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.
NOT COMPETITIVE
Their 4.35 APY has not been raised in months. They are not competitive. You can only link ONE account, and it must be a checking account.
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 !
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.
Data as of Q4 2024
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57083 |
| Year Established | 2001 |
| Employees | 477 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.89% |
| Return on Equity - YTD | 4% |
| Annual Interest Income | $427.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2024vs Q4 2023 | $6.23B$6.24B |
| Loans | Q4 2024vs Q4 2023 | $4.24B$4.62B |
| Deposits | Q4 2024vs Q4 2023 | $4.87B$4.7B |
| Equity Capital | Q4 2024vs Q4 2023 | $1.15B$1.43B |
| Loan Loss Allowance | Q4 2024vs Q4 2023 | $75.3MM$73.4MM |
| Unbacked Noncurrent Loans | Q4 2024vs Q4 2023 | $269.9MM$256.4MM |
| Real Estate Owned | Q4 2024vs Q4 2023 | $7.5MM$6MM |