If you are looking for a no-frills, no fee, high-yield online savings account experience – you may want to check out the latest offering from Emigrant Bank: MySavingsDirect.
What Is A MySavingsDirect Account ?
MySavingsDirect is an online savings account program offered by Emigrant Bank.
MySavingsDirect is currently offering an impressive 2.40% annual percentage yield (APY) for their savings accounts – which is one of the highest offerings in industry today and also significantly higher than the national average of 0.10%.
Accounts do not have any fees or minimums required. Furthermore, customers have 24/7 online & mobile access to their money.
What is the the APY for a MySavingsDirect Account?
The current annual percentage yield (APY) for a MySavingsDirect Account is 2.40%. Interest is compounded daily and credited monthly to your account.
Do MySavingsDirect Accounts Have A Service Fee?
MySavingsDirect does not currently have any service fees associated with their accounts.
What is the Minimum Deposit to open a MySavingsDirect Account?
There is no minimum deposit required to open a MySavingsDirect savings account.
How Do I Deposit and Withdraw Money From A MySavingsDirect Account?
Here are the ways you can deposit and withdraw money from a MySavingsDirect savings account.
- Mobile Deposit
- Wire Transfer
- Request a physical check be mailed to you
- Mobile Transfer
- Wire Transfer
What Are MySavingsDirect Account Fees?
Here is a breakdown of fees associated with MySavingsDirect accounts (Updated August 2019)
|Balance Confirmation Letter||$30, and $5 for each additional copy|
|Verification of Deposit Letter||$30, and $5 for each additional copy|
|Legal Documents (processing subpoenas or levies, etc)||$100|
|Incoming Domestic Wire||$0|
|Outgoing Domestic Wire||$0|
What Are The Benefits of A MySavingsDirect Account?
- High APY (2.40% as of August 2019)
- No minimum opening balance and no monthly minimum required
- No monthly or annual maintenance fees or hidden penalties
- Easily links to external banks for transfers
- No charge for statements
- No fee for excess monthly withdrawals
What Are The Disadvantages of A MySavingsDirect Account?
- No debit card / ATM access
- MySavingsDirect does not currently offer the ability to open an accompanying checking account
- No mobile app
- Deposits made to your MySavingsDirect account electronically via ACH are not available for 5 business days. Check deposits accepted for your initial funding are not available for 10 business days
While their 2.40% APY is a highly-competitive rate – there are a few banks that offer higher APY or may have better perks.
As of August 2019, here are some competitors you might want to also take a look at:
- Vio Bank – 2.52% APY
- TAB Bank – 2.40% APY
- CIBC Bank – 2.39% APY
- Citibank – 2.36% APY
- CIT Bank Savings Builder – 2.30% APY
- HSBC – 2.20% APY
- Citizens Access – 2.20% APY
- Synchrony Bank – 2.15% APY
- Goldman Sachs Bank USA – 2.15% APY
- American Express Personal Savings – 2.10% APY
- Barclays Bank – 2.10% APY
- Discover– 2.00% APY
- Ally Bank – 1.90% APY
- Capital One 360 – 1.00% APY
Is A MySavingsDirect Account FDIC-Insured?
Yes. MySavingsDirect is a FDIC member (Certificate No. 12054), which means that funds deposited in a MySavingsDirect Savings Account is insured up to the maximum allowed by law.
The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation providing deposit insurance to depositors in U.S. commercial banks and savings institutions. The FDIC insures deposits according to ownership category (such as individual, joint or accounts with beneficiaries). The current maximum amount is $250,000 per depositor, per insured bank, for each account ownership category.
How Do You Open A MySavingsDirect Account?
Opening a MySavingsDirect Account is a quick and fairly straightforward process.
Just click on the Open Now button on the MySavingsDirect home page.
The only requirements are that you are at least 18 years old, have a valid tax identification number, a legal address and a personal checking account in a US bank.
It is important to note: You can initially fund your account through a physical check – but after that, you must fund the account using your checking account from another bank.
If you still have questions, you can also call their Customer Service department at 877-752-1919.
Once your application has been submitted, you will see a confirmation page that gives instructions to login as well as the status of your account.
If you have successfully opened the account, the confirmation screen will allow you to log into your account immediately.
However, if you are not given information to login to your account on the confirmation screen – this means MySavingsDirect needs more information from you and will contact you within 2-3 business days using the contact information you provided in the application.
How To Access Your MySavingsDirect Account:
Online: Access your account by logging in with your username and password on: mysavingsdirect.com
Contact MySavingsDirect About Your Account:
- You can call MySavingsDirect toll-free at 877-752-1919, seven days a week, 8:00 AM – 11:30 PM ET
- Outside the US: 1-914-923-6716
13 Croton Avenue
Ossining, NY 10562
Banking with MySavingsDirect is a very basic experience. If you have a larger savings account balance, are comfortable with online-only banking, and already have a checking account at another bank – using MySavingsDirect could be a great option for you to gain a much higher than average return on your investment by opening one of their high-yield savings accounts.
Moreover, if you’re looking a traditional banking experience or one with all the technological bells and whistles via a mobile app-this may not be the right choice for you.
Then again, savings accounts are really meant for your money to grow untouched (of course, with the exception of adding money), so immediate access to your money may not be a top concern when shopping around for a place to store it.
MySavings Direct is a subsidiary program offered by Emigrant Savings Bank. Emigrant is a private financial institution, reported to be the oldest savings bank in New York City and the 9th largest privately owned bank in the United States.
Emigrant Savings Bank was founded in 1850 by 18 members of the Irish Emigrant Society with the goal of serving the needs of the immigrant community in New York. In 1986, The Emigrant Savings Bank made the switch from being a mutual savings bank to a stock savings bank after several years of loss due to poor economic times. In 2005, Emigrant introduced Emigrant Direct – their own virtual bank, to help increase their online presence – and then in 2008 launched their MySavingsDirect branch.
In the aftermath of the 2008 financial crisis, Kate found herself surrounded by friends and family who were concerned about the safety of their money and needed help navigating banks and bank accounts. Her desire to share her knowledge led to the development of BankProfessor.com