If you’ve been looking around for a high-interest savings bank account, look no further than a Dollar Savings Direct account. If you’ve been looking around for high-interest savings offers, you might have to stumble upon Dollar Savings Direct. And in case you (like us) are wondering what it’s all about, allows us to fill you in with the details. For the longest time imaginable since it was established, Dollar Savings Direct has been working under the auspices of its more well known (and in many circles maligned) cousins Emigrant Direct and Emigrant Savings Bank.
A little more than a year ago, Dollar Savings Direct was known as Banco Fortuna. That’s because Dollar Savings Direct was interested in making deep inroads into the Hispanic. Latino market and thus it had a more Spanish name. Banco Fortuna was all over the place at the time. The website was being touted to Kingdom come. It had a very high annual percentage yield (APY) interest rate on all new accounts. Banco Fortuna was meant to appeal to the Spanish speaking folks in the U.S. populace. It took a few months, but the bank eventually realized that its plans were going to be nowhere as successful or as popular as it had hoped or envisioned. Quietly, Banco Fortuna reframed itself as Dollar Savings Direct.
Where’s the proof of this? Try visiting bancofortuna.com. Go ahead, we’ll wait for you. Notice how you are automatically redirected to Dollar Savings Direct’s website instead? That’s the only thing you need to see to know that there has been a change in direction in the marketing of the bank. But that’s not really something that should interest you. What should interest you is the high interest that has garnered high interest among its target audience. See what we did there? We’re so smart; we kill ourselves with our intelligent ways sometimes. Anyhow, back on topic. The interest rates offered by Dollar Savings Direct are usually much higher than that offered by any other of the top online banks. And that’s…interesting (that’s our last bad pun, we promise)
In many ways though, Emigrant Savings Bank and Dollar Savings Direct have a very similar approach. In fact, I’ll go one better than that; one is a clone of the other. But that won’t bother the target audience for Dollar Savings Direct. All that matters (and all that should matter) is the high-interest rate. And that’s where the two differ. Dollar Savings Direct offers a much higher APY interest rate for all new account holders. All they ask is a $1,000 minimum balance requirement for the highest APY offer. There are no maintenance charges or monthly fees levied if you fail to maintain a stipulated account balance either. Even below the $1,000 minimum balance, the interest rate is still 1% APY. This will periodically increase and decrease, but for now, it’s as good as it gets.