Published on December 4th, 2018 | by William Charles28
MySavingsDirect – 2.25% APY Savings Account With No Minimum
Update: Rate decreased to 2.25% APY
Update 12/04/18: Rate increase to 2.4% APY. Hat tip to reader Tim K
Update 11/14/18: Rate increased to 2.35% APY (from 2.25%).MySayingsDirect does automatically increases rates Hat tip to Tim K
Offer at a glance
- Interest Rate: 2.4% APY
- Minimum Balance: None
- Maximum Balance: None, usually $250,000?
- Availability: Nationwide
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Insured: FDIC
- MySavingsDirect is offering 2.4% APY on their high interest savings account. There is no minimum required
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
This account has no monthly fees to worry about.
MySavingsDirect is a division of Emigrant bank, they are known for offering competitive rates like this as a teaser rate only to dramatically decrease them at a later stage. That being said another division (DollarSavingsDirect) has offered a high rate that has increased over time (although it’s now only 1.8% APY) so it’s possible they have changed their ways. This is the equal highest nationwide basic savings account being offered. For most people chasing the highest rate won’t make sense, as long as you have an account that earns at a decent rate (this is because often times you’ll be better off avoiding the ChexSystems inquiry to focus on a bank account bonus instead). That will obviously depend on how much you keep in liquid cash and what rate you’re currently receiving and if you do any high interest rewards accounts as well. I’m a bit skeptical of this offer given Emigrant bank’s history of lowering rates, so also keep that in mind.
Hat tip to @millionmilematt and reader Steven