Comments on: Review Of Dollar Savings Direct High Yield Savings Account

By: Investor0329

Investor0329 — Fri, 31 Jul 2009 07:59:50 +0000

Looks like interest at DS is not 1.70%…going to nothing…

Can you believe the sweep account at my brokerage only pays about 0.04%/yr!!!!
I will be moving that out.

By: Kady

Kady — Wed, 22 Apr 2009 20:15:45 +0000

I opened my account after I read some of the comments about dollar savings direct account. The bank is part of Emigrant Bank. I did not have good experience with them since. Today I went back to those comments again and realized that those comments are by the bank itself. I was trying to publish my comment in there(wrote my comment and click on SUMMIT to publish). My comment, which is negative, did not showed up in the comment area. Obviously my comment was censored.

By: jks

jks — Thu, 12 Mar 2009 20:03:02 +0000

DSD down to 2.25 today, moving to GMAC.

By: Geoff

Geoff — Sun, 08 Mar 2009 05:58:38 +0000

Clear Sky isn’t accepting applications….the message has been on their website for a while now

By: AN

AN — Wed, 04 Mar 2009 18:10:14 +0000

# Wayne Says:
February 23rd, 2009 at 3:28 pm

I see DollarSavingsDirect is now at 2.65 percent. Down from 3.05. Just as I put a bunch of money into it. So I see that the Clear Sky Online Account from Chesapeake Bank in Virginia is still at 3.05 so will probably at the end of Feb., first of March, move from DSD to Clear Sky.

Down to 2.50. Say goodbye to DSD.

By: Bernie Bildman

Bernie Bildman — Tue, 24 Feb 2009 14:51:09 +0000

DSD’s system has never failed for me, yes they have security questions, but that is for YOUR/MY protection. Takes maybe 1 minute longer, but no problem for me.

I use Etrade as my transfer bank, and moving cash between Etrade and DSD takes maybe 1 day 2 days max…but the bottom line is that though when you do an electronic transfer into and out of DSD and Etrade, you do not have ACCESS to those funds for about 5 business days…BUT once the funds appear in the account, it earning interest. I basically lose no days interest, because the one day it shows on DSD, the next on Etrade, except I can’t withdraw it for 5 days. That is no problem for me.

The issue of interest rates…well pretty much ALL high yield internet banks’ rates are drastically down, so I don’t fault DSD — which by the way dropped their rate down to 2.65% — but that’s better than Etrade’s 2.15%

By: Geoff

Geoff — Mon, 23 Feb 2009 21:02:56 +0000

Clear Sky isn’t accepting applications at the moment….

I just signed up with DSD last week, before the rate went down…logging on takes all of 3 seconds.
Frustrated over answering security questions?? I have more important things to worry about other than what security questions I’m being asked to log on to a banking site!!

By: Wayne

Wayne — Mon, 23 Feb 2009 20:28:24 +0000

By: Janette

Janette — Sun, 22 Feb 2009 17:35:30 +0000

I just pulled all my money out of Emigrant/DSD because of their ridiculous security questions. It takes FOREVER to get to your money and then they had the audacity to tell me I had answered one of the questions wrong. For the second time I had to go through changing my password…and it can sometimes take over a WEEK to get your money transferred back from them. No thanks, in these times I need immediate access. People are getting laid off at my company left and right. I’m done and I’m bringing ALL my money back to a local bank. An extra percent is not worth the frustration.

By: David

David — Sat, 21 Feb 2009 21:17:36 +0000

I have become totally disillusioned with Emigrant/DSD because they REPEATEDLY start with a TEASER rate & then quickly DROP their rates! I THOUGHT that since it was described as a non-brick savings place that they would keep their rates higher for longer…but alas, JUST as they did dirty to me with a previous ED acct, they have DROPPED their rates from weeks to even days. I am transfering ALL of my $ back to my bank that has consistently offerd 2.7! So much for me chasing rates & good bye ED/DSD & whatever else they come up with FOREVER! Now known as the “BAD LUCK OF THE IRISH!”

By: Erik

Erik — Fri, 20 Feb 2009 17:42:52 +0000

Just to give you a bit of background; community banks have been battling the big banks for customers. They’ve offered up these high yield checking accounts with the caveat you will complete certain requirements: direct deposit, online banking and minimum number of debit card uses. These requirements either save or make money for the community bank. This is a long term strategy to win over big bank customers and has been designed to minimize rate fluctuation. They are not utilizing the “introductory rate” strategy. Keep in mind that changes in the market could impact the rate.

By: David

David — Thu, 19 Feb 2009 21:02:12 +0000

I like those high yeild checking rates, Erik. Anyone have any experience with chasing these high rates? Do the high rates expire very quickly? Will I be jumping from bank to bank every month?

By: LUKE

LUKE — Thu, 19 Feb 2009 09:52:51 +0000

I currently have an ING account. In the last couple of months my APY has gone from 2.5% to 1.85%….DSD’s 3.05% seems to good to be true right now. No catch?

By: Geoff

Geoff — Tue, 17 Feb 2009 17:53:08 +0000

I’m hoping to take advantage of Dollar Savings Direct’s 3.05% rate.

I may need to open up a new checking account somewhere so I won’t have to pay an ACH fee.

By: Erik

Erik — Tue, 17 Feb 2009 16:31:02 +0000

Check out the best rates on short term deposits at select community banks from CheckingFinder. All of the community banks listed below accept nationwide applications . Community banks continue to offer higher yields on short term deposits to serve as economic engines.

Bank of Ripley – Ripley, TN 5.26
Keystone Bank – Auburn, AL 5.15
Connexus Credit Union – Wausau, WI 5.15
Altra Federal Credit Union 5.05
Community Bank of Pleasant Hill – Pleasant Hill, MO 5.01
Olmsted National Bank – Rochester, MN 5.01
Malvern Federal Savings Bank – Paoli, PA 5.01
Community Bank of Raymore – Raymore, MO 5.01
Royal Banks of Missouri – St. Louis, MO 4.78
Focus Bank – Charleston, MO 4.51
Liberty Bank – Alton, IL 4.5
First Arkansas Bank & Trust – Jacksonville, AR 4.44
First Arkansas Bank & Trust – Jacksonville, AR 4.44
Jeff Davis Bank & Trust – Lake Charles, LA 4.33

Courtesy of BancVue.