DollarSavingsDirect is still pushing for their online high yield savings account. The interest rates has fallen to 1.70% APY from the previous 2.00%. The bank does not collect any monthly service fees.

The minimum initial deposit required is $1000. The current interest rates may change any time so it will be best to check their page or call their customer service line before signing up for anything.

DollarSavingsDirect takes the place of BancoFortuna. The latter was a similar site to EmigrantDirect which was aimed to attract the Spanish-speaking market in the United States. Right now we can not find the link to BancoFortuna from DollarSavingsDirect so it is possible that Emigrant did not give a green light to their earlier plans.

Interested consumers can fill up an online application. You will be able to get instant access to your online banking account once the application has been approved. The bank will contact you after a few days in case they need to follow up on some additional requirements.

Initial funding to the account can be mailed in as a check. The check that you will be issuing must come from the external account that you declare on your online application and request to be linked to your DollarSavingsDirect online savings account.

Succeeding deposits can be done electronically. ACH transfers usually take around 2 to 4 business days. You can also setup a recurring transfer between your external account and your online savings account.

For now, you can only link a max of two checking accounts to your DollarSavingsDirect. Beneficiaries can also be named for the account.

The FAQ section on their website gives a clear instruction on how you should go about the setup process. If you have additional questions you can contact them through 1-866-395-8693.

Emigrant Bank covered by the FDIC with certificate number 12054. They have been insured since 1934.