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 =]!
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.
I signed up with them years ago, while I had a local bank account, so I wouldn't be able to access my savings without thought.
After a while, I closed the local bank and moved to an online bank, and started to need access to my savings. When I tried to link the accounts, My Savings Direct would not allow me to link to the online bank account. (As of current writing, I tried three different online accounts. None would link.) They wanted a voided check to link the accounts, which these bank accounts don't do paper checks, so no way to send them a voided check.
Got fed up and closed my account. They sent out a check, and three different bank accounts would not deposit the check. The check has aged out, and was given a run around by having to fill out a form, notarize it and mailing back the aged out check.
Not hearing anything back, I even tried to get them to reopen my account. They refused saying it's been over a year. If I wanted an account: I have to create a new account, I have to fill out the form (again), send the aged out check (which has since been lost), wait for them to issue out a new check, then mail the new check back to them to fund the new account.
I've been trying to get access to my savings before 2020, and a check I can deposit since March, 2021.
|FDIC Certificate #||12054|
|Return on Assets - YTD||-0.04%|
|Return on Equity - YTD||-0.18%|
|Annual Interest Income||$60.0MM|
|Assets and Liabilities|
|Assets||Q1 2022vs Q1 2021||$5.90B$6.19B|
|Loans||Q1 2022vs Q1 2021||$4.20B$4.10B|
|Deposits||Q1 2022vs Q1 2021||$4.29B$4.65B|
|Equity Capital||Q1 2022vs Q1 2021||$1.38B$1.23B|
|Loan Loss Allowance||Q1 2022vs Q1 2021||$85.9MM$81.1MM|
|Unbacked Noncurrent Loans||Q1 2022vs Q1 2021||$191.5MM$206.3MM|
|Real Estate Owned||Q1 2022vs Q1 2021||$17.9MM$7.8MM|
Rates for MySavingsDirect are currently being reviewed.
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