Available nationwide, MySavingsDirect MySavings is offering a 4.10% APY Rate. Definitely continue reading below for everything you would need to know about the attractive account and rate!
Update 12/23/24: The rate has decreased to 4.10% APY from 4.35%.
About MySavingsDirect MySavings Review
Emigrant Bank was founded by Irish emigrants as a mutual savings bank in 1850. By the 1920s it had grown to become the largest savings bank in the nation.
As a traditional savings bank, Emigrant Bank, through its mortgage banking subsidiary, Emigrant Mortgage Company, is licensed to originate home loans and has provided 16,700 home loans. Emigrant Bank’s wealth management division, New York Private Bank & Trust, has its own deposit products starting at $2,000,000. Emigrant Bank is regulated by both State and Federal regulators. All deposits are insured by the FDIC up to the legal limit.
I’ll review MySavingsDirect MySavings account below.
MySavingsDirect MySavings Rate
To earn MySavingsDirect’s competitive rate, simply open a new account. That’s all it takes and you’ll get to enjoy earning the competitive rate.
- What you’ll get: 4.10% APY
- Eligible account: Savings
- Credit inquiry: Soft Pull
- Where it’s available: Nationwide (Online Bank)
- Opening Deposit: None listed
- Monthly fee: None
- Early Termination Fee: None listed, check with CSR
(FDIC Insured)
How to Earn MySavingsDirect Rate
- Open a MySavingsDirect MySavings account.
- Maintain any balance amount and earn the 4.10% APY rate.
Balance Requirement | APY Rate |
$0.01+ | 4.10% APY |
Account Features
- Open your savings account online. It’s quick and easy.
- No need to change your checking account. Your MySavings Account will be linked to your current checking account.
- Up late? Access your savings account 24/7
Notes:
- ACH withdrawals initiated from other banks are not allowed. As stated in the FAQs, “The personal checking account that you use to make your initial deposit becomes your linked (or “External Funding”) account. You can log on to our site to access your account information and transfer funds electronically between your MySavings Account and your linked account.”
- Good news is that ACH transfers are fast, with customers reporting ACH transfers that only take one business day to complete, even though the FAQs state a “2 to 4 business day” window. Unfortunately, there is a five business day hold time for ACH deposits.
- Other important ACH features
- No ACH withdrawals initiated by another bank; external ACH deposits are allowed.
- Maximum of 2 linked accounts which includes the initial funding account.
- Linked accounts can only be personal checking accounts.
- No sooner than 60 days after the establishment of your MSD savings account, a second external account can be added.
- Establishing second linked account requires mailing in a voided check and a completed Account Verification Authorization Form.
- Maximum amount that can be transferred via ACH (in/out) is $500k.
Are My Funds Safe & Secure?
Yes, since each of EmigrantDirect, DollarSavingsDirect and MySavingsDirect is an online banking division 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.
Plus, you may even be able to extend your FDIC insurance coverage at MySavingsDirect if you establish deposit accounts in different ownership categories.
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Conclusion
MySavingsDirect is offering a great APY Rate for their MySavings Account. There is no minimum opening balance or deposit required to open an account and it’s easy to sign up online! Definitely open an account so you can start saving with a fantastic account while offering a competitive APY Rate.
In addition to the rate from MySavingsDirect, check out our list of best rates Savings, Money Market, and CD accounts.
If you are interested in expanding your financial future, definitely use our bank bonuses page to find other offers. Some popular bank offers include Chase Bank, Discover Bank, TD Bank, Huntington Bank, HSBC Bank and many more.
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