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rated:
   posted: Aug. 25, 2008 @ 11:11a
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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

Message edited by: FatWallet moderator on 2009-03-17 09:34:08 CDT
   posted: Aug. 25, 2008 @ 11:11a

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
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!

Message edited by: c3 on 2009-05-06 04:29:33 CDT
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rated:
   posted: Aug. 25, 2008 @ 12:31p
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I have WAMU and they are the same rate.


rated:
   posted: Aug. 25, 2008 @ 12:39p
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bigdinkel said:I have WAMU and they are the same rate.
Well good for you


rated:
   posted: Aug. 25, 2008 @ 12:55p
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bigdinkel said:I have WAMU and they are the same rate.
but dont they require checking account as well?


rated:
   posted: Aug. 25, 2008 @ 1:14p
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Wonder why they don't just increase the EmigrantDirect rate.


rated:
   posted: Aug. 25, 2008 @ 1:25p
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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.


rated:
   posted: Aug. 25, 2008 @ 1:32p
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DavidScubadiver said:Wonder why they don't just increase the EmigrantDirect rate.

The Emigrant has no minimum balance requirements.


rated:
   posted: Aug. 25, 2008 @ 2:11p
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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.


rated:
   posted: Aug. 25, 2008 @ 4:24p
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scott1961 said:bigdinkel said:I have WAMU and they are the same rate.
Well good for you

I am special


rated:
   posted: Aug. 25, 2008 @ 5:06p
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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.


rated:
   posted: Aug. 26, 2008 @ 9:15a
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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.


rated:
   posted: Aug. 26, 2008 @ 11:02a
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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.


rated:
   posted: Aug. 26, 2008 @ 11:53a
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Does anyone know if opening one involves being subjected to a hard credit pull?


Thanks.


rated:
   posted: Aug. 27, 2008 @ 5:39p
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Sounds like they are FDIC insured?

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

Message edited by: Trance99 on 2008-08-27 17:39:52 CDT
rated:
   posted: Aug. 27, 2008 @ 5:40p
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Imacyco said:Does anyone know if opening one involves being subjected to a hard credit pull?


Thanks.

It's just chex system I believe.


rated:
   posted: Aug. 27, 2008 @ 10:01p
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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.


rated:
   posted: Aug. 27, 2008 @ 10:23p
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So we can pretty much bag ED then. I have a few dollars in ED but might as well close it out.


rated:
   posted: Aug. 27, 2008 @ 11:23p
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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...


rated:
   posted: Aug. 27, 2008 @ 11:38p
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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??

Message edited by: jdopple on 2008-08-27 23:38:24 CDT
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