MySavingsDirect Bank Review 2024
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At a glance
CDs
Savings
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
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.3/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
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
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The savings account pays one of the most competitive rates around.
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The savings account has no maintenance fees or monthly balance requirements.
Cons
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MySavingsDirect does not offer checking or money market accounts.
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You’ll need a savings account with the bank to qualify for a CD.
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No mobile banking app is available.
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No ATM card is available.
MySavingsDirect banking products
MySavingsDirect savings overview
Pros
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The account earns a top-notch yield.
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No maintenance fees are charged.
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There’s no minimum balance requirement.
Cons
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An ATM card is not included with the account.
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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
MySavingsDirectAPYAPYNational average APYHow do we get this data?
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
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.
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