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MySavingsDirect Bank Review 2024

Updated February 6, 2024
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At a glance

3.4
Rating: 3.4 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 2.8 stars out of 5

Savings

Rating: 4.7 stars out of 5

About Bankrate Score

Overview

MySavingsDirect can be a good option for anyone seeking a savings account that pays a top-notch rate. Certificates of deposit (CDs) are also available to those who have the savings account, yet checking and money market accounts are not among the bank’s offerings.

Highlights

  • High APY
  • Low Min Deposit
Compare offers
Info
Bank logo
Member FDIC.
Savings Account
5.25
%
APY
APY
Info
As of 4/13/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No fees. Easy deposits and quick withdrawals.
Bank logo
Member FDIC
Savings Account
4.30
%
APY
APY
Info
As of 4/13/2024
Rating: 4.9 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.00
%
APY
APY
Info
As of 4/13/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers

Overall

MySavingsDirect is an online bank that’s a division of New York-based Emigrant Bank, which has been in operation since 1850. Its savings account pays a highly competitive rate, so it may be well suited for anyone comfortable banking entirely online. The bank also offers CDs, but most rates are lackluster, especially when compared to its savings account offering.

Pros

  • Checkmark

    The savings account pays one of the most competitive rates around.

  • Checkmark

    The savings account has no maintenance fees or monthly balance requirements.

Cons

  • MySavingsDirect does not offer checking or money market accounts.

  • You’ll need a savings account with the bank to qualify for a CD.

  • No mobile banking app is available.

  • No ATM card is available.

MySavingsDirect banking products

4.7
Rating: 4.7 stars out of 5
Bankrate Score

MySavingsDirect savings overview

The MySavings Account pays a highly competitive annual percentage yield (APY). When you open your account online, you can deposit money by either transferring it from an external account or mailing the bank a check. The account does not charge monthly maintenance fees or require a set minimum balance.

Pros

  • Checkmark

    The account earns a top-notch yield.

  • Checkmark

    No maintenance fees are charged.

  • Checkmark

    There’s no minimum balance requirement.

Cons

  • An ATM card is not included with the account.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    MySavingsDirect
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Info
Bank logo
Member FDIC.
Savings Account
5.25
%
APY
APY
Info
As of 4/13/2024
Rating: 5 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right
Promoted offer: No fees. Easy deposits and quick withdrawals.

Bank fees

Fee Charged?
Overdraft fee None
Non-sufficient funds fee None
Monthly maintenance fees None
Out-of-network ATM fee None
Excessive transaction fee None

About MySavingsDirect Bank

MySavingsDirect is an online division of Emigrant Bank, which was founded by Irish emigrants in 1850. Emigrant Bank’s other online divisions are EmigrantDirect and DollarSavingsDirect, and it also owns a mortgage banking subsidiary called Emigrant Mortgage Company.

MySavingsDirect’s product lineup only includes a savings account and CDs. The savings account pays one of the best rates around, while requiring no minimum balance and charging no monthly fee. You won’t have access to branches or an ATM card. Anyone looking for these perks, as well as a checking or money market account, will need to look elsewhere.

Customer experience

Customer service. Customer support is available toll-free over the phone seven days a week, from 8 a.m. to 11:30 p.m., ET. Account holders can also contact the bank by sending a message through the bank’s website when they’re logged on.

Digital experience. MySavingsDirect is a no-frills, online-only bank with a product offering of a savings account and CDs. No mobile banking app is available, nor do customers receive an ATM card.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.