Dollar Saving Direct offers a high yield savings bank account that earns a variable 3.20% APY. This best savings account program requires a minimum of $1000 to enjoy the rate.

The promo page declares that there are neither monthly fees nor any service charges.

Application for an account can be accomplished online through a secured portal. It will just take a few minutes to complete. If you are interested better have your checking account booklet with you because you will need the routing number of your bank and you account number.

The account can be funded by sending the bank a check via postal mail. This should come from the account which you will link to your online savings account. All succeeding transactions after account opening will be done through electronic transfers.

The initial ACH deposits are held for 5 days prior to access. This is done for security purposes. First check deposits will also have a 10 day holding period. Fund transfers done via ACH takes 2 to 4 business days. This applies to all external transfers into or out of the account.

As of now, only a maximum of two checking accounts can be linked to the Dollar Savings Direct

Dollar Savings Direct is the internet division of the Emigrant Bank. At the end of 2007, Emigrant Bank has assets of around $14 billion. They have 35 branches spread across the New York metro. Their offices are located in Manhattan, Long Island, Westchester, and Queens.

The rating of the bank is lower based on the September 2008 data of BauerFinancial and Bankrate.com. Dollar Saving Direct received 2 stars from BauerFinancial while Bankrate.com issued 1 star. Be wise and stay within the FDIC limits.

Dollar Savings Direct is insured with the FDIC through certificate # 12054.