DollarSavingsDirect Offers 16 Month CD at 4% APY

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DollarSavingsDirect, an online division of Emigrant Bank is offering a 16 month CD at 4% APY.

DollarSavingsDirect, an online division of Emigrant Bank is offering a 16 month CD at 4% APY.  That's slightly below the best 18 month CD rate of 4.40% APY and also slightly below the best 12 month CD of 4.25% APY.  Still, the rate is competitive and DollarSavingsDirect has gotten high marks for its account opening process based on user comments.

The minimum balance to open the account is $1,000.

The offer is also available via Emigrant's other online division, EmigrantDirect where it's called a "My Way" Certificate of Deposit.  DollarSavings and EmigrantDirect share the same parent so deposits at both insitutions count towards FDIC insurance limits.  As an example if you put $100,000 in DollarSavings, and $200,000 in EmigrantDirect, your total deposited at Emigrant would be $300,000 and currently, $50,000 would not be covered.  Please also note that FDIC insurance while currently at $250,000 per person per bank, is set to revert to $100,000 on December 31, 2009.  That means that if you take out $250,000 on a 16 month CD, $150,000 will lose coverage with approximately 3 months remaining on the term.

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