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.
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.
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: ricky0254 on 2009-10-26 01:50:25 CDT
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.
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.
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.
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.
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??
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