Dollar Savings Direct offering 4.00% APY for online savings

It appears that Dollar Savings Direct, a division of Emigrant Savings Bank, is offering a rate of 4.00% APY for online savings, with a minimum of $1,000. It looks like a great deal.

I haven't read through the fine print yet, but I will definitely consider opening an account as soon as I finish paying my estimated taxes this week. But, their initialfunding process seems onerus:

At the present time, an individual may have up to two checking accounts linked to DollarSavingsDirect, including the checking account you used for your initial funding deposit. The name on the accounts must be the same as your Dollar Savings Account. We can only accept your personal checking accounts as linked accounts. Add the new funding account information in the Funding section under the Accounts section. Once completed, mail the voided check with your Dollar Savings Account number written in the memo portion of the check and a signed Account Verification Authorization Form to DollarSavingsDirect, Attn: Account Fulfillment, 13 Croton Avenue, Ossining, NY 10562. The Account Verification Authorization Form must accompany the voided check in order for us to process your request. Faxes will not be accepted. Upon receipt of the voided check and verification authorization form and successful confirmation of account ownership, two small deposits will be transmitted to the new linked account. You will need to verify these amounts as you did for your initial funding account in order for the new link to be activated.

I actually do not have a working printer right now, so I won't be able to submit their Account Verification Authorization Form soon. But wait... I called customer service (1-866-395-8693) and they said that form is only required to add a second linked checking account.

I may go ahead with this.

-- Jack Krupansky