MySavingsDirect Reviews

Average Rating:
Based on 47 review

Don't Trust Their Interest Rates

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I logged in to check on my savings today and noticed that they were advertising an interest rate significantly lower than my interest rate. I thought this was odd, so I checked my account and to my surprise I was also being paid the lower interest rate. I checked my email and messaging history trying to figure out when that happened, but there was no record of it at all. I checked here at and sure enough, MySavingsDirect has lowered their interest rate 5 times over the last few months.

I get that interest rates change. But at a minimum I would expect a courtesy notification when they change mine. I'll be looking for another place to put my savings. The interest rate here is still somewhat competitive with some of the bigger banks, but not nearly as competitive as it was when I opened the account.

Consistently High Interest; Great Place To Stash Money

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I'm confused about all the "bait and switch"/lowering rates comments. I've had money with them since 2016, and the interest rates have gone consistently up, staying at 2.40% for the last year or so. There are basically no fees, and the tradeoff, from my perspective, for the low fee/high interest is the slow pace of moving money (takes a long time for first deposit to clear, moving additional money in and out is pretty laggy).
I use this for a zero-risk, long-term emergency savings that keeps me from losing money due to inflation, and it is perfect for this purpose.
I have had all my customer service needs met via their messaging system. No complaints at all.

Very Good Savings Experience

Have had a savings account with MySavingsDirect for more than 6 years. This is a very good, easy-to-use online savings account. It's a basic no fees savings account. Never had any issues or problems with account set-up or ACH transfers.

Their support is excellent. Any questions or concerns I have are answered promptly via secure messaging.

Their savings account yield is very competitive and is frequently one of the best rates.

Good Service, Good Savings Rate

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I think some people try and make things too compicated. I keep things simple.

MySavingsDirect is a good, basic, easy-to-use online savings account. Never had any issues or problems with account set-up or ACH transfers. Any questions I have are answered very promptly via secure messaging.

Their savings account yield is usually one of the best rates. I also like the 6-month CD. I split my money between the two, and lock in that good rate for half a year. Then re-evaluate when it matures.

Bank- Poor Service For High Rates

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Dont waste your time on this bank.
Higher rates from them come at a poor service.
Plus they dont link online saivings account at other banks to savings account on their bank. For every account to be linked, they need a physical check.
There are many banks that offer similar rates and better service.

Dependable Service (And Periodic Top Rates)

Pros (for me):

Almost 2 years with MySavingsDirect and DollarSavingsDirect – never had a single problem (but I have adhered to all their rules/regulations). In two years, had to call Customer Service only once – call was answered in the evening on the weekend within 2 minutes, providing information I was looking for. Interest starts accumulating the following day after ACH transfer. ACH transfer daily limitation (in/out), according to is $500K – this is one of the best ACH limits of just about ANY on-line bank. While I personally have not transferred this amount, I can vouch of having no issues with up to $140K at a time. ACH funds transferred Out were fully available in my linked bank account on the 2nd or 3rd business day (depending on the time of day when transfer was initiated). Only one linked account – I actually happen to think this is a security feature, as I know that money can come/go only via one available gate (a 2nd linked account can be created after 60 days of account opening, but I have not used this feature).

Cons (for me):

The interest rate games between MySavingsDirect & DollarSavingsDirect – a pain for sure, but frankly, all on-line banks are doing this. In this current environment, I don’t think we, as customers, have a choice but to play these games if we want to get the best rate. Solid 1 week (as in full 7 days) hold of transferred funds until fully available. However, I am completely aware of these rules and am willing to play by them. For me, this is not a huge issue, as I am not expecting (based on my planning) to withdraw the funds within couple of days of depositing them.

ACH Are Not Available For Five Business Days

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Available Balance
Your Available Balance consists of funds that you can withdraw now and excludes deposit amounts which are on hold. Deposits made to your MySavingsDirect account electronically via ACH are not available for five business days. Check deposits accepted for your initial funding are not available for 10 business days.

Stay Away From This Bank, Very Poor Policy

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This bank lets you link only one external checking account which has to be checking only, if you want to make large deposit you have to transfer from savings account to checking account where funds have to take few days to clear, while you loose interest and then transfer in to your savings account, making it very cumbersome to make deposit, it is not worth to go thru all the troubles. If I had done my research i would have not open my account, now i have to close .

Another Shell For Emigrant

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As many have stated, another front for Emigrant bank now they have stopped putting the rates up on Dollarsavingsdirect. I've lost count of how many fronts this company keeps opening in order to pull the rug out from people on rates and hope nobody will make the effort to move. I'm not opening a third with them just to have to bounce around again in 3 months time.

A Decent Online Bank for Normal People

From signing up for a money market account to the fairly high interest rate I receive in return, MySavingsDirect has been a pleasure to do business with. Not only do I get quite a bit of interest, but I'm also deterred from withdrawing my funds, as the process is long and complex, which may sound like a bad thing but it definitely helps me manage my money. Making deposits from my main bank account to my money market account is also very simple and hassle-free/ They also offer checking and savings accounts for their customers, though I haven't looked into these type of accounts yet. This was my first experience with an online-only bank and it's been a pretty good experience, as I've run into no issues with the service itself or customer service. I would recommend this online bank to any and all of my friends and family.

My experience with My Savings Direct Online bank

I banked with My Savings Direct Online bank for a few months. They boasted a 1.00% annual yield percentage. A few months after I did some deposits to my savings account, I noticed that the main page now boasted a .85% annual yield percentage. They constantly move the percentage. There is no guarantee that it will stay at 1.00%. I often forgot my password to the website, so you get locked out of your account. The only way you can unlock your account is to call the phone number, there isn't any email or text verification. The website looks very old and dated, but overall it is a simple to use interface. This online bank is pretty simple and you wont get much dazzle from the website, but you get pretty quick customer service.

My Savings Direct Review

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MySavingsDirect is an online savings bank. I initially signed up for this bank because they boasted a one percent annual yield percentage. This later dropped down to .85 percent annual yield percentage. The web interface is pretty simple and standard. It is easy to move around. The customer service is great, but if you mess up your password alot you have to call in. Now, when I did have to call, they were very nice and it didn't take but a few minutes to get my password reset.

BEWARE Of Their ACH Rules!

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I found out (the very hard way) that they will only honor OUTGOING ACH-x-fers, from THEIR website (note: they allow only 2 links from their site). They will, however, allow INCOMING ACH-x-fers from anywhere, which is where I ran into trouble - I had linked several other accts, successfully xferred $$ into the acct many months ago and then when their teaser-rate dropped, initiated transfers (out of MySavDirect) from those external banks, and incurred all sorts of penalties from the other banks when those ACH transactions were later denied by MySavingsDirect. No recourse in either direction - MySavDirect stands by the fine print somewhere in the gazillion pages of legalese that I agreed-to w/ a quick click of my mouse, and the other banks have a valid case that the $$ never showed up to cover the subsequent transactions that I made in the other accts. - a BAD thing!
To summarize, MySavingsDirect uses ACH as a one-way-street - i.e., they'll take money from anywhere, but will only give it back from their own website. Live & learn - won't ever do business w/ them again - ever!

Snagged by high interest teaser rate

I was looking around for an online bank for a savings account with high interest rates in 2015. MySavingsDirect had one of the highest rates at the time, so I opened an account, which was pretty simple and straightforward. I basically drop my money in there monthly and don't touch it, but they don't really offer the complete online banking package that I'm looking for. I know I could switch to using CDs but I don't like the idea of locking my money up without being able to touch it in case of an emergency. Today, the high interest rate has dropped a little and seemed almost like a tease to get me into their bank system. While I'm still earning a good rate, I'm starting to look at other online banks just to get all of my money managed in one place instead of spread across multiple sites.

Easy to use, but I prefer more human interaction for customer service

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I signed up with an account with My Savings Direct about a year ago after hearing about them from a friend. I was looking for an additional bank to put some money in CDs. My Saving Direct's user interface made it very easy to establish an account and link my other bank accounts to my My Savings account; this made it very easy to transfer money and set up my CD. I ran into a situation where I had to take the money out of the bank before the expiration of the CD and it was not quite as easy I would've liked. My Savings Direct got my money back with no problems, but I learned that I just personally prefer dealing with people face to face when it comes t my banking needs. The online service and overall customer service was good, I just prefer dealing with someone face to face.

Good bank for high yield savings

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My experience with MySavingsDirect was through their high interest savings account. My account is still there but I am not currently active. At the time, I was looking for a high yield savings account and I knew that online banks had higher yields than most brick and mortar banks. When I had an active account with them, I had absolutely no problems. Registration was very simple and there was no confusion over how to transfer funds from other bank accounts. There were no hidden fees or charges. If I had issues signing into my account, the customer service representatives I would call were very helpful and resolved my issues quickly and efficiently. The website log-in page is very secure and I had no worries at all about third parties accessing my information or hackers getting into my account. The only reason my account is not active is because I moved most of my money into a checking account I had previously had with another traditional bank. Overall, I had a good experience with My Savings Direct and they were what I needed at the time.

Decent savings; CDs are worth it

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I opened a high yield savings with mysavingsdirect after my local bank dropped their savings rates for the third or fourth time in a row. The rate here wasn't great but it was way above my other bank. Looking at other online banks, this seems to be about the going rate, so it's a pretty average savings account. Online banking is easy to navigate on my computer; I haven't done any mobile banking yet, since I don't use the account too often.

CD rates are higher than I expected and I have been happy with my investments so far.

My only issue is the time it takes to get email back from customer service. I've only had to contact them once; it took longer than I expected to get a reply and my problem still wasn't resolved, so it took a few more emails to get everything straightened out. I would definitely call the 1-800 number instead if I need something again.

Love this savings account!!

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I absolutely love my account with MySavingsDirect. During my initial setup of the account, I had improperly linked my checking account and was unable to verify it. All it took was one brief call to their customer service department to have my issue fixed. The service member was very kind and prompt in helping me fix my issue, and it was resolved by the end of the day. I have had my account for over a year now and I am still highly pleased with my experience. The website is simple, but it is also extremely user friendly. I have never had a single issue transferring my money between any of my accounts. The interest rate is also higher than most banks, so the extra money earned from keeping my savings in the is a nice bonus. I love MySavingsDirect and highly recommend it to everyone.

Too good to be true

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I was attracted towards the online savings account because of the interest rate that was being offered about an year ago. Account setup was really easy to do and did not face any problems. Customer service was quick the few times I contacted them. Also, there were no minimums or fees of any sort which made it sound really good. But the interest rate kept steadily dropping from the original 1.25% that was offered. Going to the trouble of having an online savings account without access to a brick and mortar branch was worthwhile because of the interest rate that was offered. That has sadly changed. I will still be using this as a secondary bank account though because of the absence of above said restrictions that other banks usually impose on online savings accounts.

Good Interest Given on Savings Accounts

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I opened up a savings account with MySavingsDirect after they were recommended to me by my roommate. She has been doing online banking with them for at least a couple of years and she highly recommended I use them for a place to keep my surplus cash. She told me that they were one of the few banks that offers a pretty fair interest earning for a savings account. I was not disappointed. I had enough money that I could have put it in a CD, but I wanted to have access to it so this was a great option. I would recommend this bank to anyone who needs a safe place to keep money that they want to have easy access to.

Excellent Experience!

Been having a really good experience with this bank. I was working for the county fair when I was introduced to it originally. I went online to open my account and was pleasantly surprised by how easy the online banking is to access. I started with savings and quickly opened a checking account as well. There are little to no fees, and I don't ever have to worry about not having access to my money. I especially like the easy navigation of the website in order to access my account online. It's very convenient and I love how I can log in and see my balance in seconds instead of waiting around for pages to load like others sites have been for me. I would definitely recommend this company to friends and am so glad I worked at the county fair because I gained knowledge of this awesome online banking company!

They Are Great! NOT!!

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On the very day they lowered the interest rate to 0.85% (second drop since opening the account less than 12 months ago), I initiated a transfer out. Left them $5 until the end of August. On 31 August 2016 I close the account.

Another Carrot And Stick Online Bank From Emigrant

Emigrant bank is continuing their practice of creating a new online bank with a great rate and after herding in new customers they drop the rate below most of the top online banks and make it a pain to transfer your money out.

7 Months Plus

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I joined this savings account for their 1.10 APY interest rate and then a couple days later it goes down to 1.00 APY. Which is fine since it was higher than I would get in Chase.

I have a recurring deposit on it. Withdrawals take at least a week to work.

Is it good enough? yes.
Are there better out there? yes.
I am leaving because of the cop out and greener pastures.


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I have a savings account at MySavingsDirect and I love it. No fees to have the account. I can deposit a dollar if I chose to do so. It is easy transferring money from my checking account to MyDirectSavings. Should I need cash in an emergency it's just as easy transferring my money back to my checking account. I don't feel like my money is locked up in my savings account and will have to pay some sort of penalty taking my money out.This give me more incentive to save more money when I have the extra cash available to deposit. The interest rate they offer is not the greatest but these days nobody is offering great rates. I love the idea of doing all my banking online. If I have a problem the banks customer service will be there to help.

Changed Interest Rate 1.1% To 1% Overnight

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I opened an account with 1.1% interest rate. When I looked at the very first statement, I had received interest at the rate of 1%. I called them and told that their interest calculation is incorrect. In response the customer rep said, "We have already changed the interest rate from 1.1% to 1%. We have specified that we have right to change the rate at our will". Then I told him that I hadn't informed about the change. His response was, "No, we don't".

I will close my account when they reduce the interest rate once again.

Interest Is Paid, 200K In And Out Of The Bank Zero Problems.

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I had over 200k in MSD for 8 months. Never had any problems, no fees. The interest was perfectly correct. I made 3 successful large deposits to the savings account, and what really impressed me is that I withdrew every single penny, no problems. The ACH was perfect. Downside, I joined at 1.25%. They cut to 1.1% then 1.0%. Read Ken's blog. This is their 3rd online bank store front, and the other 2 older ones are still up there at 0.6%. That's their model, they open a new bank, and leave the old accounts in their old bank every 3-5 years. Everytime, they cut rates on the mid of the last month of a quarter. So, this month, March we can see which direction they go with their rates. Do they go up or down?

Not Worth The Hassle, Stay Away

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I'll do more research next time I switch. You can only add two transfer fund accounts and they are not 24/7. Their password reset requirements are crazy stupid , harder than a calculus problem and good luck trying to access your funds if your account is locked after hours. You cannot, as you need to call them for a password reset. Also get this, I couldn't make up something this silly.
You need one password AND another different password the rep must email you with. Looks like a high school website. Kind trival things so far. But they have their unethical reasons. Don't get me started on their sneaky interet rate rollercoaster sham. Should be sued and shut down. I fired them after the last drop. 10 other online banks with better interest rates without the other nonsense they pull.

Rate Drop Again

Within a year the rate dropped from 1.25 to 1.10 and now to 1.00%. Terrible how companies get you to join and then drop their rates.

Rate Drop Before Fed Raises Rates?

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bummer. why would I keep my money here at an internet bank paying only 1 percent? got to move it now. it was nicer when it was 1.25, and 1.10 was acceptable but not 1.0... :(

Very Dissapointing

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Opened account when rate was 1.25, it seemed like it dropped the next day to 1.10 and has stayed par with others in that range. Other issue that I didn't like was tried to link another account to it but they wouldn't accept it because it was a money market not a checking account. I went through all the trouble of sending them a voided check, they sent it back letting me know that. What difference does it make if the account has money and I want to put it in their bank. If the rates drop again will be moving my dough back where I originally had it. There are no perks with this bank...just a place to park your money for short term.....updating this Feb.1,2016...pulling all the money I transferred which is quite a hefty amount out today and moving it back to where it originally was. I called and talked to a CSR and asked about rate and all he would tell me it was a corporate decision....Rich FAT CATS who get to enjoy life the way I cant. Be smart and stay away from this bank.

Painful Customer Experience

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My fiance and I tried to set up a joint savings account for a down payment on a house with My Savings Direct. The set-up was fairly simple and I THOUGHT linking the accounts would be too. Well they were extremely slow in transferring the initial deposit and I have yet to see the 2 deposits in my bank account for verification purposes. Make sure you reserve 2 weeks to set up and verify your accounts. OH and you need to MAIL IN A FORM to add additional accounts. So much for convenience.

So we mail in our form to add his bank account as a second funding account in addition to my bank account. Then I get a notification that his bank was rejected because both our names need to be on his personal bank account in order to open a joint savings account. I have never heard of such a policy and apparently this is unique to My Savings Direct as a competitor does not have this policy. That is absolutely ridiculous. They can verify both our identities and both our bank accounts but will not let us fund a joint savings account without both names on both funding accounts. It's convenient of them to tell us this AFTER we go through all the steps and paperwork.

STAY AWAY UNLESS YOU LIKE A PAIN IN THE BUTT EXPERIENCE. I'm so disappointed because they have one of the best interest rates in our area but it's not worth the headache of dealing with annoying hidden policies. No one seems to want to help us get our account up and running and funded so I guess we'll take our business to a bank that wants our money!

So Far So Good!

It took about 8 min to set account up online. One business day to verify my external checking account and after that I was good to go on transferring funds into new account. Security seems good even when I called costumer service there were several security steps the rep went through before helping me and I had zero wait time when I called at 9:20 am EST. I got Marilyn and she was polite and helpful. One thing I should point out is it will take 2-5 business days to move money out of a mysavingsdirect account and the same for funds to be available. It a SAVINGS account people and that is normal. The only bad thing (and it's really not that bad, hey there keeping cost down!) is the web design is old school-ish.

Stay Away!

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Horrible experience - just horrible. Wish I'd never heard of them, wasting both my time, my patience, AND my money. Read ALL the fine print before you give them a dime AND shop around. They had my money for less than a couple of weeks.

Bait And Switch

As of 8/1/2015 rate was 1.25%. Opened a savings account and moved small amount over in mid-August. I just moved the bulk of my savings over and as of today the rate is 1.10%. Since I switched from a bank paying 1.09%, it was hardly worth it. I wish I had left it alone, since the likelihood that MySavingsDirect will reduce the rate even further is prob. good.

Recently Dropped The Rate To 1.1%

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After opening my account, I just found out they just dropped the rate from 1.25% to 1.1%. :-(

It's A Pretty Good Place For Stashing Some Cash

I am one of those nerdy types who actually reads the disclosure, so I wasn't surprised by some of the things that people have complained about here. It is more restrictive than most other online banks, and the login is kind of clunky, and I certainly wouldn't want it to be my only bank, for those reasons and more.

I was a little annoyed that it was hard to find their CD rates (I had to go off-site and google it; they're nothing to get excited about), but since their regular savings rate is higher than many CDs elsewhere, why tie up money in a CD when you don't have to?

I was also a bit miffed when they reduced their rate from 1.25% to 1.10%, but it's still the highest rate around, so I can't really complain.

Anyway, I opened the account in order to build up an emergency/contingency fund that I could keep as liquid cash while still earning a decent rate of return. It works very well for that.

Doesn't Accept Automatic Debits

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This bank doesn't accept automatic debits. Wish I would have known this prior to opening the account. Because of this I was charged a $25 fee by my mortgage company because the payment was rejected.

Poor Password Requirements

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Passwords are NOT case sensitive, and you can't use any special characters, and you have to put numbers at the beginning or maybe the end but not within the password. I was told that IT might be working on looking into how to fix that. It's been going on a while. No Thank YOU

Highest Interest Rate For Saving Accounts (No Brainer)

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This bank has the #1 interest rate out there for a savings account. The customer service has been excellent. And the online interface was surprisingly very user friendly and provided a lot of useful detail that you won't get if you stayed with the typical mega bank. The only tedious aspect is that you have to mail in a voided check if you want a 2nd checking account linked. 1st checking account is automated and most people only need 1 linked so this is not a very big deal. So in my opinion this is a no brainer to park your FDIC insured money for a while.

Not Applicable In Today's World

This bank doesn't accept an account holder without a land line. Nor a Trust account. Let's remember your inputting your private info online. The IRS was recently hacked. I emailed to see if I could send my trust documents and apply by mail , but was told No!

Has Worked Well For About A Year

MySavingsDirect was a breeze to open and has consistently been at or near the top of the APY available in a liquid account. The policies that the bank has are clearly disclosed.

Fitch Upgrades Emigrant's Rating To Stable...

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Please keep in mind while a third-party may make deposits into your my savings direct account they will not be permitted to make withdrawals out of the account. Withdrawals from your savings account can be made by logging into your my savings direct account and scheduling a transfer to your linked external checking account. Interest is credited only if your account is open on the last day of the month so it is important to keep this in mind please...FDIC Insured...Excellent Customer Service.

Strange & Weird.

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The online savings account may only be linked to an external personal checking account. Savings accounts or money market accounts with other banks may not be linked. When setting up more than one external account you must also mail in a voided personal check to confirm you're truly adhering to this odd policy. When I phoned customer service to inquire why this unusual requirement exists they provided a peculiar response; Non-checking accounts have too many restrictions without citing any specific impediment or relevance as an external account... Unsurprisingly they pulled a bait & switch - hiking & dropping their interest rate as a substitute for providing an all around good banking experience. Glad I haven't banked with them.

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