Dollar Savings Direct Dollar Savings account review
Has no fees or minimum balance requirements— but no mobile app.
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.
Minimum deposit to open
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.
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.
- 1% APY. Although its APY isn’t the highest among online-only banks, it’s still 20x 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
How do I open an account?
Follow these six steps to open your Dollar Savings account:
- Go to the official Dollar Savings Direct website and click Open Now.
- Read through the overview instructions and click Continue.
- Enter your personal information including your name, email address, occupation, Social Security number, mailing address and previous address. Click Continue.
- Enter the routing and account numbers for your current checking account and click Continue.
- Review and agree to the disclosures and click Continue.
- Review and submit your application.
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
You’re required to provide this information when opening your Dollar Savings account:
- Social Security number
- Government-issued ID number
- Mother’s maiden name
- 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:
- Direct deposits
- ACH transfer from an external bank account
- 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.