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Dollar Savings Direct: 2.05% APY Emigrant Clone
Posted By Jim On 08/30/2008 @ 4:22 pm In Banking | 160 Comments
What’s the deal? Well, I called Dollar Savings Direct and chatted with a very nice CSR who explained the whole story. She confirmed that there was no difference other than APY and minimums, that was interesting. She also explained that Dollar Savings Direct was merely Banco Fortuna, Emigrant Bank’s foray into the Spanish-speaking banking market, rebranded in English. I suppose Emigrant’s foray wasn’t as productive as they had hoped. If you visit the Banco Fortuna  homepage, it redirects you to Dollar Savings Direct, confirming the CSR’s explanation.
So, from someone who didn’t know about Banco Fortuna (or that it was going away), it appeared as though Emigrant Bank was trying to get more deposits without having to pay their existing Emigrant Direct customers. It now appears that isn’t the case.
The last question I had for the CSR was whether I could transfer between the two accounts and she said no. They were two separate banks, despite having the same FDIC certificate, so to transfer funds you’d need a checking account intermediary.
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 high yield savings bank: http://www.bargaineering.com/articles/top-5-online-banks-savings-or-checking-accounts.html
 Dollar Savings Direct: http://www.bargaineering.com/articles/r/dollarsavingsdirect.php?tag=DSDedClone
 Emigrant Direct: http://www.bargaineering.com/articles/r/emigrantdirect.php?tag=DSDedClone
 Banco Fortuna: http://www.bancofortuna.com/
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