Responsive, Efficient, & Transparent
I have had a relationship with this online bank derivative of Emmigrant Direct for awhile, and glad I maintained it. Their rate leads the market right now at 4.35%. Transfer credit awarded in a day incoming. Outgoing took a day to credit my checking account when testing a $1. I don't mind the 5 business day hold on larger amounts as I receive interest credit in a day...if I needed the money in less than 5 business days I wouldn't have transferred it.
Recommendation here.
4/13/2023 - Update: Only issue with the account is the rate is no longer as competitive and no telling if they will increase to the 5% range. Time to utilize other higher rate platforms.
I Am Very Impressed
I have a good experience with this bank, very easy to deal with it.
I'm Impressed!
I have HYSA at several banks and credit unions. MSD was the last one I opened. I think it is the best of the bunch.
Here are 4 reasons why. First, it presently offers the top tier HYSA rate. Secondly, I twice called customer service and was connected quickly to a live person who spoke perfectly understandable English, who gave me the service and answers I needed. Thirdly, they have a very generous transfer policy. $500,000/day outgoing to your external account, a policy verified by one of my calls to customer service. Lastly, the transfers are fast. Like one day fast. On 1/31/23, I transferred $40,000 to my external account at 3:00 p.m. as a test to see how soon it would be in my external account. I check my external account at 7:00 a.m. the next morning, and there it is in my account.
For those thinking of opening an account and using the small deposit verification method. Be advised, it took a few days after applying for those deposits to hit my external account. In fact, that is what, in part, generated by first call to customer service. My initial transfer had been deducted from my external account,(which by the way, I always make small in case there is an issue), but my bank had not yet received the two verification deposits, so I was unable to verify my external account at MSD. It was explained to me that for whatever reason, it takes a few days for those deposits to hit. So, don't freak out if it happens to you. Otherwise, enjoy a great bank.
I Like This Bank And Great Rate
Opened account 12/20/22 no problems have had several transactions again no problems.It seems like you can only have one bank listed for transfers for the first 90 days for me thats OK for me for some that may be a problem.
Data as of Q1 2025
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57083 |
| Year Established | 2001 |
| Employees | 480 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | -0.43% |
| Return on Equity - YTD | -2.32% |
| Annual Interest Income | $90.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $5.95B$6.24B |
| Loans | Q1 2025vs Q1 2024 | $4.07B$4.62B |
| Deposits | Q1 2025vs Q1 2024 | $4.6B$4.67B |
| Equity Capital | Q1 2025vs Q1 2024 | $1.13B$1.45B |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $85MM$73.6MM |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $207.1MM$237.3MM |
| Real Estate Owned | Q1 2025vs Q1 2024 | $7.7MM$6.8MM |