DollarSavingsDirect is offering a 16-month CD paying 2.25% APY. The 2.25% APY rate is quite competitive, matching the top 18-month CD rate on the BestCashCow rate tables.
To open the CD and get the rate, you must first open a DollarSavingsDirect Savings or Checking account. DollarSavings is currently paying 1.70% APY which not as competitive and towards the bottom of the BestCashCow tables. Still, it's much more competitive than the rate offered by most traditional or local banks.
The CD has a minimum balance of $1,000.
DollarSavingsDirect is a division of Emigrant Bank. Emigrant is having financial problems and is rated 0 out of 5 stars (the lowest rating possible). As user Green mentioned in another post, DollarSavingsDirect now has a link to foreclosed property that they own and are trying to sell. That's not the most encouraging sign.
If you do decide to open the CD, be sure to stay below FDIC limits.
Credit for finding this goes to Bankdeals.
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