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
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
Consistently High Interest; Great Place To Stash Money
I'm confused about all the "bait and switch"/lowering rates comments. I've had money with them since 2016, and the interest rates have gone consistently up, staying at 2.40% for the last year or so. There are basically no fees, and the tradeoff, from my perspective, for the low fee/high interest is the slow pace of moving money (takes a long time for first deposit to clear, moving additional money in and out is pretty laggy).
I use this for a zero-risk, long-term emergency savings that keeps me from losing money due to inflation, and it is perfect for this purpose.
I have had all my customer service needs met via their messaging system. No complaints at all.
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 =]!
Don't Trust Their Interest Rates
I logged in to check on my savings today and noticed that they were advertising an interest rate significantly lower than my interest rate. I thought this was odd, so I checked my account and to my surprise I was also being paid the lower interest rate. I checked my email and messaging history trying to figure out when that happened, but there was no record of it at all. I checked here at depositaccounts.com and sure enough, MySavingsDirect has lowered their interest rate 5 times over the last few months.
I get that interest rates change. But at a minimum I would expect a courtesy notification when they change mine. I'll be looking for another place to put my savings. The interest rate here is still somewhat competitive with some of the bigger banks, but not nearly as competitive as it was when I opened the account.
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 Q4 2020
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 12054 |
| Year Established | 1850 |
| Employees | 470 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.06% |
| Return on Equity - YTD | 5.5% |
| Annual Interest Income | $274.0MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2020vs Q4 2019 | $6.26B$5.96B |
| Loans | Q4 2020vs Q4 2019 | $4.19B$4.40B |
| Deposits | Q4 2020vs Q4 2019 | $4.70B$4.59B |
| Equity Capital | Q4 2020vs Q4 2019 | $1.27B$1.20B |
| Loan Loss Allowance | Q4 2020vs Q4 2019 | $79.7MM$63.2MM |
| Unbacked Noncurrent Loans | Q4 2020vs Q4 2019 | $220.1MM$168.8MM |
| Real Estate Owned | Q4 2020vs Q4 2019 | $8.9MM$14.0MM |