Deposits held and insured by Emigrant Bank

Overview / Commentary
5 East 42nd Street
New York, NY 10017
Deposits held and insured by Emigrant Bank

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Rate increased to 4.35% APY

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So you can call the same phone number and reach MySavingsDirect and DollarSavingsDirect. No news that DollarSavingsDirect is raising rate, and you can't switch your account over, you have to apply for a new account, send your money back to your external account, and then send it into a new MySavingsDirect account. Really? Is this how you treat customers?

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Responsive, Efficient, & Transparent

Posted by: |

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.

Moved Over From Dollarsavingsdirect

Posted by: |

Ok so when DollarSavingsDirect (DSD)was the rate leader at 3.5% APR I easily opened an account. As other banks topped that rate over time I stayed put. But now, Emigrant Banks other online bank “MySavingsDirect (MSD) moved to an awesome 4.35% APR. So the difference was too big to ignore. Opened that account as well. Website has exactly same look and feel as DSD. Pull back the money to checking and then push it all (except a small amount to collect end of month interest) to MSD.

DSD can connect directly to Quicken but MSD does not. I have to export a file. No big deal. All transfers are from the website, too bad no app or “Plaid” support. I’ll put up with these if either DSD or MSD has the highest rates.

Can Only Transfer To/From Checking Accounts, Period.

No Quicken support. WARNING: You cannot initiate transfers out of the account from outside institutions. You can only transfer money to/from outside checking accounts, and this bank has to initiate the transfer. $30 for an outgoing wire fee, but same limitations of only linked outside checking accounts. No transfers to/from investment accounts. High interest rates though.

WORST Website App & Phone Service EVER !

Posted by: |

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 !



Data as of Q2 2022

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

Health Grade Components

FDIC Certificate #12054
Year Established1850
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.34%
Return on Equity - YTD1.43%
Annual Interest Income$126.2MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$5.61B$5.75B
LoansQ2 2022vs Q2 2021$4.14B$4.18B
DepositsQ2 2022vs Q2 2021$4.08B$4.24B
Equity CapitalQ2 2022vs Q2 2021$1.38B$1.26B
Loan Loss AllowanceQ2 2022vs Q2 2021$79.3MM$78.7MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$224.5MM$202.0MM
Real Estate OwnedQ2 2022vs Q2 2021$19.1MM$8.1MM
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Always verify rates and promotions with the bank or credit union. We are not MySavingsDirect; we are a rate comparison website and cannot provide official rates or promotions.

MySavingsDirect Savings Account Rates

4.35%--MySavings Account

MySavingsDirect CD Rates

2.00%$1k-60 - 120 Month My Term CD
1.50%$1k-6 Month My Term CD
1.50%$1k-30 Month My Term CD

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

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.