MySavingsDirect

Deposits held and insured by Emigrant Bank

They Are Great!

Posted by: |

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 :((

Posted by: |

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.

Consistently High Interest; Great Place To Stash Money

Posted by: |

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.

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Health
B

Data as of Q2 2021

Data displayed below is for insuring bank: Emigrant Bank
Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #12054
Year Established1850
Employees470
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.14%
Return on Equity - YTD5.55%
Annual Interest Income$115.2MM
Assets and Liabilities
AssetsQ2 2021vs Q2 2020$5.75B$6.80B
LoansQ2 2021vs Q2 2020$4.18B$4.62B
DepositsQ2 2021vs Q2 2020$4.24B$4.89B
Equity CapitalQ2 2021vs Q2 2020$1.26B$1.20B
Loan Loss AllowanceQ2 2021vs Q2 2020$78.7MM$81.9MM
Unbacked Noncurrent LoansQ2 2021vs Q2 2020$202.0MM$200.2MM
Real Estate OwnedQ2 2021vs Q2 2020$8.1MM$10.5MM
Rates
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MySavingsDirect Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.25%--MySavings Account

MySavingsDirect CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.40%$1k-60 - 120 Month My Term CD
0.30%$1k-30 Month My Term CD
0.25%$1k-6 Month My Term CD
Locations

MySavingsDirect is an Internet only bank and does not have branch locations. Its headquarters is located at 5 East 42nd Street - New York, NY 10017

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