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Dollar Savings Direct Dollar Savings account review

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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

APY0.55%
Fee$0
Minimum deposit to open$1
Minimum balance to earn interest$0
Interest compoundingDaily
More Info

Expert review

Cassidy Horton

Review by


Cassidy Horton is a writer for Finder, specializing in banking and investments. She has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. Cassidy enjoys educating people about financial services, 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.

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

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned
American Express® High Yield Savings
0.60%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Axos Bank High Yield Savings
0.61%
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
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 $7 per month for Aspiration Plus ($5.75 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.
CIT Bank Money Market
0.60%
$0
$100
A savings account with a higher-than-average rate and minimal fees.
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.
Chase Savings
0.01%
$5 per month
(can be waived)
$0
A simple savings account with low, waivable monthly fees and a $150 signup bonus when you meet deposit and balance requirements.
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Compare up to 4 providers

How do I open an account?

Follow these six steps to open your Dollar Savings account:

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

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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