Dollar Savings Direct is a division of Emigrant Bank. The company's bank account options are limited to direct-banking savings accounts and CDs for consumers. While Dollar Savings Direct banking is limited to online savings accounts and CDs, many customers prefer the simplicity in their account structure.
An advocacy group of Irish immigrants founded Emigrant Bank in New York City in 1850. It has remained a privately-owned bank focused on savings to this day. The bank holds two distinct titles: the oldest savings bank in New York and the largest private bank in the United States.
Emigrant Bank has since established several subsidiaries. Among these is Emigrant Mortgage Company, which currently holds over 17,800 home loans. Another division is New York Private Bank & Trust, a personal wealth management company with deposit products starting at $2 million.
In addition to these divisions, Emigrant Bank has two online savings account subsidiaries. One is Emigrant Direct, and the other is Dollar Savings Direct. Dollar Savings Direct banking requires an initial deposit of $1,500 and a minimum average balance of $1,000 to receive the advertised interest rate. Emigrant Direct has a lower interest rate but a minimum deposit of $1 and no minimum balance requirements.
As of the end of 2009, Emigrant bank had approximately $12.9 billion in assets and $900 million in equity capital.
Opening a Dollar Savings Direct Account
Dollar Savings Direct Bank account options offer a variable annual percentage yield savings account or a certificate of deposit. Accounts have a $1,500 minimum deposit requirement, but the bank does not charge any fees and has no penalties except in cases of early withdrawal from a CD account.
Opening a Dollar Savings Account requires a checking account with an outside bank. It is possible to link up to two checking accounts to a Dollar Savings Account. Customers can then easily make deposits and withdrawals to and from the savings account through online transfers.
Those who wish to open an account with Dollar Savings Direct can do so online, and FDIC insures all accounts up to $250,000 per depositor. FDIC can provide further coverage when the customer takes advantage of combination ownership categories, which the bank provides as additional bank account options. These options include opening an account as a trust with a spouse or child beneficiary.
Once an account is open, customers have access 24 hours per day through online banking. It is possible for customers to make transfers at any time.
Dollar Savings Direct offers high-yield interest, is simple to understand and convenient to those who do not want to decide between several account options. As a division of Emigrant Bank, it has stable backing.