Banking 
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Dollar Savings Direct Is An Emigrant Direct Clone

Dollar Savings Direct LogoWhen Dollar Savings Direct first appeared, I thought Dollar Savings Direct was an Emigrant Direct clone. I chatted with a CSR and learned that it was once Banco Fortuna, Emigrant Bank’s attempt to market to the Spanish-speaking banking market, and merely rebranded in English. While it wasn’t their intent, the end result is clear: Dollar Savings Direct is a clone of Emigrant Direct (both are subsidiaries of Emigrant Bank, FDIC #12054) but with a $1,000 account minimum and a better interest rate (4.00% APY).

Opening a new Dollar Savings Direct account was quick and easy. I did what any sane person would do, I closed my Emigrant Direct account and opened a new Dollar Savings Direct account. Emigrant Direct has a 3.00% APY rate and Dollar Savings Direct offers a 4.00% APY, which leads most high yield savings accounts rates. My plan is to put all new funds into the Dollar Savings Direct account.

On the fact that their clones of each other. On one hand, I’m a little miffed that Emigrant Direct didn’t just fold Dollar Savings Direct into it and just offer the 4.00% rate. On the other hand, it doesn’t really affect me too much as opening new savings accounts don’t affect your credit score (most of the time) and I didn’t have much in my Emigrant Direct account in the first place so it’s not too much hassle.

Savings account interest rates can change. Remember that savings interest rates are not guaranteed, they can change at any time. It’s pretty easy to lock in a much higher CD rate nowadays if you want to go that route. Surprisingly though, since August 30th, when I first looked at them, their rate increased from 3.75% APY to the current rate of 4.00% APY)


 Banking 
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Dollar Savings Direct: 2.05% APY Emigrant Clone

Dollar Savings Direct Logo

FDIC Update: There were some concerns as to whether Dollar Savings Direct was actually a division of Emigrant Bank and whether it was FDIC insured, those have been laid to rest thanks to the work of some dutiful readers. Dollar Savings Direct is FDIC insured under the certificate of Emigrant Bank and shares limits with any assets you may have at Emigrant Direct. This was confirmed by Jeff who was in correspondence with the FDIC.



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 Banking 
13
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“Historical” Online Savings Interest Rate Comparison

Want to see an interesting comparison of the interest rates of HSBC, ING Direct, Virtual Bank, Emigrant Direct and the Federal Funds rate in a table and easy to understand chart? Me too. That’s why I stumbled onto a thread at Fatwallet Finance documenting the interest rates of all those savings accounts (there are a couple more that I omitted) I thought a graphical representation would be an interesting thing to see. Historical is in quotes because this only goes back to January ’05 so it’s not exactly History Channel type depth but I think it’ll suffice.

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