MySavingsDirect Savings Account Rate Soars


Deal Summary: MySavings Account, 2.25% APY, $1 minimum deposit.

Availability: Nationwide (internet bank)

In somewhat of a surprising move, it appears Emigrant Bank has decided to make MySavingsDirect (MSD) their flagship savings account, having raised the rate on the MySavings Account to 2.25% APY. Meanwhile, DollarSavingsDirect’s (DSD) Dollar Savings Account remains unchanged at 1.80% APY.

2.25%--MySavingsDirectMySavings Account
Rates as of October 20, 2018.

With this latest rate increase, DSD and MSD have switched roles: DSD had been offering competitive rates on the Dollar Savings Account since April 2017 (1.25% APY), with the latest increase to 1.80% occurring in February 2018. MSD’s MySavings Account had been decidedly non-competitive, offering an APY of 1.00% or lower since December 2015.

As stated on the FAQ page, opening a MySavings Account “is quick, easy and convenient.”

Just click on the Open Now button on our home page. The only requirements are that you are at least 18 years old, have a valid tax identification number, a legal address and a personal checking account in a US bank. If you still have questions, please call Customer Service at 877-752-1919.

Thanks to DA reader, IvoryMale, for his timely Forum post about the rate increase.

ACH Transfer System

As I noted in a November 2014 blog, MSD’s ACH transfer service has been a deal killer for several DA readers. MSD’s FAQ page contains a great deal of information about the MySavings Account, including:

  • No sooner than 60 days after the MySavings Account is established, a second checking account may be linked to MySavingsDirect.
  • Account Verification Authorization Form must accompany the voided check in order for us to process your request. Faxes will not be accepted.
  • Opening deposit can be made by check, but must be from the linked funding account listed on the online application.
  • Only external ACH deposits are allowed following the opening deposit.
  • A single beneficiary (Social Security number required) can be added, using the online application.

After speaking with an MSD CSR and reviewing my earlier blog posts on Emigrant Bank and its various divisions, I was surprised to see that not much has changed. All the ACH details I mentioned in a 2013 blog post are still in effect today. In fact, these attributes are the same that existed when I first wrote about DSD in 2008. And if memory serves me right, I think EmigrantDirect listed the same features when it began in 2005. Rather than doing a rewrite, I’m just going to quote my November 2013 blog post.

  • They don’t allow ACH withdrawals initiated by another bank. External ACH deposits are allowed (CSR).
  • Maximum of 2 linked accounts which includes the initial funding account (Q&A).
  • Establishing second linked account requires mailing in a voided check and form (Q&A).
  • Maximum amount that can be transferred via ACH (in/out) is $500,000 (CSR).
  • Linked accounts can only be personal checking accounts (Q&A).


As an online division of New York City's Emigrant Bank, MySavingsDirect has no brick-and-mortar branches and any account with MySavingsDirect must be opened online.

About eight years ago, Emigrant Bank, which is owned by the Milstein Family, sold 30 of its 32 branches to Apple Bank for Savings. The remaining two branches are located in New York City and Ossining (Westchester County).

Bank Overview

MySavingsDirect (along with EmigrantDirect and DollarSavingsDirect) is an internet division of Emigrant Bank, and operates under Emigrant Bank’s FDIC Certificate and shares its financial history.

MySavingsDirect/Emigrant Bank has an overall health rating of "B+" at, with a Texas Ratio of 17.95% (above average), based on June 30, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $440.66 million, an excellent annual growth rate of 10.28%. Please refer to our financial overview of MySavingsDirect/Emigrant Bank (FDIC Certificate # 12054) for more details.

As MySavingsDirect, EmigrantDirect, and DollarSavingsDirect are all online banking divisions of Emigrant Bank,

any deposits you have at Emigrant Bank, EmigrantDirect, DollarSavingsDirect or MySavingsDirect are aggregated and FDIC insured up to $250,000 per depositor. Keep in mind that individual and joint accounts are insured separately, so if you have both types of accounts with us, your total deposits can be insured up to $500,000; that's up to $250,000 in all of your individual accounts, and up to an additional $250,000 in all of your joint accounts.

MSD’s website provides a chart, which shows how to maximize the FDIC coverage

Launched in November 2013, MySavingsDirect is the third online banking division created by Emigrant Bank. Emigrant Bank was founded by 18 members of the Irish Emigrant Society in 1850 as a mutual savings bank. By the 1920s, it had grown to become the largest savings bank in the nation. In support of its “hometown,” the Bank invested substantial funds into the New York City community, underwriting constructions loans for Saint Patrick’s Cathedral and a public works project that later became Central Park. Emigrant Bank is currently New York’s 18th largest bank with assets in excess of $6.16 billion, and is also the largest privately owned bank in the country.

How the Savings Account Compares

When compared to other person savings accounts tracked by, requiring a similar minimum deposit and available nationally, the MySavings Account currently ranks first.

The above rates are accurate as of 9/6/2018.

To search for the best savings accounts rates, either nationwide or in your state, please refer to the Savings Rates section of

Related Pages: New York savings accounts, savings accounts, nationwide deals, Internet banks

RichReg   |     |   Comment #1
Great rate...and we know they've got great ACH processing time.
Sadly, same hold-your-funds-hostage routine as before with "No Other Banks Allowed" policy.
Anon   |     |   Comment #2
Emigrant needs to come out with some stunning CD rates. Not enough anymore to have a savings rate 25 pts over the competition. I pulled out of Dollar Savings. Probably won't go back.
RJM   |     |   Comment #3
I was with Emigrant way back when for a bait & switch and they lowered their rate after drawing me in.

Reminds me of a good song from long ago.

Won’t Get Fooled Again!

PS, off topic but there is a typo above...
"The above rates are accurate as of 9/6/2015."
suggestions   |     |   Comment #6
#3, you are correct, they have that reputation to lower the rates the moment they reach their goal for money. I give them few months at this rates before lowering it again.
Ken Tumin
Ken Tumin   |     |   Comment #10
Good catch on the old date. It's now corrected. Must have been too much reminiscing of the history of ED's internet banks.
Att   |     |   Comment #4
Dollardirect paid one of the top savings account rates for over a year. They stalled at 1.8%. Once the Northern Savings account came out that pays a guaranteed 2.26% until June 2019 I pulled all my funds out of Dollar. If someone offers a higher rate than Northern I'll move my savings account again.
RJM   |     |   Comment #8
Me too. But my savings remaining is very small (Thanks to Keesler and this deal) and I won't have more until the first of the year when several Ally 2% one year CDs mature. By then, I am pretty sure someone will be at 2.50% for a savings or MM.
RJM   |     |   Comment #25
Just noticed my typo here. Should have been "Thanks to Keesler and Nasa)"

I do not have an account with any of Emigrants divisions.
#26 - This comment has been removed for violating our comment policy.
suggestions   |     |   Comment #5
How stupid is this bank, anyone can print checks under any name and any account number and mail it to them to make the transfer account available, should anyone has made access to your account via hacked passwords and user ID.
Better solution is to verify the log on process with calling you back (on your land line preferably) to enter the numbers given by the security log in process, that way it is very unlikely for someone to log in your account without your knowledge.
Hoe about e-mailing you a notifications every time anyone accesses your account or any money are being withdrawn or any external account added. Most if not all banks have that ability today, what better security than the above suggestions if you have numerous accounts with substantial amount in them.
CarlBig   |     |   Comment #11
I just opened a account and did not have to mail a voided check, they do the small deposits, then I have to verify in a few days
To#11   |     |   Comment #13
#11, the opening account is exempt from mailing a check, try to link a second account and let us know how is done.
barry_NY   |     |   Comment #20
With DSD, which is the same process as this, I mailed in a check. Emigrant then had the bank fill out a form verifying the link. It is a very rigorous and secure process, to the excess. I think it took a couple of months to approve the second account.

I'm going into this one with eyes wide open, knowing what to expect and working around it. Good bank once you work around the limitations.
Anon   |     |   Comment #7
The thing is Emigrant accts are not good for much. You can't link to a second bank. You can only make six transactions per month. So basically good for savings only. As rates are rising, 25 more pts is not much more interest than two percent you get elesewherer. And 2-3 weeks from now, everyone will be going up again.
CarlBig   |     |   Comment #9
i think i will go for this deal now, Ive had Emigrant accts since 2005, I will move money out of dollar savings direct since it is only paying 1.8 percent, my money is still liquid
Ann   |     |   Comment #27
6 withdrawals per month is the federally mandated limit for all savings accounts. There's plenty to complain about this bank's policies, but that part is standard.
aaa   |     |   Comment #12
I have Northern @ 2.26% already and I also have MSD.

When the Northern rate guarantee expires, maybe I will start using MSD.
anonymous   |     |   Comment #14
I think I will be dusting off my EmigrantDirect account because it's only a matter of time before it becomes the high yielding account again in Emigrant Bank's rotation.

Or will it not? ED has not had a competitive savings rate for many years now and I'm wondering if Emigrant Bank has basically abandoned it from their marketing strategy. Maybe DSD and MSD are more politically unbiased names or something like that?
Nothing   |     |   Comment #15
The ultimate question is...what is their lending activity? Do they have an aggressive lending/business development department? If not, no need to raise more funds...unless "you" are one of the 7 month wonder CU.
larry   |     |   Comment #16
I would run so far and so fast away from this institution you couldn't clock my speed. Even back in the day when rates we're rock bottom I wouldn't even sneeze at them. Now if they had the nads to lock in a top rate like Northern did, then it's a second thought. I'm pretty sure we will see two more fed rate hikes by the 1st qtr of next year. The economy is on fire thanks the the "T" man and the economy could heat up even further despite the talking head!
#17 - This comment has been removed for violating our comment policy.
#22 - This comment has been removed for violating our comment policy.
Maecl   |     |   Comment #19
I'm done with the games the parent company plays with their rates. I closed My Savings Direct months ago and opened Dollar Savings Direct. What's next? Are they going to drop the Dollar Savings rate.
Donald  Trump
Donald Trump   |     |   Comment #21
Maecl, dont close the account....just keep few dollars in it that once the rate goes up again, just transfer it back....i am coming back to mysavingsdirect after long time...i just had to search my password from my diary of accounts.
mrvirgo   |     |   Comment #23
I closed my account on September 2, 2016. Reopening was easy since my information was still in their system. I have a new account number is all that has changed. The funding checking account was saved so I was able to put money into MSD from it today (9/8/2018).
If the rate drops, this time, I will keep my account open for future interest raises that may give me reason to make MSD my main savings account.
trident   |     |   Comment #24
I had zeroed out my account balance back in 2016. I just went online and found that my data was still active in their system. All I had to do was update my password and secret question. My account # and funding checking account remain as before, and I'm good to go for transferring new funds.
MySavingsDirect's 6-Month CD Rate Jumps
Deal Summary: 6-month CD, 2.15% APY, $1k minimum deposit, MySavings Account required

Availability: Nationwide (internet bank)

Over the weekend, MySavingsDirect (MSD) added 115 bps to its 6-month CD, raising the rate to 2.15% APY. Of the three CDs offered by MSD, the 6-month is clearly the most competitive. The minimum deposit is $1k, with no stated balance cap.

As stated in the Account Disclosures brochure, the Early Withdrawal Penalty reads as follows:

Funding a CD can be done through your MySavings Account or a linked external checking account....

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