MySavingsDirect

Deposits held and insured by Emigrant Bank (FL)

Overview / Commentary
914-923-6716
5 East 42nd Street
New York, NY 10017
Deposits held and insured by Emigrant Bank (FL)

Related Posts

A Few I've Been Watching All Lowered - 2/28/2024

I have CD's maturing 3/9/24 and have been following CD rates at some FI's that I have accounts with, hoping they would have held their rates until the 9th---MSD 3yr 5.00 to 3.00---MSD 2yr 5.00 to 3.00---Nasa 4yr 4.60 to 4.45---Live Oak 18mo 5.10 to 4.90---Nasa 15mo 5.30 to 5.15---Barkley 12mo 5.15 changed to 18mo 4.50. So by the 9th I don't know what to expect. I don't want to open any more new FI's.

MySavingsDirect New 24 & 36 Month Both At 5.0 APY - 8/4/2023

Might be good for those with an account at MSD who are interested in laddering CD's. The drawback is their HYS is only 4.35 currently. Just saw DA had posted this in their blog, but good to have it here in this thread also.

MySavingsDirect Offers Top Rate On 36-Month CD - 8/4/2023

New York-based MySavingsDirect and DollarSavingsDirect (both are online divisions of Emigrant Bank), recently added a competitive 36-month CD to their product lines.

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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.

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.

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.

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.

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 !

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Health
B

Data as of Q3 2023

Data displayed below is for insuring bank: Emigrant Bank (FL)
Learn why bank health matters
Additional Factors: Institutions with a small asset base, a short operating history, or negative return on equity can represent an instability risk beyond what their financial ratios indicate. MySavingsDirect has a low asset base.

Health Grade Components

Overall
FDIC Certificate #57083
Year Established2001
Employees10
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.3%
Return on Equity - YTD1.36%
Annual Interest Income$2.6MM
Assets and Liabilities
AssetsQ3 2023vs Q3 2022$47.8MM$68.2MM
LoansQ3 2023vs Q3 2022$25.7MM$40.5MM
DepositsQ3 2023vs Q3 2022$32.4MM$55.6MM
Equity CapitalQ3 2023vs Q3 2022$12.1MM$12MM
Loan Loss AllowanceQ3 2023vs Q3 2022$177K$613K
Unbacked Noncurrent LoansQ3 2023vs Q3 2022$258K$1.1MM
Real Estate OwnedQ3 2023vs Q3 2022$0$0
Rates
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MySavingsDirect Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.35%--MySavings Account

MySavingsDirect CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.00%$1k-6 Month CD
3.00%$1k-30 Month CD
3.00%$1k-36 Month CD
3.00%$1k-24 Month CD
2.50%$1k-60 - 120 Month 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

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.