MySavingsDirect Review: Boost Savings With Higher-Than-Average Interest Rates
Written by
Sean Dennison
Edited by
Joe Evans
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Our Take: MySavingsDirect won't overwhelm you with choices, but what it offers comes with a better-than-average annual percentage yield. Interest is compounded daily, so you'll earn more interest than similar accounts that only compound monthly.
MySavingsDirect is an online savings platform backed by Emigrant Bank, a long-established FDIC-insured bank. The brand is designed for one purpose: helping savers earn competitive interest rates without fees, branches or unnecessary extras.
If your priority is earning more on cash rather than accessing in-person banking services, here’s how MySavingsDirect stacks up.
MySavingsDirect at a Glance
| Category | Details |
|---|---|
| Bank backing | Emigrant Bank |
| Account type | Online high-yield savings |
| Branch access | None |
| Monthly fees | None |
| FDIC insured | Yes |
| Best known for | Competitive savings rates |
| Not known for | Checking, loans or in-person service |
Pros
- No fees
- No minimums
- High APY of 3.75% compared with other financial institutions
Cons
- Can only deposit and withdraw money by transfers through an external bank account
MySavingsDirect Products
MySavingsDirect doesn’t have a lot of products compared with other banks. Here’s a rundown of what you can expect to find:
| Product | Features |
|---|---|
| Savings Account |
|
| Certificates of Deposit |
|
| Precious Metals |
|
You won’t find a wide range of savings products at MySavingsDirect, but what you do get comes with attractive interest rates that can boost your savings compared to other savings accounts.
MySavingsDirect Savings Account
MySavingsDirect has only one primary savings account, but its above-average interest rates and no fees or service charges make it an attractive option. Here’s more:
Features
- No minimum balance requirement
- No fees or service charges
- 3.75% APY
- Interest is compounded daily and credited monthly
- Joint owners allowed on accounts
- Named one of the Best Savings Accounts in GOBankingRates’ annual rankings
Pros:
- Interest compounded daily
- Can have more than one checking account linked to MySavings account
- Direct deposit is available
Cons:
- Must wait 60 days before linking a second checking account
MySavingsDirect CD Accounts
MySavingsDirect has a surprising variety of CD terms. All of its certificates of deposit come with competitive interest rates and daily compounding interest.
Features
- $1,000 minimum deposit
- Terms from 60 months to 120 months for highest APY
- APY of 0.70% for most terms
- 30-month term available at 0.55% APY
- Interest compounds daily
- FDIC insurance
Pros:
- High APY compared to other certificates of deposit
- Daily compounding interest
- Shorter-term CDs available
Cons:
- CDs available only to MySavingsDirect account holders
- Penalties for early withdrawal
How To Open An Account
To open a MySavingsDirect account, you must be at least 18 years old and have a valid tax identification number, legal address and personal checking account in the U.S. Here’s what you need to do:
- Click “Open Now” on the bank’s home page.
- Enter your personal information.
- Fund your account using your current bank’s routing and account numbers.
- Read the provided account disclosures.
- Submit the completed application.
Customer service representatives are available if you need help completing the application.
Digital Banking Experience
The online experience is streamlined and straightforward.
Features Include:
- Online account management
- Balance and interest tracking
- Electronic statements
- Basic security and account alerts
The platform prioritizes function over flash, which works well for savers who log in occasionally rather than manage daily transactions.
Key Information
Customer Service Number: 877-752-1919
Routing Number: 226070403
MySavingsDirect Fees
MySavingsDirect does not charge monthly maintenance fees. There may be charges for ancillary services, but you only pay for these services if you use them.
- Balance confirmation letter: $30
- Additional copies: $5
- Legal fee for processing subpoenas and levies: $100
MySavingsDirect also charges an early withdrawal fee for cashing in a certificate of deposit before the maturity date. For a CD with a term of less than one year, this fee is equal to the amount of 90 days’ worth of interest. The fee increases to 180 days’ worth of interest for CDs with terms of one year or more.
You can avoid the few fees charged by the bank by not using the ancillary services that come with a fee and by letting your certificates of deposit reach full maturity.
MySavingsDirect vs. Competitors
Before opening an account with MySavingsDirect, it helps to see what competitors have to offer. Here’s a quick rundown:
| Bank | Best For |
|---|---|
| MySavingsDirect | Customers who are happy with their checking accounts but want above-average APY for savings products and the ability to invest in precious metals |
| DollarSavingsDirect | Customers who want more savings options, including short-term CDs |
| Ally Bank | Online banking customers who want a full menu of banking products and services |
MySavingsDirect vs. DollarSavingsDirect
MySavingsDirect and DollarSavingsDirect are both divisions of Emigrant Bank and offer similar savings products with higher-than-average interest rates. In terms of savings accounts, the main difference is that DollarSavingsDirect offers CDs with shorter terms, including one with a 12-month term. So it might be a better option for customers who want a greater variety of CD products.
MySavingsDirect vs. Ally Bank
MySavingsDirect is better suited for customers who already have a checking account and want a different bank to hold their savings. Ally Bank is more like a traditional bank in that it offers a full lineup of banking products — including checking accounts, retirement accounts and loans — making it a better choice for those who like to do all their banking in one place.
Who MySavingsDirect Is Best For
| Saver Type | Fit |
|---|---|
| Rate-focused savers | Competitive APY without fees |
| Emergency fund builders | Strong yield with FDIC protection |
| Minimalist bankers | Simple, single-purpose account |
| Branch-first customers | No in-person access |
| Checking account users | No spending features |
| All-in-one banking seekers | Limited product lineup |
Safety and FDIC Insurance
Because MySavingsDirect is backed by Emigrant Bank, deposits are FDIC-insured up to $250,000 per depositor, per ownership category. This provides the same level of protection as traditional banks.
Final Take to GO: Is MySavingsDirect Worth It?
MySavingsDirect is best viewed as a pure savings tool, not a full-service bank. Its strength lies in offering competitive interest rates with no fees or minimums, making it a solid option for emergency funds or long-term savings you don’t need to touch often.
If you’re comfortable pairing it with a separate checking account elsewhere, MySavingsDirect can be an effective way to boost your savings without added complexity.
Editor’s Favorite
MySavingsDirect is a great option if you want to build an emergency fund in an account that is separate from your regular banking account. The account is linked to your checking account, so you’ll have access to the money should you ever need it. But since you have to wait for the transfer to process, you might have less temptation to spend it unnecessarily.
FAQ: MySavingsDirect Review
Here are the answers to some commonly asked questions about MySavingsDirect.- Is MySavingsDirect FDIC-insured?
- Yes. Deposits are FDIC-insured through Emigrant Bank up to standard limits.
- Does MySavingsDirect charge any monthly fees?
- No. The savings account has no monthly maintenance fees.
- Does MySavingsDirect offer checking or money market accounts?
- No. The platform focuses exclusively on savings accounts.
- Is there a minimum balance requirement?
- No. You can earn interest without maintaining a minimum balance.
- Is MySavingsDirect good for everyday banking?
- No. It’s best used as a companion savings account, not for daily transactions.
This article has been updated with additional reporting since its original publication.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 2, 2026.
This content is not provided by MySavingsDirect. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by MySavingsDirect.
