MySavingsDirect
Related Posts
8/4 - MySavingsDirect Offers Top Rate On 36-Month CD
12/16 - Savings Rate Increase: 4.35% APY
12/2 - MySavingsDirect Raises To 3.90% But DollarSavingsDirect Still At 3.50%
10/6 - Rate Down To 2.10%
1/26 - Mysavingsdirect Offering 0% Loans To Furloughed Government Employees
12/5/18 - 2.40% Annual Percentage Yield Savings Rate
11/15/18 - MySavingsDirect Ups Savings Account Rate
11/14/18 - Mysavingsdirect Savings Account Raised To 2.35% APY.
9/14/18 - 2.25% Annual Percentage Yield Certificate Deposit 6 Months
9/6/18 - MySavingsDirect Savings Account Rate Soars
9/5/18 - Increased Savings Rate To 2.25%
6/11/18 - MySavingsDirect's 6-Month CD Rate Jumps
8/8/16 - Big Rate Drop
12/14/15 - Rate Reduction Notification To 1.00%
9/9/15 - Rate Reduction Notification To 1.10%
6/8/15 - 6 Month CD Term 1.05% APY Savings Account 1.25% APY
6/8/15 - MySavingsDirect Substantially Raises Rate on MySavings Account Today
11/24/14 - MySavingsDirect Savings Account - Over a Year of 1%+
9/23/14 - Rate Hike At My Savings Direct
11/18/13 - Emigrant’s New Internet Bank: MySavingsDirect
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.
Moved Over From Dollarsavingsdirect
Ok so when DollarSavingsDirect (DSD)was the rate leader at 3.5% APR I easily opened an account. As other banks topped that rate over time I stayed put. But now, Emigrant Banks other online bank “MySavingsDirect (MSD) moved to an awesome 4.35% APR. So the difference was too big to ignore. Opened that account as well. Website has exactly same look and feel as DSD. Pull back the money to checking and then push it all (except a small amount to collect end of month interest) to MSD.
DSD can connect directly to Quicken but MSD does not. I have to export a file. No big deal. All transfers are from the website, too bad no app or “Plaid” support. I’ll put up with these if either DSD or MSD has the highest rates.
Teaser Rates with No Bottom
This website is one of many set up by Emigrant bank. I knew nothing about them until I set up this savings account because it offered me an attractive interest rate for savings accounts. Within 30 days of opening the account I recieved notice that they were cutting the rate by a quarter percent. 30 days later they cut it anothe quarter percent. They continues this until after four months the account was paying me 0.1% for a savings account at a time when there were multiple online banks paying in the 1 1/4 range. I later learned that this is typical for them as they have set up several of these websites that always use the same M.O.. They lure people in with a competative rate and then assume we are too lazy or too busy to notice we are getting shafted as they rapidly cut it to near zero.
WORST Website App & Phone Service EVER !
In 2022 there is NO EXCUSE for ANY bank to have a website with application script that repeatedly malfunctions and an 877 phone number where you listen to music on hold while waiting for a human but then get disconnected before a human answers the call. In all, I wasted almost 14 minutes between multiple website application attempts and 2 phone calls. If yo can't even open an account or get a human on the phone, what would the banking experience would be like! NOT FOR ME !
Data as of Q2 2023
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 12054 |
| Year Established | 1850 |
| Employees | 459 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.69% |
| Return on Equity - YTD | 3.31% |
| Annual Interest Income | $221.0MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2023vs Q2 2022 | $6.52B$5.61B |
| Loans | Q2 2023vs Q2 2022 | $4.50B$4.14B |
| Deposits | Q2 2023vs Q2 2022 | $4.97B$4.08B |
| Equity Capital | Q2 2023vs Q2 2022 | $1.41B$1.38B |
| Loan Loss Allowance | Q2 2023vs Q2 2022 | $68.9MM$79.3MM |
| Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $106.8MM$224.5MM |
| Real Estate Owned | Q2 2023vs Q2 2022 | $4.2MM$19.1MM |