MySavingsDirect
Related Posts
12/16 - Savings Rate Increase: 4.35% APY
12/2 - MySavingsDirect Raises To 3.90% But DollarSavingsDirect Still At 3.50%
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
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.
Moved Over From Dollarsavingsdirect
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 !
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
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 |