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. The bank is currently offering an impressive 2.00% annual percentage yield (APY) for their online savings accounts. The APY is one of the highest in industry today, and significantly higher than the national average of 0.10%.
As of November 2019, their accounts do not have any fees or minimums required, and customers have full 24/7 online & mobile access to their money.
What is the the APY for a MySavingsDirect Account?
As of November 2019, the annual percentage yield (APY) for a MySavingsDirect Account is 2.00%. Furthermore, interest is compounded daily and credited monthly to your account.
Do MySavingsDirect Accounts Have A Service Fee?
At this time, MySavingsDirect does not currently have any service fees associated with their accounts.
What is the Minimum Deposit to open a MySavingsDirect Account?
At this time, 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. For instance:
- 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 November 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?
- Most noteworthy, they have a higher than average APY (2.00% as of November 2019)
- No minimum opening balance and no monthly minimum required
- Thirdly, the account has no monthly or annual maintenance fees or hidden penalties
- Easily links to external banks for transfers
- Similar to other online banks, they do not charge you for your statements.
- In addition, there are no fees for excess monthly withdrawals
What Are The Disadvantages of A MySavingsDirect Account?
- No debit card / ATM access – In other words, money deposited into these accounts are not available for “immediate access”
- Secondly, MySavingsDirect does not currently offer the ability to open an accompanying checking account
- Thirdly, No mobile app
- Deposits made to your MySavingsDirect account electronically via ACH are not available for 5 business days. Furthermore, Check deposits accepted for your initial funding are not available for 10 business days
While their 2.00% APY is a highly-competitive rate – there are a few banks that offer higher APY or may have better perks.
As of November 2019, here are some competitors you might want to also take a look at:
- Vio Bank – 2.27% APY
- TAB Bank – 2.10% APY
- CIBC Bank – 2.05% APY
- Citi Accelerate – 2.05% APY
- HSBC Direct – 2.05% APY
- American Express Personal Savings – 1.90% APY
- Barclays Bank – 1.90% APY
- Capital One 360 – 1.90% APY
- Goldman Sachs – Marcus Account – 1.90% APY
- Synchrony Bank – 1.90% APY
- CIT Bank Savings Builder – 1.85% APY
- Citizens Access – 1.85% APY
- Ally Bank – 1.80% APY
- Discover– 1.80% APY
Is A MySavingsDirect Account FDIC-Insured?
Yes. MySavingsDirect is a FDIC member (Certificate No. 12054). Therefore, any 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). Furthermore, 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 typically takes between 5-10 minutes. In other words, it is a fairly quick and straightforward process.
Start by clicking 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.
In addition, if you still have questions, you can also call their Customer Service department at 877-752-1919.
When you submit your application, you will see a confirmation page that gives instructions to login as well as the status of your account.
After that, 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. They will contact you within 2-3 business days using the contact information you provided in the application.
How To Access Your MySavingsDirect Account:
Online: MySavingsDirect is an “online only” banking experience. The easiest way to access your account is 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
In conclusion, banking with MySavingsDirect is a very basic experience. In other words, 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 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. Moreover, Emigrant is a private financial institution, reported to be the oldest savings bank in New York City. Emigrant also now has become the 9th largest privately owned bank in the United States.
Founded in in 1850 by 18 members of the Irish Emigrant Society, Emigrant Bank’s goal was to serve the needs of the immigrant community in New York. In 1986, Emigrant Savings Bank made the switch from being a mutual savings bank to a stock savings bank due to several years of loss due to poor economic times. Then in 2005, Emigrant introduced Emigrant Direct – their own virtual bank, to help increase their online presence – and then in 2008 launched their MySavingsDirect branch.
Kate’s career has focused on consumer behavior and marketing analysis. She is a Senior Staff Writer for BankProfessor.com.