MySavingsDirect
Related Posts
10/6 - Rate Down To 2.10%
1/26 - Mysavingsdirect Offering 0% Loans To Furloughed Government Employees
12/5 - 2.40% Annual Percentage Yield Savings Rate
11/15 - MySavingsDirect Ups Savings Account Rate
11/14 - Mysavingsdirect Savings Account Raised To 2.35% APY.
9/14 - 2.25% Annual Percentage Yield Certificate Deposit 6 Months
9/6 - MySavingsDirect Savings Account Rate Soars
9/5 - Increased Savings Rate To 2.25%
6/11 - MySavingsDirect's 6-Month CD Rate Jumps
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
Highest Rates
Their rate is 3.5% as of this week. Tx ratio is a little high for my taste, but I'll keep some in there at that rate. Never had much of an issue w/ the site or people who answer the phones.
They Are Great!
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 =]!
15 Point Rate Drop :((
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...
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.
Data as of Q2 2022
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 12054 |
| Year Established | 1850 |
| Employees | 459 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.34% |
| Return on Equity - YTD | 1.43% |
| Annual Interest Income | $126.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $5.61B$5.75B |
| Loans | Q2 2022vs Q2 2021 | $4.14B$4.18B |
| Deposits | Q2 2022vs Q2 2021 | $4.08B$4.24B |
| Equity Capital | Q2 2022vs Q2 2021 | $1.38B$1.26B |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $79.3MM$78.7MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $224.5MM$202.0MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $19.1MM$8.1MM |