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The bottom line: MySavingsDirect might be a good choice if you need an online-only high-interest savings account with no fees or minimums. Its rates often land it on our list of the best high-yield savings accounts. It also may be a smart choice for certificates of deposit, as its CDs offer much higher rates than national averages (though not quite as high as the best CD rates currently on the market).
MySavingsDirect Rates
| Account | APY |
| Savings Account | 4.35% |
| 6 month CD | 4.00% |
| 2 years CD | 3.00% |
| 3 years CD | 3.00% |
| 30 months CD | 3.00% |
| 5 years CD | 2.50% |
| 10 years CD | 2.50% |
MySavingsDirect Review
MySavingsDirect is an online branch of Emigrant Bank, a New York-based bank that has been around since 1850. It offers a high-yield savings account and a variety of CD terms.
Since MySavingsDirect is online only, there are no physical locations, so customers cannot seek in-person assistance. It does, however, offer customer service via phone from 8 a.m. to 11:30 p.m. every weekday. You can also contact customer service by email.
MySavingsDirect does not have a mobile app, though you can manage your account online.
Is MySavingsDirect Trustworthy?
Neither MySavingsDirect nor its parent bank — Emigrant Bank — is accredited by the Better Business Bureau, so it's hard to evaluate their business practices thoroughly.
As for recent public controversies, in 2023 Emigrant Bank was sued for potentially predatory mortgage lending practices and settled a case with the U.S. Treasury Department for violating sanctions with Iran.
MySavingsDirect Review: Overall Rating
| Feature | Personal Finance Insider Rating (out of 5) |
| Savings | 3.5 |
| CD | 3 |
| Trustworthiness | 3 |
| Total | 3.25 |
MySavingsDirect Pros and Cons
| Pros | Cons |
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MySavingsDirect Accounts
MySavingsDirect offers two account options: A high-interest savings account or a certificate of deposit. CDs come in a variety of terms and rate tiers. Here's how the two measure up.
MySavingsDirect High Interest Savings Account
The MySavingsDirect high interest savings account comes with a 4.35% APY — a much higher rate than the average 0.45% APY most banks are offering, according to the Federal Deposit Insurance Corporation. Interest is compounded daily and credited to your account monthly.
MySavingsDirect's savings account also has no minimum balance requirements (you need just $1 to open one) and is insured by the FDIC on up to $250,000 in deposits ($500,000 for joint accounts). Keep in mind that the account is online-only, so you'll need to manage the funds digitally. There are no ATMs or debit cards, but you are required to link a personal checking account. This is what you'll use when transferring money in and out of your MySavingsDirect savings account.
MySavingsDirect MyTerm CDs
MySavingsDirect also offers CDs, with terms ranging from six months to 10 years. Its CD rates start at 2.50% on five- to 10-year CDs and top out at 4.00% on six-month CDs.
To open a MySavingsDirect CD, you'll need a minimum deposit of $1,000. Interest is compounded daily and credited monthly, and you can withdraw interest from your account at any time. If you withdraw from your principal, though, there will be an early withdrawal penalty imposed. Penalties range from 90 days of interest on CD terms under one year to 180 days of interest on terms one year or longer.
How MySavingsDirect Compares
MySavingsDirect vs. Bread Savings
Bread Savings is another option to consider if you're looking for an online savings account or CD. Its high-interest savings account pays a much better rate MySavingsDirect's savings account, though it does require a $100 minimum opening deposit.
Bread Savings has significantly higher rates on its CDs than MySavingsDirect. Bread Savings also offers 1-year and 4-year term, which MySavingsDirect does not. However, MySavingsDirect also offers two term lengths Bread Savings doesn't, with its 6-month and 3o-month CDs. Bread Savings also requires a slightly higher minimum deposit, at $1,500.
Bread Savings Review
MySavingsDirect vs. Crescent Bank
You might also consider Crescent Bank if you're looking for a high-paying CD. The regional bank offers 1-year, 18-month, 2-year, 30-month, 3-year, 4-year, and 5-year CDs, with rates ranging from 4.05% to 4.45% APY. Crescent Bank pays higher rates on all of the terms they have in common. Like MySavingsDirect, Crescent Bank requires a minimum $1,000 deposit.
Crescent Bank Review
MySavingsDirect Frequently Asked Questions
Is MySavingsDirect a legitimate bank?
MySavingsDirect is a legitimate bank. It's an online branch of Emigrant Bank, a nationwide bank based in New York City.
Is MySavingsDirect an FDIC-insured banking institution?
MySavingsDirect is insured by the Federal Deposit Insurance Corporation for up to $250,000 in deposits per account ($500,000 on joint accounts).
Are MySavingsDirect's interest rates high?
MySavingsDirect's interest rates are higher than national averages, though not the highest rates currently available on certificates of deposits or savings accounts.
Is MySavingsDirect safe?
Yes, MySavingsDirect is a safe banking platform. It has FDIC insurance through its partner bank, Emigrant Bank. This means your insured deposits are safe should either MySavingsDirect or Emigrant Bank shut down.
Who owns MySavingsDirect?
Emigrant Bank is the parent bank of MySavingsDirect.
Why You Should Trust Us: How We Reviewed MySavingsDirect
To review MySavingsDirect, we rated its savings account using Personal Finance Insider's bank account methodologyy and its CDs using Personal Finance Insider's certificate of deposit methodology.
In general, we look at ethics, customer support, and mobile apps when rating an institution. Interest rates, minimum deposit, and monthly fees also play a role when rating savings accounts, and on CDs, early withdrawal penalties and overall term variety also factor in.
Aly J. Yale is a writer and editor with more than 10 years of experience covering personal finance topics including mortgages and real estate. She contributes to Personal Finance Insider’s mortgages and loans coverage.ExperienceAly began her journalism career as reporter, and later an editor, for several neighborhood sections of the Dallas Morning News.Her work has been published in several national publications, including Bankrate, CBS, Forbes, Fortune, Money, Newsweek, US News and World Report, the Wall Street Journal, and Yahoo Finance. She’s also contributed to a variety of mortgage and real-estate publications, such as The Balance, Builder Magazine, Housingwire, MReport, and The Mortgage Reports.Her favorite personal finance tip is to schedule regular check-ins to make sure your credit cards, savings accounts, and other financial vehicles still align with your budget and financial goals. She is a member of the National Association of Real Estate Editors (NAREE).ExpertiseAly’s areas of personal finance expertise include:
- Mortgages
- Loans
- Real estate
- Insurance
EducationAly is a graduate of Texas Christian University, where she received a bachelor’s degree in radio/TV/film and news-editorial journalism.
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Angela Fung is the Compliance Manager for Business Insider'sPersonal Financedivision, overseeing a team that ensures content accuracy and editorial independence so readers are always getting up-to-date and objective financial advice.The compliance team's mission is to maintain reader trust by confirming stories are fact-checked and current so that readers can make informed financial decisions. The team also works to minimize risk for partners by maintaining clear, precise language that is compliant with regulatory and partner marketing guidelines that align with the editorial team.
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