Comments on: Time to Say Goodbye to Dollar Savings Direct

By: John

John — Sun, 19 Apr 2009 02:36:51 +0000

yeah its very silly to take your ball and go home just because the bank is lowering its rates along with everyone else. i don’t blame them as they need to make their money. if they can’t make more than they’re giving you in interest than it doesn’t make sense for a bank to continue and pay that interest to people. But the truth is DollarSavingsDirect still has the highest yields. Your FNOBDirect bank now boasts a .15 percent lower rate than dollarsavingsdirect currently (1.90 vs 2.05% at DSD)

By: Sun

Sun — Wed, 11 Mar 2009 17:33:22 +0000

I just got that email as well. It’s a shame. With rates changing so far, I agree it may not be such a good idea to jump around.

By: KP

KP — Tue, 10 Mar 2009 20:08:03 +0000

If you already moved your money to FNBO, it’s going to cost you this time since they dropped their rate to 2.15% – may be it’s time to appreciate dollars savings direct. I usually keep account at two or three banks with consistent rate (and divide money equally – risk distribution) and try not to move money around (since it costs interest worth certain days). The average rate over the year between this two or three banks comes out to be the same as if you keep moving your money to highest yield account – the difference is less hassle with better risk diversification. Of course one can argue – that is less than 100k (250k)equal to no risk but who would like the tension and hassle of calling every day to find out that your money is safe.