MySavingsDirect Savings Account Review 2025

MySavingsDirect is the online banking division of Emigrant Bank, which is the oldest savings institution in New York City.

The bank’s featured offering is the MySavingsAccount, a high-interest savings account. In this MySavingsDirect Account review, we cover the most important things you need to know to help you decide if you should open this savings account.

MySavingsDirect Reviews: MySavings Direct Review on Account Essentials

The MySavings Account is a high-interest savings account that is offered exclusively online. Here are the most important things to know about this account at a glance:

• Savers earn a competitive rate with a competitive annual percentage yield on all balances with no tiered rates.
• There is no minimum balance requirement or minimums to open or maintain the account.
• Open an account with just $1.
• Savers pay no fees or service charges.
• Account balances are FDIC-insured.
• The online account opening process is quick and simple.
• Make deposits via electronic transfer or check.
• Individual and joint accounts are available.

Applicants should review all account details during the application process.

Introduction to MySavingsDirect

MySavingsDirect is an online bank designed for savers who want to maximize their money with minimal hassle.

As a division of Emigrant Bank, MySavingsDirect offers a high-yield savings account with a competitive annual percentage yield, helping your savings grow faster than many traditional banks. With no balance requirements or monthly maintenance fees, this account is ideal for anyone looking to avoid unnecessary costs while enjoying the benefits of online banking.

Customers can easily access and manage their accounts online, making it simple to check balances, transfer funds, and monitor savings progress from anywhere. MySavingsDirect combines the security and reliability of Emigrant Bank with the convenience of a modern online platform, making it a strong choice for those seeking a straightforward, high-interest savings solution.

Emigrant Bank Overview

Emigrant Bank, the parent company behind MySavingsDirect, is one of the oldest and most respected banks in the United States. Its roots date back to 1850. As a member FDIC bank, Emigrant Bank ensures that customer deposits are protected and secure.

Over the years, Emigrant has built a reputation for offering various financial products, including savings accounts, certificates of deposit (CDs), and other deposit options. The bank is known for providing competitive rates and excellent customer service, making it a trusted partner for individuals looking to manage their savings and other financial needs.

MoneyRates Editor’s Analysis: Pros & Cons

This analysis is designed to provide readers with a clear understanding of the account’s strengths and weaknesses.

Every high-interest savings account has its strengths and potentially some weaknesses. As you consider whether a MySavings Account may be right for you, keep these pros and cons in mind.

Based on our evaluation, the MySavings Account is rated 4 out of 5 stars, reflecting its competitive interest rates and low fees compared to similar products.

MySavingsDirect Account Rates

The current annual percentage yield offered on MySavings Accounts is one of the highest in the industry, according to the latest America’s Best Rates survey. This rate isn’t tiered; it applies to all balances across the board.

You can look at a line chart that tracks rate trends and highlights historical changes to visualize how rates have changed. MySavingsDirect’s rate receives a strong score compared to other banks, factoring in interest rates, fees, and account features.

That means you can enjoy the same great rate, whether saving a little money or a lot. Compared to other online banks, MySavingsDirect is on the same page with interest rates.

The rate MySavingsDirect offers easily outstrips what you could find at traditional brick-and-mortar banks. The national average savings rate is just 0.07%, so this account could help you grow your money much faster. For the most up-to-date rates and details, visit the official site.

MySavingsDirect Account Monthly Fees

Like many online institutions, MySavingsDirect does not charge any monthly fees. There are no minimum-balance fees or minimum-balance requirements to meet. You also pay no service charges to maintain your account each month.

Not having fees to worry about is a nice change from what you may be used to when saving at a traditional brick-and-mortar bank. That doesn’t mean, however, that this account is completely fee-free. There are a few fees to be aware of if you’re thinking of opening an account.

Are There Other Savings Account Fees?

In terms of miscellaneous fees, here is what you need to know:

• Balance-confirmation letter/verification-of-deposit fee: $30
• Additional statement copies: $5 each
• Legal fee for processing subpoenas, levies, etc.: $100

These fees are not something savers would typically encounter on a regular basis, so you may not need to worry about them at all. But it’s still helpful to note them so you’re not hit with any surprise fees.

MySavingsDirect also assesses a fee for outgoing wire transfers from your account: $30 per wire transfer transaction.

Since this is a savings account, you are limited to six withdrawal transactions per month under federal Regulation D. This rule allows banks to charge an excess withdrawal fee if you go over the limit. MySavingsDirect does not specify whether any fee applies to any withdrawals exceeding the six per month.

Account Requirements

Opening a MySavingsDirect high-interest savings account is straightforward, but there are a few requirements.

To qualify, customers must be at least 18 years old and provide a valid government-issued ID to verify their identity. Additionally, you’ll need to have a current checking account, which will be linked to your new MySavingsDirect high-interest savings account for easy transfers and account funding.

During the application process, it’s essential to provide accurate and up-to-date personal and financial information, as this helps ensure the security of your account and compliance with banking regulations. By meeting these simple requirements, customers can quickly and securely open an online account and enjoy the benefits of MySavingsDirect’s high-yield savings options.

Security and Trust

Security is a top priority at MySavingsDirect. As a member FDIC institution, MySavingsDirect ensures that deposits are insured up to $250,000 per depositor, providing strong protection for your funds.

The bank employs advanced security measures, such as encryption and firewalls, to safeguard customer information and prevent unauthorized account access. Backed by the long-standing reputation of Emigrant Bank, MySavingsDirect offers customers the confidence that their money is held with a stable and reliable financial institution.

Account Management

Managing your MySavingsDirect account is designed to be both simple and convenient. Customers can easily access their accounts to check balances, transfer funds between linked accounts, and view detailed account statements through the online platform. The user-friendly interface makes it easy to navigate and handle everyday banking tasks from the comfort of your home or on the go. If you ever need assistance, MySavingsDirect’s customer service team is available by phone or email to help with any questions or concerns.

Additional MySavingsDirect Account Features & Benefits

To access account features, you must be logged in to your banking account. Through online banking, you can check your account balance, view your transaction history, and link a new external account at another bank to make an ACH transfer or schedule a wire transfer.

The website provides a user interface for managing your account, accessing important information, and performing transactions, though some users may find its usability limited compared to other platforms.

There’s also no live chat option if you need help with your account. You can contact customer service by phone seven days a week, from 8:30 a.m. to 11:30 p.m. ET or via email for assistance.

It’s also worth mentioning again that these high-interest savings accounts are FDIC-insured up to the maximum limit of $250,000 per depositor. That means your money is protected against loss.

Are There Other Ways to Save with MySavingsDirect?

You may be interested in opening a money market account or a checking account with MySavingsDirect. Unfortunately, those options are not available.

You can, however, open a certificate-of-deposit account to go along with your online savings account.

The minimum to open a MyTerm CD account with MySavingsDirect is $1,000. Standard CD terms range from 60 months to 120 months.

The best CD deal, however, is on the special 6-month CD. This CD is available exclusively to MySavingsDirect accountholders.

There are no monthly service fees or maintenance fees for CD accounts, and they renew automatically at maturity. MySavingsDirect does charge an early withdrawal penalty for taking money from a CD ahead of its maturity date.

For accounts with a term of less than one year, the penalty is 90 days of interest, whether earned or not. For CD accounts with a term of one year or more, the early withdrawal penalty is 180 days of interest, whether earned or not.

How to Open a Savings Account

It takes just a few minutes to open a MySavingsDirect MySavings Account online. Here’s what you need to get started:

• Your name, address, phone number and email address
• A valid tax identification number, such as a Social Security number
• A valid government-issued ID
• A U.S. checking account

(Note: You do need to be at least 18 years old to open an account. If you’re opening a joint account with someone else, they also need to be 18. You need to give MySavingsDirect their name and personal information as well.)

Once you complete the online application, you must be signed into your account to manage it online.

Once your account is open, the next step is to deposit money. Remember, you can open your account with as little as $1. There’s no upper limit on the amount you can deposit initially.

If you do not use ACH transfer, you can fund your account by mailing in a check for your first deposit. However, transferring money via ACH transfer from a linked checking account may be faster and more convenient. The checking account you link at account opening is the one you’ll use to make deposits or withdrawals going forward.

Initial deposits made by ACH transfer are subject to a five-day hold period, and initial deposits made by check are subject to a 10-day hold. You can add a second external account to make deposits or withdrawals 60 days after opening your account.

Is a MySavingsDirect MySavings Account Right for You?

This section reviews the MySavingsDirect MySavings Account, evaluating its key features, interest rates, and overall customer satisfaction. Customer reviews are essential in assessing the account, as they offer real-world insights into the experience with Savings Direct products and services. If you have experience with MySavingsDirect, consider writing your review to help others make informed decisions.

A MySavingsDirect savings account could be a good choice for someone looking for an online high-yield account that beats the national average. This account is easy to open and manage, though some people might miss the convenience of mobile banking.

There are no fees, monthly service charges, or minimum balances, making this account suited to someone who wants to avoid high costs and/or only has a small amount to save to start. The ability to save in a CD and earn a competitive annual percentage yield is another mark in Savings Direct’s favor since it offers flexibility for savers.

While the rate you can earn is pretty good, it’s not necessarily the highest annual percentage yield for savings accounts. SFGI Direct, for example, offers a slightly better rate for its savings account. But MySavingsDirect remains near the top for being the most generous to savers.

Overall, however, if you’re comfortable with just having online access and want to get a solid rate on savings, the MySavingsDirect high-yield savings account may be what you’re looking for.

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