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MySavingsDirect Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon

Pros:

  • No monthly maintenance fees
  • Low required amounts to open accounts
  • Accounts offer competitive interest rates
  • Interest rates are not tiered

Cons:

  • Limited accounts offered
  • Must link to an external bank account
  • Can only make electronic transfers
  • Must be a customer to open CDs

What You Need to Know

There are no monthly maintenance fees for the MySavingsDirect savings account. The CDs do not have monthly maintenance fees. However, there is a fee if you withdraw money before the CD reaches maturity. MySavingsDirect accounts are free.

The MySavingsDirect savings account does not have a required amount to open. You can choose the amount you invest when you open the account. The MySavingsDirect CDs do have a required amount to open. Each of the CD terms requires $1,000 to open.

The interest rates for all MySavingsDirect accounts are competitive. The rates are competitive with other online-only accounts. They are much higher than typical brick and mortar bank rates.

MySavingsDirect account interest rates are not tiered. Any balance in the account earns the most competitive interest rate. The interest rates are competitive with other online accounts.

MySavingsDirect only offers a few accounts. The accounts are a personal deposit savings account and CDs. The CD terms range from 60 months to 120 months. They also offer one 30-month CD term. They do not offer a checking account or money market account. MySavingsDirect does not offer business accounts.

To fund your MySavingsDirect accounts, you must link to an external bank account. MySavingsDirect accounts must link to an existing checking account. Once the accounts are linked, you can transfer money electronically between accounts.

The only way to make deposits or withdrawals are through electronic transfers. Your initial deposit to open the account can be made by mailing in a check. After the initial deposit, all other deposits or withdrawals must be through electronic transfers. Transfer money between your MySavingsDirect account and the linked external bank account.

To open a CD with MySavingsDirect, you must first open a savings account. Once you have a savings account through MySavingsDirect, you may open a CD. The CD terms range from 60 to 120 months. The most competitive CD rate is the six-month CD. MySavingsDirect offers a three-month term, but the rate is lower.

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Online Banking

MySavingsDirect is an entirely online bank. Everything for your account is online. You open the account online and fund your account through electronic transfers. You must link your account to an external bank account to fund. The interest rates for each of these online accounts are competitive. Because MySavingsDirect is an online bank, the rates are higher than typical bank rates.

History

MySavingsDirect is an online-only bank. It is an online division of Emigrant Bank. Irish emigrants started Emigrant Bank in 1850 as a mutual savings bank. By 1920s, the bank had grown to be one of the largest savings banks in the nation. MySavingsDirect offers a personal deposit savings account and CDs.

Frequently Asked Questions

Is MySavingsDirect FDIC insured?

Yes. MySavingsDirect is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

Through electronic transfers between MySavingsDirect accounts and the linked external account.

Does MySavingsDirect offer mobile banking?

No specific mobile app is on the website.

Is MySavingsDirect free?

Yes. There are no monthly maintenance fees for MySavingsDirect accounts. The only fees for CDs are from withdrawing money before the CD reaches maturity.

Is MySavingsDirect a good bank?

The interest rates are competitive. Only a savings account and CDs are available through MySavingsDirect. It is an entirely online bank. There are no branch locations. The only way to make withdrawals or deposits is through electronic transfers.

Is MySavingsDirect secure online?

MySavingsDirect offers security measures that comply with federal law. Their computers have safeguards. Their files and buildings are also secure.

Does MySavingsDirect offer competitive interest rates?

Yes. MySavingsDirect offers competitive interest rates. Their rates are not tiered, so any account balance earns the most competitive rate offered.

Can I use MySavingsDirect for my business accounts?

No. Only personal deposit accounts are available through MySavingsDirect. Those accounts include a savings account and CDs.

How is MySavingsDirect online banking different from the online banking my bank offers?

This bank is an entirely online bank. The interest rates for the accounts are considerably higher than typical bank rates. Everything for your account is online. The only way to make withdrawals or deposits is through electronic transfers.

Do MySavingsDirect checking accounts pay interest?

MySavingsDirect does not offer checking accounts. The only personal deposit accounts offered are a savings account and CDs.

How do I reach customer service?

By phone, email, or mail. Customer service hours are seven days a week from 8:00 a.m. to 11:30 p.m. Eastern Time.

Does MySavingsDirect offer bill pay?

No. MySavingsDirect does not offer checking accounts. Because of that, no bill pay option is available.

Can I deposit cash?

No. The initial deposit can be made by mailing in a check. After that deposit, only electronic deposits are allowed.

How long do transfers take?

Electronic transfers typically take two to four business days to fund. Electronic deposits have a five-day hold, and the initial check deposit has a ten-day hold. Customers cannot withdraw money until after these time periods.

Can I sign up for direct deposit to MySavingsDirect accounts?

Yes. Money can be directly deposited into the MySavingsDirect savings account.

Bank Contact Information

MySavingsDirect
13 Croton Avenue
Ossining, NY 10562
877-752-1919

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