Popular Posts

MySavingsDirect Substantially Raises Rate on MySavings Account Today


Availability: Nationwide

MySavingsDirect has increased the rate on the MySavings Account (1.25% APY) this morning. The minimum opening deposit is $1 and there is no monthly service fee.

This is the first rate increase for the MySavings Account in more than eight months, when the APY was raised to 1.05% in late September 2014. When Emigrant Bank launched this internet bank in November 2013, the original APY on the MySavings Account was 1.00%.

Emigrant Bank has two other internet divisions, EmigrantDirect and DollarSavings Direct. While the initial rates on the two internet divisions’ savings account were competitive, the rates dropped after a couple of years and have yet to regain their opening APYs. MySavingsDirect, on the other hand, has continuously increased the rate on the MySavings Account since its inception.

4.35%--MySavingsDirectMySavings Account
Rates as of May 29, 2024.

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

  • An individual may have up to two checking accounts 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.

Although not listed on the FAQ page, CSR has stated that ACH withdrawals initiated by another bank are not allowed, and the maximum amount that can be transferred by ACH (incoming or outgoing) is $500K.

6-month CD

MyDirectSavings also offers a series of CDs, with the 6-month CD (1.05% APY) being the most competitive. Minimum opening deposit is $1K and can be made through your MySavings Account or linked external funding account. As stated in the Account Disclosures brochure, the Early Withdrawal Penalty reads as follows:

For an account with a term of less than one year, the penalty will be an amount equal to 90 days interest (whether earned or not) and calculated at the contract rate on the principal amount.


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.

More than two years ago, Emigrant Bank (owned by the Milstein Family, a powerful New York real estate dynasty) 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 has an overall health rating of "C+" at DepositAccounts.com, with a Texas Ratio of 29.47% (avereage), based on March 31, 2015 data. MySavingsDirect has an excellent capitalization level of 18.26%, a result of holding $6.23 Billion in assets with $1.14 Billion in equity. Please refer to our financial overview of MySavingsDirect for more details.

As stated earlier, MySavingsDirect is an online banking division of Emigrant Bank (FDIC Certificate # 12054). Emigrant Bank was found 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. Today, Emigrant Bank is the 17th largest bank in New York State and the 9th largest privately owned bank in the nation.

How the Savings Account Compares

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

The above rates are accurate as of 6/8/2015.

To search for savings accounts rates (both nationwide and in your state), please refer to the CD rates section of DepositAccounts.com.

Related Pages: MySavingsDirect
Previous Comments
  |     |   Comment #1
HSBC is offering 1.5%(APY) on their own liquid savings account (no ceiling) guaranteed until January, 2016, and Everbank 1.40%(APY) on liquid checking and savings accounts ($150,000 combined ceiling) guaranteed for six months after opening, - so why would anyone bother with this immediately?
  |     |   Comment #2
Not exactly a direct comparison because you have to have "an HSBC Premier or Advance relationship" to qualify. Premier has a $100,000 minimum balance requirement or $50 per month fee so, of course, they can pay 1.5%
  |     |   Comment #6
I believe the "Advance" relationship (with HSBC) requires only $10,000 to avoid the monthly fee and earn 1.5%,  least that but one does have to deposit at least that to qualify, so you're right that for lesser amounts the offers aren't comparable (though for amounts under $10,000 the difference between 1.25% & 1.50% is so immaterial as to make the two accounts almost indistinguishable).
  |     |   Comment #3
I have a local bank that offered 2.12% on a 2.5 yr CD......It's really good deal because you can add to it as much as you want during the term and also can even have a 1 time rate increase......And you can take half out without penalty......So look around locally sometimes there are really good offers.
  |     |   Comment #4
Which bank is that?  Always good to learn about a good deal.
  |     |   Comment #13
very unusual that you have those options!
  |     |   Comment #5
a C+ rating???   Uhhh, no thanks.
  |     |   Comment #11
I tend to agree with you on the C+ rating, but what else is available?
  |     |   Comment #7
Expect a large flow of money into the bank from other online banks.  Yield hungry customers will go to wherever the money trail leads them.
  |     |   Comment #8
Been with this bank for almost 2 years. So far, no issues and their ACH transfers are quick !! 
  |     |   Comment #9
nice !!   1.25%
  |     |   Comment #10
I have been with this bank from the beginning.  I haven't had any problems.
  |     |   Comment #12
C rating is a worry...

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.