MySavingsDirect Bank Review
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At a glance
Overview
MySavingsDirect is an online-only bank that can be a good option for anyone seeking a savings account that pays a highly competitive rate. Certificates of deposit (CDs) are also available to those who have the savings account at decent yields. But those seeking a companion checking or money market accounts will have to look elsewhere.
Highlights:
High APY Low Min DepositHighlights:
CDs
Savings
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
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 Savings rating = 5/5
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 Savings rating = 4.4/5
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 Savings 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.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
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 division of New York-based Emigrant Bank, which has been in operation since 1850. Its savings account pays a 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 a competitive rate.
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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 yield more than nine times the national average.
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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.
Rate history for MySavingsDirect's Savings account
See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
MySavingsDirect CD overview
Pros
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A wide range of long-term CDs are available.
Cons
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CD rates, although competitive, are easily bested by other banks.
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CDs cannot be opened by those who don’t have a MySavingsDirect savings account.
Rate history for MySavingsDirect's CD accounts
See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.
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 |
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 email.
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.
We want to know what you think about MySavingsDirect
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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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