Last Updated: 04/18/2025
DollarSavingsDirect Certificate of Deposit
Unaffiliated
in CD Accounts from DollarSavingsDirect
Last Updated: 04/18/2025
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Highlights
APY (Annual Percentage Yield)
2.00% - 4.00%(Verified 12/11/2024)
Minimum Opening Deposit
$1,000
Certificate Term
- 6 months
- 12 months
- 16 months
- 18 months
- 2 years
- 5 years
DollarSavingsDirect Certificate of Deposit Review
DollarSavingsDirect Certificate of Deposit are offered by DollarSavingsDirect, a bank founded in 2008 and based in Ossining, NY. DollarSavingsDirect Certificate of Deposit are available in 50 states, 5 US territories, and Washington, DC.
Key Takeaways
- Only one CD type available. DollarSavingsDirect Certificate of Deposit only offers traditional CD accounts.
- Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 4.00%, which is much higher than the national average for a CD account.
- $1,000.00 minimum deposit. This is a typical minimum initial deposit for the CDs we track.
- Wide selection of CD terms. DollarSavingsDirect Certificate of Deposit allows you to create a CD ladder by spreading your cash across certificates with different terms. This combines the benefits of frequent access to funds and higher rates of return on your savings.
Pros & Cons of DollarSavingsDirect Certificate of Deposit
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DollarSavingsDirect Certificate of Deposit FAQ
Are CD from DollarSavingsDirect federally insured?
Yes, your DollarSavingsDirect CDs are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.
What types of CDs does DollarSavingsDirect offer?
DollarSavingsDirect Certificate of Deposit provides the following types of CDs.- Traditional CDs. These CDs pay a fixed interest rate if you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or automatically renewing the CDs for another term.
What rates does DollarSavingsDirect offer on its CDs?
DollarSavingsDirect Certificate of Deposit offers an APY starting at 2.00% and ranging up to 4.00%. APY stands for annual percentage yield and shows the interest rate paid by the CD after taking into account compounding. This is higher than the typical interest rate for online-only checking accounts, which is around 1% APY.
What terms does DollarSavingsDirect Certificate of Deposit offer?
DollarSavingsDirect offers CD terms of the following lengths:| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Certificate Term |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 12-Month APY | 3.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| APY (Annual Percentage Yield) | 2.00% - 4.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6-Month APY | 4.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2-Year APY | 2.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 5-Year APY | 2.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 18-Month APY | 3.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What is the minimum deposit to open a CD account with DollarSavingsDirect?
DollarSavingsDirect Certificate of Deposit require a minimum deposit of $1,000.00 to open an account.
What is the grace period for DollarSavingsDirect Certificate of Deposit?
There is a 10-day grace period for DollarSavingsDirect Certificate of Deposit. A grace period is a period of time during which you can withdraw the money in your CD without paying an early withdrawal penalty. A grace period starts the day after a CD’s maturity date, or the final day a CD is opened. Standard CDs renew automatically at the same term if you don't withdraw your money after the 10-day grace period. Note that the new CD rates probably won’t be the same as the original.
What types of fees, such as early withdrawal penalties, does DollarSavingsDirect charge?
Financial institutions don't typically charge many fees on CDs. However, most charge a fee if you choose to withdraw your money before the term ends.
DollarSavingsDirect charges an early withdrawal fee.
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Hours of Operation
Sunday
8:00AM - 11:30PM
Monday
8:00AM - 11:30PM
Tuesday
8:00AM - 11:30PM
Wednesday
8:00AM - 11:30PM
Thursday
8:00AM - 11:30PM
Friday
8:00AM - 11:30PM
Saturday
8:00AM - 11:30PM