MySavingsDirect Review and Rates: Is This Online-Only Bank Right for You?

MySavingsDirect gives you high interest from your first deposit.

Established in 1850 as a mutual savings bank, Emigrant Bank continues to provide exceptional service to clients online with MySavingsDirect.

MySavingsDirect stands out for its consistently competitive rates but it provides only certificates of deposit and a savings account. This limited offering means that the bank has a greater focus on its savings products, offering more competitive annual percentage yields to draw in new depositors.

“While the annual percentage rate may change at any time due to market conditions, you are assured to earn high interest with a MySavings Account,” the bank’s website noted. That’s good news if you’re among the 69% of Americans a recent GOBankingRates survey identified as having less than $1,000 saved.

Read on to learn more about what types of accounts MySavingsDirect offers, and consider if it could be the right bank for you.

Who Is MySavingsDirect Best For?

Although MySavingsDirect could be a good fit for those who prefer online-only banks, others might prefer the convenience of having a bank with a physical location. Determine if MySavingsDirect is the right fit for your financial needs by reviewing the pros and cons.

More From Your Money
Sponsors of

Pros of MySavingsDirect:

  • No minimum balance on savings account
  • 0.45% APY on your savings account balance
  • No fees or hidden costs
  • Easily open a savings or CD account online
  • CD accounts can earn up to 1.20% APY.

Cons of MySavingsDirect:

  • No checking accounts
  • No physical bank access
  • No mobile banking app
  • CD account has $1,000 minimum deposit

Who Might Want To Choose MySavingsDirect?

MySavingsDirect could be a great choice for anyone looking for a consistent interest rate that begins from the first deposit. The low balance requirement makes this savings account easy to open and manage.

You can open an account with any deposit — even $1 or less. And you won’t have to worry about incurring fees if the balance gets too low, as “no fee” also means no minimum balance requirement.

Who Might Want To Skip MySavingsDirect?

Anyone who plans to keep a large balance and wants to take advantage of a higher interest rate might want to look elsewhere. Some online banks offer a higher APY depending on your balance.

More From Your Money
Sponsors of

Consider other options, too, if you want to be able to bank on-the-go. MySavingsDirect does not have a mobile banking app, and it doesn’t offer a checking account.

Learn More: Are High-Yield Savings Accounts Worth It? Here’s Everything You Need to Know

Back to top

Types of Accounts Available

MySavingsDirect only offers two banking products: CDs and a savings account. Review the features below to find out if either of these options is right for you.

MySavingsDirect Savings Options at a Glance
High-Interest Savings Account CDs
Monthly Fee $0 $0
APY 0.45% Up to 1.20%
Features High interest from your first deposit, with no minimum Withdraw your interest at any time

High-Interest Savings Account

For those looking for a better way to earn more on their savings, opening a MySavingsDirect account can be beneficial. The High-Interest Savings Account doesn’t have any fees or minimum balance requirements. The average savings account interest rate is 0.08% APY, according to the FDIC, so this account lets you earn interest at a higher rate compared to a typical account.

More From Your Money
Sponsors of
  • Features:
    • Begin earning 1.00% APY from the time of your first deposit.
    • Interest is compounded daily and credited to your account once a month.
  • Pros:
    • Easily open accounts online
    • No fees
    • No minimum deposit
  • Cons:
    • No banking app

Back to top

CD Rates

MySavingsDirect has a wide array of CD terms available. Although the CDs have a hefty initial deposit minimum, they offer high interest rates in return. Your CD automatically renews at the end of the term.

  • Features:
    • 6- to 120-month terms available
    • Interest is compounded daily and credited to your account once a month.
    • Close your account without penalty within 10 days of automatic renewal
  • Pros:
    • Up to a 1.20% APY
    • No penalty for withdrawing accrued interest
  • Cons:
    • $1,000 minimum deposit
    • Penalty for early withdrawals from the principal amount

Find Out: Best Credit Unions of 2020

Back to top

How To Bank With MySavingsDirect

You can easily open a MySavingsDirect account online by providing just a few details, including your personal checking account information. Once you have set up a savings account, log in and fill out the application to open a CD account.

More From Your Money
Sponsors of

Learn More: How To Open a Bank Account Online — Everything You Need To Know

Back to top


There are no fees or minimum deposit requirements to set up your MySavingsDirect savings account. To make your initial deposit, you can either transfer funds from your linked checking account or send a check to the address MySavingsDirect provides. All subsequent deposits must be made online.

The CD account requires a $1,000 minimum deposit from your current MySavingsDirect savings account, your linked checking account or a mailed check.

More On This: Best Banks With No Fees

Back to top

Availability of Funds

Your MySavingsDirect savings account will be linked to the checking account you designate as your external funding account. You may transfer funds from your external funding account into your MyDirectSavings account at any time, but transfers usually take two to four days to process.

Although you may withdraw posted interest from your CD account at any time by transferring it back to your linked funding account, you’ll incur a penalty if you withdraw from your CD principal balance prior to the date of maturity.

More From Your Money
Sponsors of

Read On: Best Second-Chance Checking Accounts

Back to top

Is MySavingsDirect the Bank for You?

MySavingsDirect’s product offerings are limited. The online bank doesn’t have a checking account, for example, and it has no credit products at all.

In the event you’re looking to find a new bank to switch all your money to, you might need a more comprehensive line of services than MySavingsDirect offers.

If a reliable, high-interest savings or CD account is the goal, MySavingsDirect could be the online-only bank for you.

More Bank Reviews

This article has been updated with additional reporting since its original publication.

This content is not provided by Emigrant Bank or 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 Emigrant Bank or MySavingsDirect.

Related Video

About the Author

Elyssa Kirkham

As a finance journalist and editor with GOBankingRates, Elyssa Kirkham covers finance news, consumer savings and deals, and banking. Kirkham’s work has appeared on major sites like Huffington Post, MSN, Investopedia, CU and CB Insight, The Motley Fool and a range of major local newspapers.

Read More