MySavingsDirect Savings Account Review: High Rates and No Monthly Fee

Save more with a high-yield savings account.

Emigrant Bank was founded by Irish immigrants around 1850 to help the booming immigration population. In 2018, however, anyone can set up an online savings account with MySavingsDirect, an online banking division of Emigrant Bank. If you’re weighing banks that have the best interest rates, consider this savings account review to determine if this is the best savings account for you.

MySavingsDirect Savings Account at a Glance
APY2.25%
Minimum Deposit$0
Monthly Maintenance FeesNone
Balance Confirmation Fee$30
Information accurate as of Oct. 16, 2018.

Inside This Review:

MySavingsDirect Savings Account Pros and Cons

Consider the advantages and disavantages of opening a MySavingsDirect savings account:

MySavingsDirect Savings Account Pros

  • High APY
  • No fees
  • No minimums

MySavingsDirect Savings Account Cons

  • Can only withdraw funds online 
  • A storage fee of 0.80 percent of your daily holdings annually

What You Need to Know About the MySavingsDirect Savings Account

Here are the most important features of this high-interest savings account:

  • 2.25% APY
  • No monthly maintenance fee
  • No minimum deposit required to open an account
  • Balance Confirmation Letter fee
  • Can only withdraw funds online

The high-interest savings account comes with few fees, but like any online-only account, it also presents hurdles in accessing your funds in case of emergency.

Best for: People who want to save but are OK without immediate access to their money

Learn: Here’s Why You Need Multiple Savings Accounts

Best Features of the MySavingsDirect Savings Account

MyDirectSavings online savings account boasts a competitive APY, outperforming some of the more well-known banks. However, the best savings accounts offer equal if not higher rates. Still, the account does not incur any monthly fees, and no minimum deposit means it’s a flexible option no matter how many funds you have available.

Should You Pick the MySavingsDirect Savings Account?

Due to the ease of opening an account, and its higher-than-average APY, MyDirectSavings is worth considering for those interested in opening a savings account. While the account comes with some limitations such as taking two to four business days to access funds plus an annual storage fee, there are few fees that would impact your savings. Those with fewer funds to access might want to consider an account with higher APY because of the $30 confirmation fee.

More on Saving

GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack, Inc., an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. 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 the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met in order to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account.