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Dollar Savings Direct Dollar Savings account review

Has no fees or minimum balance requirements— but no mobile app.

finder.com’s rating: 4.3 / 5.0

★★★★★

The Dollar Savings Direct Dollar Savings account is a no-frills account with a strong APY and no fees. But it’s not for tech-savvy savers because there’s no mobile app.

0.55%

APY

$0

Fee

$1

Minimum deposit to open

Details

Annual percentage yield (APY)0.55%
Fee$0
Minimum deposit to open$1
Minimum balance to earn interest$0
Interest compoundingDaily
More info

More Info

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Review by


Cassidy Horton is a writer for Finder, specializing in banking and kids’ debit cards. She’s been featured on Legal Zoom, MSN, and Consolidated Credit and has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. When not writing, you can find her exploring the Pacific Northwest and watching endless reruns of The Office.

Expert review

If you’re looking for a high-yield savings account, the Dollar Savings Direct Dollar Savings account may be a good option. It has no fees, a competitive APY and daily customer support.

But its user experience is stuck in the stone age. It doesn’t have a mobile banking app and its website is in desperate need of an upgrade.

If you’re simply looking for a free place to stash some cash and earn decent interest, Dollar Savings Direct is worth checking out. But if you want to park your money at a technology-driven financial institution, shop around.

How do I open a a Dollar Savings Direct Dollar Savings account?

Follow these six steps to open your Dollar Savings account:

  1. Go to the provider’s site and follow the steps to apply.
  2. From the official Dollar Savings Direct website, click Open Now.
  3. Read through the overview instructions and click Continue.
  4. Enter your personal information including your name, email address, occupation, Social Security number, mailing address and previous address. Click Continue.
  5. Enter the routing and account numbers for your current checking account and click Continue.
  6. Review and agree to the disclosures and click Continue.
  7. Review and submit your application.

Eligibility

Anyone who meets these requirements can open a Dollar Savings Direct Dollar Savings account:

  • At least 18 years old
  • Valid Social Security number
  • Valid government-issued ID
  • US address
  • Personal checking account at a US bank

Required information

You’re required to provide this information when opening your Dollar Savings account:

  • Social Security number
  • Government-issued ID number
  • Mother’s maiden name
  • Occupation
  • Current and previous US residential address
  • Routing and account numbers for your current checking account
  • A minimum deposit of $1

What are the benefits of a savings account with Dollar Savings Direct?

Dollar Savings Direct is a division of Emigrant Bank. It offers FDIC-insured deposits up to $250,000 and other perks like:
  • Minimal fees. You won’t pay a monthly maintenance, inactivity or excessive transaction fee.
  • No minimum deposit. Keep as much money in this account as you’d like without worrying about minimum balance requirements.
  • 0.55% APY. Although its APY isn’t the highest among online-only banks, it’s still higher than the national average.
  • Daily customer support. Customer support is available seven days a week from 8 a.m. to 11:30 EST.

What should I look out for?

There are a few drawbacks to watch out for if you plan to open a savings account with Dollar Savings Direct:

  • No mobile app. Unlike most banks, Dollar Savings Direct doesn’t have a mobile app and its website looks like it was designed over a decade ago.
  • No check deposits. Although you can initially fund your account with a check, all other deposits are limited to direct deposits from an employer and external bank transfers.
  • ACH-only withdrawals. The only way to withdraw money is to transfer it to an external bank account first, which takes two to five business days.

If a good mobile banking experience is on your savings account wishlist, shop around for high-yield savings accounts.

Compare with other savings accounts

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Aspiration Spend & Save Account
Finder Rating: 3.8 / 5: ★★★★★
Aspiration Spend & Save Account

1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0 per month or $15 per month for Aspiration Plus ($12.50 per month if you pay annually)
$10
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings

0.61% on $0 to $24,999
0.25% on $25,000 to $99,999
0.15% on $100,000+
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
Chime Savings
Finder Rating: 4.6 / 5: ★★★★★
Chime Savings
0.50%
$0
$0
Grow your savings automatically with recurring transfers, round-ups on debit card purchases and 0.5% APY.
Discover Online Savings Account
Finder Rating: 4.6 / 5: ★★★★★
Discover Online Savings Account
0.40%
$0
$0
Take advantage of a high-interest online savings account with no fees, no minimums and more.
UFB Direct High Yield Savings
Finder Rating: 3.6 / 5: ★★★★★
UFB Direct High Yield Savings
0.20%
$0
$100
Earn an APY when your balance is higher than $10,000 with this no-monthly-fee savings account.
SoFi Money
Finder Rating: 4.3 / 5: ★★★★★
SoFi Money
0.25%
$0
$0
SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.
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Compare up to 4 providers

How do I deposit or withdraw my money?

Dollar Savings Direct lets you make your first account deposit with a check. After that, these are your options for depositing and withdrawing funds:

Deposits

  • Direct deposits
  • ACH transfer from an external bank account

Withdrawals

  • ACH transfer to an external bank account

What other savings options does Dollar Savings Direct offer?

Dollar Savings Direct gives account holders one other way to save money:
  • Dollar Savings Direct CDs. If you have a current Dollar Savings account, you can boost your earnings with a Dollar Savings Direct CD. Requires a $1,000 minimum deposit but APY ranges from 1% to 1.20% depending on which 12 to 60-month term you choose.

Frequently asked questions

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

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