MySavingsDirect

Popular Accounts at this Bank

APY	ACCOUNT TYPE	ACCOUNT NAME
1.00%	Savings	MySavings Account 1.20% - Synchrony Bank High Yield Savings
1.65%	5-year CD	60 - 120 Month My Term CD 2.35% - Synchrony Bank 60 Month CD
1.30%	3-year CD	30 Month My Term CD 1.85% - Synchrony Bank 36 Month CD

View all MySavingsDirect rates »

Overview / Commentary

www.mysavingsdirect.com

5 East 42nd Street
New York, NY 10017

They Are Great!

Posted by: Ronnie | Jun 11, 2015

This guy above or below is out of his mind for giving this bank 1 star just because of their security policy....

Here's my take on this bank:

Sure the staff is not the best, no fancy app, no sexy webpage and no debit card.

The bottom line is right now they are beating every MMA/savings account with 1.25% APY.... So stop whining! They are keeping their cost low and in return you get a healthy APY.

So you are worried they have a C+ Health rating ..... Who care's as long as you don't have over 250k (500k for joint account) then this shouldn't worry you since they are FDIC insured.

So if you have some money you wanna put to safe work, this bank is awesome, you won't get any checks or debit card to easily access your money, you will need to do a free ACH transfer to your primary checking account, but again who cares it's a savings account you can wait 2 days.

I was super skeptical when I opened my account but I conducted extensive research and went for it... My account took a day to setup, they didn't even email me to let me know I was approved (they are really keeping the budget low lol). Funding my account took another day and the portal to view my account is nice and simple.

Also another perk is that the Mint.com app supports this bank. The last bank I had my savings in didn't !

Another perk is absolutely no fees!

Hope this helps someone =]!

112

15 Point Rate Drop :((

Posted by: pilot223 | Sep 11, 2015

Well, I am really disappointed. I just got an account opened up, and the rate dropped from 1.25% down to 1.10%. That's a pretty big drop, especially when the trend lately has been rising rates...

62

Rate Drop Again

Posted by: theanchorman | Jan 5, 2016

Within a year the rate dropped from 1.25 to 1.10 and now to 1.00%. Terrible how companies get you to join and then drop their rates.

27

BEWARE Of Their ACH Rules!

Posted by: msshank | Jan 23, 2017

I found out (the very hard way) that they will only honor OUTGOING ACH-x-fers, from THEIR website (note: they allow only 2 links from their site). They will, however, allow INCOMING ACH-x-fers from anywhere, which is where I ran into trouble - I had linked several other accts, successfully xferred $$ into the acct many months ago and then when their teaser-rate dropped, initiated transfers (out of MySavDirect) from those external banks, and incurred all sorts of penalties from the other banks when those ACH transactions were later denied by MySavingsDirect. No recourse in either direction - MySavDirect stands by the fine print somewhere in the gazillion pages of legalese that I agreed-to w/ a quick click of my mouse, and the other banks have a valid case that the $$ never showed up to cover the subsequent transactions that I made in the other accts. - a BAD thing!
To summarize, MySavingsDirect uses ACH as a one-way-street - i.e., they'll take money from anywhere, but will only give it back from their own website. Live & learn - won't ever do business w/ them again - ever!

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Health

C+

Data as of Q1 2017

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #	12054
Year Established	1850
Employees	582
Primary Regulator	FDIC

Profit Margin
Return on Assets - YTD	0.8%
Return on Equity - YTD	4.57%
Annual Interest Income	$72.7MM

Assets and Liabilities
Assets	Q1 2017vs Q1 2016	$6.31B$6.65B
Loans	Q1 2017vs Q1 2016	$4.29B$4.09B
Deposits	Q1 2017vs Q1 2016	$4.24B$5.41B
Equity Capital	Q1 2017vs Q1 2016	$1.11B$1.11B
Loan Loss Allowance	Q1 2017vs Q1 2016	$77.7MM$76.7MM
Unbacked Noncurrent Loans	Q1 2017vs Q1 2016	$232.9MM$238.5MM
Real Estate Owned	Q1 2017vs Q1 2016	$37.2MM$53.4MM

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