Dollar Savings Direct - 1.25% Savings

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
Beach
Posts: 85
Joined: Tue Jan 10, 2017 5:48 pm

Dollar Savings Direct - 1.25% Savings

Post by Beach » Thu Apr 13, 2017 10:05 am

Hope this is allowed, sorry if its not.

Anybody use them? Says they are part of Emigrant Bank.

Thinking of switching my Ally account.

https://www.dollarsavingsdirect.com/Dol ... /index.jsp

Jack FFR1846
Posts: 6652
Joined: Tue Dec 31, 2013 7:05 am

Re: Dollar Savings Direct - 1.25% Savings

Post by Jack FFR1846 » Thu Apr 13, 2017 10:27 am

Looks to be like Redneck bank, but with a much more difficult website to find anything in. (Redneck savings 1.25%, checking 1.5%)
Bogle: Smart Beta is stupid

Beach
Posts: 85
Joined: Tue Jan 10, 2017 5:48 pm

Re: Dollar Savings Direct - 1.25% Savings

Post by Beach » Thu Apr 13, 2017 10:32 am

I just saw the Redneck bank. That's an interesting way to market yourself to say the least.
Last edited by Beach on Thu Apr 13, 2017 10:36 am, edited 1 time in total.

User avatar
sperry8
Posts: 1519
Joined: Sat Mar 29, 2008 9:25 pm
Location: Miami FL

Re: Dollar Savings Direct - 1.25% Savings

Post by sperry8 » Thu Apr 13, 2017 10:33 am

luderiffic wrote:Hope this is allowed, sorry if its not.

Anybody use them? Says they are part of Emigrant Bank.

Thinking of switching my Ally account.

https://www.dollarsavingsdirect.com/Dol ... /index.jsp
They are part of Emigrant. Emigrant creates these "new entities" to gather new funds with high rates. I hold over a dozen online banks and move monies around to take advantage of the highest rates (it's only a few minutes to do so and with no minimums I find it worth my time). That said, some banks offer high rates only for very short periods. DollarSavingsDirect (and Emigrant) is one of those banks. I don't believe they will remain near the top of the rates for long. So consider you may be switching again real soon.
Humbling BH contest results: 2017: #516 of 647 | 2016: #121 of 610 | 2015: #18 of 552 | 2014: #225 of 503 | 2013: #383 of 433 | 2012: #366 of 410 | 2011: #113 of 369 | 2010: #53 of 282

Beach
Posts: 85
Joined: Tue Jan 10, 2017 5:48 pm

Re: Dollar Savings Direct - 1.25% Savings

Post by Beach » Thu Apr 13, 2017 10:37 am

sperry8 wrote:
luderiffic wrote:Hope this is allowed, sorry if its not.

Anybody use them? Says they are part of Emigrant Bank.

Thinking of switching my Ally account.

https://www.dollarsavingsdirect.com/Dol ... /index.jsp
They are part of Emigrant. Emigrant creates these "new entities" to gather new funds with high rates. I hold over a dozen online banks and move monies around to take advantage of the highest rates (it's only a few minutes to do so and with no minimums I find it worth my time). That said, some banks offer high rates only for very short periods. DollarSavingsDirect (and Emigrant) is one of those banks. I don't believe they will remain near the top of the rates for long. So consider you may be switching again real soon.
So its a teaser rate? Interesting

User avatar
Rob5TCP
Posts: 3017
Joined: Tue Jun 05, 2007 7:34 pm
Location: New York, NY

Re: Dollar Savings Direct - 1.25% Savings

Post by Rob5TCP » Thu Apr 13, 2017 10:42 am

I used them years ago and their rate stayed high for over a year. Then gradually it declined while others improved.

User avatar
prudent
Moderator
Posts: 5300
Joined: Fri May 20, 2011 2:50 pm

Re: Dollar Savings Direct - 1.25% Savings

Post by prudent » Thu Apr 13, 2017 11:38 am

Topic moved to Personal Finance (Not Investing).

User avatar
walletless
Posts: 795
Joined: Fri Aug 15, 2014 4:55 pm

Re: Dollar Savings Direct - 1.25% Savings

Post by walletless » Thu Apr 13, 2017 11:50 am

luderiffic wrote: So its a teaser rate? Interesting
I'd say so... they keep creating new banks like these with top-of-market rates, then after some time the rates are lower than average and a new entity shows up. I am resisting, especially since I just opened Purepoint to take advantage of their 1.25% rates.

User avatar
walletless
Posts: 795
Joined: Fri Aug 15, 2014 4:55 pm

Re: Dollar Savings Direct - 1.25% Savings

Post by walletless » Thu Apr 13, 2017 11:51 am

dupe - delete

User avatar
djpeteski
Posts: 485
Joined: Fri Mar 31, 2017 9:07 am

Re: Dollar Savings Direct - 1.25% Savings

Post by djpeteski » Thu Apr 13, 2017 11:54 am

I used to have an emigrant bank account, and just like others have said: great introductory rate, then it gets lowered dramatically.

User avatar
sperry8
Posts: 1519
Joined: Sat Mar 29, 2008 9:25 pm
Location: Miami FL

Re: Dollar Savings Direct - 1.25% Savings

Post by sperry8 » Thu Apr 13, 2017 1:10 pm

walletless wrote:
luderiffic wrote: So its a teaser rate? Interesting
I'd say so... they keep creating new banks like these with top-of-market rates, then after some time the rates are lower than average and a new entity shows up. I am resisting, especially since I just opened Purepoint to take advantage of their 1.25% rates.
Agreed. It's not a teaser rate in the purest sense. But history has shown, in hindsight, that is what it will be with this entity.

I'd go PurePoint or Popular Direct if you want to switch. Not much history there - but so far they look good. Also, don't switch. Just open a second account. You can ACH back and forth as fees change. There are no minimums and no fees - so keep both open. Ally has a great ACH service worthy of sticking with
Humbling BH contest results: 2017: #516 of 647 | 2016: #121 of 610 | 2015: #18 of 552 | 2014: #225 of 503 | 2013: #383 of 433 | 2012: #366 of 410 | 2011: #113 of 369 | 2010: #53 of 282

User avatar
walletless
Posts: 795
Joined: Fri Aug 15, 2014 4:55 pm

Re: Dollar Savings Direct - 1.25% Savings

Post by walletless » Thu Apr 13, 2017 6:26 pm

sperry8 wrote:
walletless wrote:
luderiffic wrote: So its a teaser rate? Interesting
I'd say so... they keep creating new banks like these with top-of-market rates, then after some time the rates are lower than average and a new entity shows up. I am resisting, especially since I just opened Purepoint to take advantage of their 1.25% rates.
Agreed. It's not a teaser rate in the purest sense. But history has shown, in hindsight, that is what it will be with this entity.

I'd go PurePoint or Popular Direct if you want to switch. Not much history there - but so far they look good. Also, don't switch. Just open a second account. You can ACH back and forth as fees change. There are no minimums and no fees - so keep both open. Ally has a great ACH service worthy of sticking with
A good example is EmigrantDirect.com which had top rates several years ago. Now they give a non-stellar 0,50% rate. These were later replaced with emigrant.com, MySavingsDirect and dollar savings direct with top rates. Next year, we will almost certainly have a new thread on a new name online-bank owned by Emigrant Group.

midagelawyer
Posts: 39
Joined: Sun Jan 29, 2017 11:37 am

Re: Dollar Savings Direct - 1.25% Savings

Post by midagelawyer » Wed Jan 03, 2018 11:17 pm

Dollar Savings Direct is at 1.6% as of today. Interestingly enough, Emigrant Direct is at 0.5% still and My Savings Direct is at 1.0%.

quizzer25
Posts: 105
Joined: Fri Dec 26, 2014 3:28 am

Re: Dollar Savings Direct - 1.25% Savings

Post by quizzer25 » Fri Jan 12, 2018 4:23 pm

How is the experience with Dollar Savings Direct? Can we fund the opening deposit electronically? How fast is the ACH withdrawal from DSD? I believe we cannot pull the money from external bank, only push from DSD side for withdrawals. How easy is to close the account if it lowers the rate?

midagelawyer
Posts: 39
Joined: Sun Jan 29, 2017 11:37 am

Re: Dollar Savings Direct - 1.25% Savings

Post by midagelawyer » Tue Feb 27, 2018 8:44 am

Dollar Savings Direct is up to 1.8% now...

User avatar
sperry8
Posts: 1519
Joined: Sat Mar 29, 2008 9:25 pm
Location: Miami FL

Re: Dollar Savings Direct - 1.25% Savings

Post by sperry8 » Tue Feb 27, 2018 9:07 am

midagelawyer wrote:
Tue Feb 27, 2018 8:44 am
Dollar Savings Direct is up to 1.8% now...
lovely. others will follow shortly :sharebeer
Humbling BH contest results: 2017: #516 of 647 | 2016: #121 of 610 | 2015: #18 of 552 | 2014: #225 of 503 | 2013: #383 of 433 | 2012: #366 of 410 | 2011: #113 of 369 | 2010: #53 of 282

BusterMcTaco
Posts: 111
Joined: Tue Jul 11, 2017 6:36 pm

Re: Dollar Savings Direct - 1.25% Savings

Post by BusterMcTaco » Wed Mar 07, 2018 9:38 pm

They haven't followed yet. I'm tempted... although I think I'm getting 1.75 on my Ally no-penalty CD? I can't remember what that special rate was late last year. So not worth breaking.

MrUpwardlyMobile
Posts: 9
Joined: Wed Mar 07, 2018 9:27 pm
Contact:

Re: Dollar Savings Direct - 1.25% Savings

Post by MrUpwardlyMobile » Sat Mar 10, 2018 10:53 pm

Probably safer to deal with a more reliable bank for high interest savings like Goldman Sachs, CIT, etc...

Carl53
Posts: 1535
Joined: Sun Mar 07, 2010 8:26 pm

Re: Dollar Savings Direct - 1.25% Savings

Post by Carl53 » Sun Mar 11, 2018 4:55 am

For those with DSD Savings accounts, have they been bumping up the rates to match their higher rate offers for new money?

User avatar
walletless
Posts: 795
Joined: Fri Aug 15, 2014 4:55 pm

Re: Dollar Savings Direct - 1.25% Savings

Post by walletless » Sun Mar 11, 2018 3:07 pm

midagelawyer wrote:
Tue Feb 27, 2018 8:44 am
Dollar Savings Direct is up to 1.8% now...
Almost same as inflation... its tempting to put the emergency funds here, so atleast it does not lose much value relative to inflation...

User avatar
TXGymGuy84
Posts: 6
Joined: Mon Dec 11, 2017 11:58 am
Location: Texas

Re: Dollar Savings Direct - 1.25% Savings

Post by TXGymGuy84 » Sun Mar 11, 2018 3:12 pm

Carl53 wrote:
Sun Mar 11, 2018 4:55 am
For those with DSD Savings accounts, have they been bumping up the rates to match their higher rate offers for new money?
Yes. I've had an account for ~8 months and just checked the rate and it's at 1.8%.

Post Reply