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New York Private Bank & Trust, the holding company of Emigrant Bancorp, Inc., unveiled a new online savings account Monday that the company claims will provide the highest interest rate in the country.

The Dollar Savings Account, available at DollarSavingsDirect.com, offers a 3.75% interest rate on minimum deposits of $1,000.

FAQ

from CNNFN.com
http://money.cnn.com/2008/08/25/pf/dollar_savings_online/index.htm?postversion=2008082506


EDIT - update the subject as it is no longer "new"

EDIT - updated the subject - rate down from 4.00% to 3.50%

Edit by Moderator: Updated rate at user request, down to 3.20%

Edit by Mod: Updated rate to 2.65

Member Summary
Most Recent Posts
Pushing all of the money of the DSD account to another bank automatically closes the DSD account, correct?

MrNovember (Aug. 03, 2009 @ 2:47a) |

Are there any fees to transfer your money out of DSD? Thanks!

dyn0 (Aug. 09, 2009 @ 11:28a) |

ACH!

Cheapoking (Aug. 09, 2009 @ 10:16p) |

Direct Link
FAQ

Routing number: 226070403

Customer Service 1-866-395-8693 - 8:00AM-11:30PM (Eastern)7 days a week
Outside the US 1-914-923-6706

DSDCustomerService@DollarSavingsDirect.com

DollarSavingsDirect
13 Croton Avenue
Ossining, NY 10562

Is there a hard credit pull?
All reports point to No.

Can I do ACH transfers to and from my account from another financial institution?
You cannot "pull" money from a Dollar Savings Direct (DSD) account using another financial institution, but you can "push" money into your DSD account from another financial institution. Keep in mind that DSD's own ACH transfer feature is considered to be very fast for getting money out, and the funds are less likely to be put on hold by the receiving institution.

What's the difference between Emigrant Direct and Dollar Savings Direct?
Unlike ED, DSD has a $1000 minimum balance requirement.

ED and DSD share the same FDIC insurance certificate and thus the same deposit limits ($250,000) according to commenters on Bargaineering.com, who confirmed by calling the FDIC. For FDIC purposes, they are two accounts at the same bank.

Rate History
1.60% 10/24/09
1.70% 07/15/09
2.00% ~04/27/09
2.05% ~03/15/09
2.50% 03/02/09
2.65% 02/20/09
3.05% 02/12/09
3.20% 02/05/09
3.50% 01/22/09
4.00% 10/08/08
3.75% 08/25/08


Do not pull all of your money out in the middle of a cycle. If you close your account you will NOT get any accrued interest for the current month. Leave $1k in until the beginning of your next cycle!
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I have WAMU and they are the same rate.

bigdinkel said: I have WAMU and they are the same rate.
Well good for you

bigdinkel said: I have WAMU and they are the same rate.
but dont they require checking account as well?

Wonder why they don't just increase the EmigrantDirect rate.

jensenjp said: bigdinkel said: I have WAMU and they are the same rate.
but dont they require checking account as well?

They do but checking is free no min account, I just opened the free checking so that I can have my monthly CD interest put there. Even better is Corus 4% MM with limited check writing.

DavidScubadiver said: Wonder why they don't just increase the EmigrantDirect rate.

The Emigrant has no minimum balance requirements.

Also paperless only.

Interesting that they just start a new bank rather then offering a promo on their Emigrant Direct account. But I guess they want to get the rate chaser into this bank without raising the rates for existing customers that just don't care enough to change.

scott1961 said: bigdinkel said: I have WAMU and they are the same rate.
Well good for you


I am special

DavidScubadiver said: Wonder why they don't just increase the EmigrantDirect rate.

I'm pretty unhappy that there's no notice to current EmigrantDirect customers about this. Opening up an Alliant acct is now on my financial todo list.

psychoslowmatic said: DavidScubadiver said: Wonder why they don't just increase the EmigrantDirect rate.

I'm pretty unhappy that there's no notice to current EmigrantDirect customers about this. Opening up an Alliant acct is now on my financial todo list.


I got an email from ED about dollarsavingsdirect.com on 8/21/2008 at 6:29pm.



Dear adam williams,

As a person who stays on top of the latest financial opportunities on the internet, we wanted to bring the 3.75% Annual Percentage Yield on our newest product to your attention:

www.DollarSavingsDirect.com

This new account requires a $1,000 minimum balance and is entirely electronic (no paper). It also uses the same easy website technology as our other internet products, along with our unrivaled security.

We are offering the HIGHEST RATE* available on the internet of 3.75% APY for this type of account.

We look forward to serving your needs.

Sincerely,

Kimberly R. Romano
Director of Operations


Please do not reply to this e-mail as your reply will go to an unmonitored mailbox. If you have any questions go to www.dollarsavingsdirect.com or call Customer Service at 1-866-395-8693, seven days a week, 8:00 AM - 11:30 PM ET.

FDIC Logo
� 2008 DollarSavingsDirect, a division of Emigrant Bank, Member FDIC.

*Highest Nationally Advertised Annual Percentage Yield for day of deposit to day of withdrawal savings accounts with no fees and $1000 minimum.

Annual Percentage Yield is effective August 8, 2008 and is subject to change.

I tried to open an account and fund it with my Emigrant Direct account and they would not take the ED routing number.

They sure aren't making it easy for existing customers to get the better rate.

Does anyone know if opening one involves being subjected to a hard credit pull?


Thanks.

Sounds like they are FDIC insured?

Better deal than WAMU as I didn't want to open checking.

Imacyco said: Does anyone know if opening one involves being subjected to a hard credit pull?


Thanks.


It's just chex system I believe.

soxfan1 said: DavidScubadiver said: Wonder why they don't just increase the EmigrantDirect rate.

The Emigrant has no minimum balance requirements.


Emigrant could just do $0-$1000 at 3% and then 3.75% for 1000$. They're trying to get the best of both worlds. Keep the money from people who don't know that they can get a better rate than 3%. Get more deposits from the rate shoppers by offering more competitive rates.

So we can pretty much bag ED then. I have a few dollars in ED but might as well close it out.

scott1961 said: jensenjp said: bigdinkel said: I have WAMU and they are the same rate.
but dont they require checking account as well?

They do but checking is free no min account, I just opened the free checking so that I can have my monthly CD interest put there. Even better is Corus 4% MM with limited check writing.


And you get free checks and a free debit card and free outgoing wire transfers...

Withdrawing Funds and Limitations
You may make a withdrawal from your Account through electronic funds transfer to the External Account by logging on to our Web site. You may not withdraw funds by any other means. Amounts withdrawn from an Account will be deducted from the Account balance and cease accruing interest on the business day of the withdrawal. Saturdays, Sundays, and Legal Holidays are not considered business days. Under certain limited circumstances, DollarSavingsDirect, in its sole discretion, may allow non-ACH outgoing domestic wire transfers to the External Account.

-----------------------------------------------------------
This seems odd. Does that preclude an ACH pull from another account??

jdopple said: Withdrawing Funds and Limitations
You may make a withdrawal from your Account through electronic funds transfer to the External Account by logging on to our Web site. You may not withdraw funds by any other means. Amounts withdrawn from an Account will be deducted from the Account balance and cease accruing interest on the business day of the withdrawal. Saturdays, Sundays, and Legal Holidays are not considered business days. Under certain limited circumstances, DollarSavingsDirect, in its sole discretion, may allow non-ACH outgoing domestic wire transfers to the External Account.

-----------------------------------------------------------
This seems odd. Does that preclude an ACH pull from another account??


not odd. yes.

Anyone gotten more info from dollarsavingsdirect? Is the "rollover" an easy process?

I have a chunk at EmigrantDirect and am debating whether it's worth it or not.. One thing is that it says you can link 2 external accts to EmigrantDirect. Perhaps they won't be such nazi's about ACH transfers as EmigrantDirect..? Anyone with more info? Thanks.

Squeezer99 said: jdopple said: Withdrawing Funds and Limitations
You may make a withdrawal from your Account through electronic funds transfer to the External Account by logging on to our Web site. You may not withdraw funds by any other means. Amounts withdrawn from an Account will be deducted from the Account balance and cease accruing interest on the business day of the withdrawal. Saturdays, Sundays, and Legal Holidays are not considered business days. Under certain limited circumstances, DollarSavingsDirect, in its sole discretion, may allow non-ACH outgoing domestic wire transfers to the External Account.

-----------------------------------------------------------
This seems odd. Does that preclude an ACH pull from another account??


not odd. yes.


I have no other account that prohibits that. I didn't even know it was legal.

jdopple said: Squeezer99 said: jdopple said: This seems odd. Does that preclude an ACH pull from another account??

not odd. yes.


I have no other account that prohibits that. I didn't even know it was legal.


Never heard of it either. No idea on legality, but it certainly seems odd to me.

jdopple said: Withdrawing Funds and Limitations
You may make a withdrawal from your Account through electronic funds transfer to the External Account by logging on to our Web site. You may not withdraw funds by any other means. Amounts withdrawn from an Account will be deducted from the Account balance and cease accruing interest on the business day of the withdrawal. Saturdays, Sundays, and Legal Holidays are not considered business days. Under certain limited circumstances, DollarSavingsDirect, in its sole discretion, may allow non-ACH outgoing domestic wire transfers to the External Account.

-----------------------------------------------------------
This seems odd. Does that preclude an ACH pull from another account??


Yep.

To me it's a pain in the butt. To them it's a 'security feature.'

Emigrant started this practice on the original Emigrant Direct account, contrary to the written account disclosure in place at the time and without warning, causing peoples ACH transfers to bounce.

Their response to the outcries was: "Sorry for any inconvenience."

PS. E-loan savings doesn't allow ACH pulls either, although that was clear and properly disclosed from the beginning

So now Emigrant is going to start a new bank every time they decide to raise rates? When they lower rates will they merge the two?

Emigrant could be creating this bank to secure a name that more aptly describes their business. My few experiences wearing my EmigrantDirect.com hat elicited many a question about the nature of the website, and with a name like Dollarsavingsdirect.com no explanation is necessary which could possibly translate into more deposits.

It would be nice to be able to place my cash in a single account and not have to worry about keeping tabs on the yields of competing HYS banks, but I suppose the free market precludes this from happening.

mlrtime23 said: I tried to open an account and fund it with my Emigrant Direct account and they would not take the ED routing number.

They sure aren't making it easy for existing customers to get the better rate.


EmigrantDirect accounts don't support ACH withdrawals. No other bank can 'pull' from it; it has to 'push'. You *might* be able to hook ED up to your new DSD account, but maybe not (you'll probably need to mail in a check, like you do with ED).

(This is from my own experience, but I doubt has changed).

I was keeping my Emigrant account open thinking they would definitely offer a good rate as the rates go back up.
Since the bank (ED) is not raising the interest on their current account, but starting a new bank instead I suggest that we all
close our accounts at ED and open an account at dollarsavings...
to discourage this type of thing by a bank
hopefully, all the overhead involved in closing the accounts and opening new accounts will not be profitable for the bank.
I would open the new account first which should make it easier on a patriot act stand point (and soft/hard pulls)
then close the ED account

doglar said: I was keeping my Emigrant account open thinking they would definitely offer a good rate as the rates go back up.
Since the bank (ED) is not raising the interest on their current account, but starting a new bank instead I suggest that we all
close our accounts at ED and open an account at dollarsavings...
to discourage this type of thing by a bank
hopefully, all the overhead involved in closing the accounts and opening new accounts will not be profitable for the bank.
I would open the new account first which should make it easier on a patriot act stand point (and soft/hard pulls)
then close the ED account


Well, that sounds fine and all, except for those of us using their 1.4% CashBack card. Whatever their strategy, it seems giving a rip about their credit card didn't factor in.

OTOH, as CWs probably destined to turn uncompetitive, if DSD holds up I may pull my moratorium on new accounts, open one, but will still leave 10k in ED.

Why oh why did they not just "convert" everything ED into this DSD and save current customers the BS hassle?

I was reading this article: Text

and noticed one of the advertisements on the right side is dollarsavingsdirect.com (refresh until it shows up)...
It shows DollarSavingsDirect at 4.00% APY, but when you click on it, it takes you to their homepage at 3.75%.

DollarSavingsDirect website now shows 4.00%!!

WaMu just lowered their rate to 3%.
I think it might be time to move some of my money to a new DSD account, 4% is pretty good. I may wait though, with the .5% cut to interest rates today I wouldn't be surprised if these numbers start changing.

Since it doesn't allow pull from other bank.
How long does it take to push money out?
And I assume you can still push in, right?

UnixLab said: Since it doesn't allow pull from other bank.
How long does it take to push money out?
And I assume you can still push in, right?


Yes, you can push in.

How longer depends on the financial institution you are pushing from.

-cp

UnixLab said: Since it doesn't allow pull from other bank.
How long does it take to push money out?
And I assume you can still push in, right?


No one has answered your question about pushing out (I suspect the account is too new for anyone to have much experience with it), so I'll volunteer the following:

With Emigrant Direct (the same bank and virtually the same account except for the interest rate), if you schedule a withdrawal by 4:00 p.m. or 5:00 p.m. (I forget which) on a business day, the amount is withdrawn from your ED account the following business day and appears in your external account the same day it is withdrawn, so you lose no interest if the external account earns interest.

I suggest that you try a small test withdrawal and see for yourself before you make any plans. I would recommend this with any new bank account you open, even if you get reports from others on how it worked for them.

Thanks gldpurd for your answer

eviljim said: WaMu just lowered their rate to 3%.
I think it might be time to move some of my money to a new DSD account, 4% is pretty good. I may wait though, with the .5% cut to interest rates today I wouldn't be surprised if these numbers start changing.


You make an excellent point....why hurry to get into this one quick since there was just an interest rate cut and they could drop the rate down now..it is not like they are "locking it in" for a set period of time.....

I'm trying to open up an account but can't figure out if I can put my brother who doesnt live in the States as beneficiary. Anyone know if this is possible?
I don't see another country listed on the mailing address for beneficiary info page.

Refusal to Permit Withdrawal
The Bank may refuse to permit withdrawals in cases such as, but not limited to, the following:
1. 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;
...or
8. An equipment problem or Act of God, including, but not limited to, war, strike, act of terrorism which prevents the Bank from determining the availability of funds.

ccrzhh said: Refusal to Permit Withdrawal
T... Act of God, including, but not limited to war, act of terrorism ...


Since when are war and an act of terrorism considered acts of God? Who wrote these rules up? Hezbollah?

But seriously, the whole clause concerns me, anyone know if this wording is typically found in the fine print of other savings accounts?

Skipping 397 Messages...
ACH!



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