Dollar Savings Direct is the online banking division of Emigrant Bank, which is headquartered in New York City.
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. Accounts at Dollar Savings are covered by Emigrant Bank's FDIC insurance.
Dollar Savings Direct is not the type of bank where you will be overwhelmed with choices. You don't need to decide between a CD or a money market account or weigh the relative merits of numerous checking account choices. That's because Dollar Savings Direct currently offers only one type of account: the Dollar Savings Account.
The Dollar Savings Account is an online savings account that can be opened with a minimum deposit of $1,000. There are no fees associated with the account. The account is a high-yield savings account for people who simply want to earn a high interest rate on their savings.
Although the Dollar Savings Direct website includes FAQs about CDs, no CD rates were displayed as of Sept. 2010.
This online bank offers 24/7 online access to customer accounts. The Dollar Savings Direct account can be linked to a checking account at another bank to allow for easy transfer of funds to the savings account. In fact, customers can set up recurring automatic transfers to savings. Funds can also be transferred online from the savings account back to the checking account, although there is a two- to four-day waiting period before the transfer is complete.
Deposit accounts with Dollar Savings Direct are FDIC-insured to the maximum amount allowable by law. As of 2010 that amount is $250,000 per depositor, with additional coverage available to joint account holders.