of accounts.

Dollar Savings Direct Banking Products

Unlike other banks, Dollar Savings Direct focuses on 2 banking products alone. This could be limiting if you need a variety of banking services.

But it could also be just enough if you only need a place for your money. Keep reading for what you need to know about them.

Dollar Savings Account

The Dollar Savings Account offers a competitive APY without any hidden fees. There are no monthly charges or minimum balance requirements, making it hassle-free to maintain. This also means you can earn interest on your entire deposit.

Dollar Savings Direct provides a solid online banking platform that's available 24/7. This means you can manage your account whenever and wherever you want. Plus, accessing your money is made convenient with online transfers. [1]

What matters most to you in a savings account?

Certificates of Deposit

Dollar Savings Direct provides CDs with different term lengths. To open one, you need to have an existing Dollar Savings Account and a minimum deposit of $1000. [2]

Additionally, early withdrawals are subject to approval. It will also most likely incur penalties equivalent to a certain number of days' worth of interest.

Below are the following term lengths you can choose from:

What is most important to you when choosing a bank?

Who is Dollar Savings Direct Best For?

Dollar Savings Direct is ideal for those who prefer having a simple banking experience. They have clear terms with no hidden fees and offer a great APY.

You can focus on growing your savings without any complex features or financial jargon to worry about.

That said, keep in mind that you need to have a Dollar Savings Account before you can open any CD.

Who Should Skip It?

If you like having the option to withdraw cash or enjoy access to digital banking features, skip Dollar Savings Direct.

It's an online-only bank, so you can't physically withdraw cash. Plus, its digital banking system is pretty basic and straightforward.

Here are other points to consider if you plan to open an account.

Why Choose Dollar Savings Direct

  • Good rates for savings and CDs
    A good APY is crucial if you're aiming to grow your funds. Luckily, since Dollar Savings Direct is an online-only bank, they can offer higher interest rates on their savings account and CDs than traditional banks.

  • No monthly fees for savings
    Even small fees can chip away at your earnings, so it's great to have savings accounts that don't charge you monthly.

  • No balance requirements for savings
    Keeping up with balance requirements can be tough in the long run. Opting for a savings account without them is a smart move.

  • Several CD term options
    Having many CD options is great because you can pick the one that aligns with your financial goals and circumstances.

Why Look Elsewhere

  • No mobile app
    Mobile banking apps let you easily check your account, but Dollar Savings Direct doesn't have one. You need to use the website to access your account.

  • No physical branches
    Since Dollar Savings Direct is only online, they don't have any physical branches. This means you can't pop in to deposit/withdraw cash, talk to a teller, or handle other banking tasks that may be easier to do in person.

  • No debit/ATM card
    Not being able to use an ATM card can be a hassle, especially if you need your savings to be easily accessible. If you like having your money within reach, you might want to consider opening a checking account instead.

  • No cash deposit/withdrawal
    Dollar Savings Direct doesn't offer cash deposit or withdrawal services. This can be inconvenient when you need quick access to your money.

Having said all this, another way to gauge if the savings account offered is worth it can be through how much you can earn from it.

How Much Can You Earn?

Here's a calculator you can use to see how much your money can grow with the Dollar Savings Direct:

Savings Calculator

Fees and Penalties

With the Dollar Savings Account, you're free from worrying about costs or charges. On the other hand, make sure you're ready with the $1,000 minimum deposit for Certificates of Deposit.

Early withdrawals with your CDs also incur the following fees: [3]

  • For accounts with terms of less than one year: Penalty is equal to 90 days' worth of interest
  • For accounts with a term of one year or more: Penalty is equal to 180 days' worth of interest

How to Deposit or Withdraw Money

You can only transfer funds electronically between your Dollar Savings Account and a linked external bank account. Keep in mind that the account you used for the initial deposit will automatically be linked as your external funding account.

You can link a second external checking account to your Dollar Savings account after 60 days. Just complete this form and follow the instructions on the Dollar Savings Direct website.

You can also use a check for your INITIAL deposit, which you can choose during the online application process. However, the check must be from the same bank account you linked as your funding account in the online application.

How to Open an Account

You can easily open a Dollar Savings Direct account through their website. Just follow these steps:

  1. Click Open Now on the home page of the website.
  2. Answer the application by providing your personal information (like your name, date of birth, address, contact details, valid government ID, etc).
  3. Fund your account, read the disclosures, and submit your application.

Is Dollar Savings Direct Legit?

Yes, Dollar Savings Direct is a legitimate institution. Since it is a division under Emigrant Bank, an FDIC member (Cert #57083), deposits are covered up to $250,000 per depositor, per ownership category.

This means that if Dollar Savings Direct or Emigrant Bank were to close, you'd get your money back up to a certain limit.

Customer Service

For any inquiries or feedback about Dollar Savings Direct's banking products, you can reach them through the following:

  • By phone: 866-395-8693, 7 days a week from 8:00 AM to 11:30 PM ET
  • By email: DSDCustomerService@DollarSavingsDirect.com
  • By mail: Dollar Savings Direct, 13 Croton Avenue, Ossining, NY 10562

If you find that Dollar Savings Direct may be lacking, or that it's not the right option for you, there are alternatives to choose from.

Dollar Savings Direct Alternatives

Bottom Line

Dollar Savings Direct is an easy-to-use online bank offering high-rate savings options. If you want a hassle-free account to manage, the Dollar Savings Account could be a solid choice for you.

Then if you're looking for a Certificate of Deposit to go with that account, Dollar Savings Direct offers various term lengths as well.

That said, if you seek accessibility, it's best to check out traditional banks or other online banks.


  1. ^ Dollar Savings Direct. Learn More, Retrieved 03/01/2024
  2. ^ Dollar Savings Direct. Certificate of Deposit, Retrieved 03/01/2024
  3. ^ Dollar Savings Direct. Frequently Asked Questions, Retrieved 03/01/2024
Member FDIC

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Expires 10/16/2024
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Bank of America
Member FDIC

Bank of America Advantage Banking - $200 Bonus Offer

Expires 9/30/2024
  • The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
  • The offer is for new checking customers only.
  • Offer expires 9/30/2024.
  • To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
  • Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
  • Additional terms and conditions apply. See offer page for more details.
  • Bank of America, N.A. Member FDIC.
Discover Bank
Member FDIC

Discover® Online Savings - $200 Cash Bonus

Expires 9/12/2024

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY624 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/12/2024, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

CIT Bank
Member FDIC

CIT Bank Platinum Savings - 5.00% APY

  • 5.00% APY with a balance of $5,000 or more
  • 0.25% APY with a balance of less than $5,000
  • $100 minimum opening deposit
  • No monthly maintenance fee
  • Member FDIC

Free Business Checking - Up to 2.0% APY

  • 2.0% APY on your balance up to $250,000 for customers that meet monthly eligibility requirements
  • $0 minimum opening deposit
  • $0 monthly service fee
Banking services provided by Coastal Community Bank, Member FDIC

Darlene Santos is a research analyst at CreditDonkey, a bank comparison and reviews website. Write to Darlene Santos at darlene.santos@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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What is most important to you when choosing a bank?
92% Location of physical branches
1% Quality of online banking interface
3% Mobile app features and reliability
3% Customer service quality
1% Interest rates and fees
Source: CreditDonkey
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