Posted by William Charles on December 4, 2018
Savings Accounts

Published on December 4th, 2018 | by William Charles


MySavingsDirect – 2.4% APY Savings Account With No Minimum

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

The Offer

Direct link to offer

  • 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

Avoiding Fees

This account has no monthly fees to worry about.

Our Verdict

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


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Throw in a $200 sign-up bonus or $100 and I’ll sign up 😉

This review on bankrate appears to corroborate with what the good Doc says

“I found out (the very hard way) that they will only honor OUTGOING ACH-x-fers, from THEIR website (note: they allow only 2 links from their site). They will, however, allow INCOMING ACH-x-fers from anywhere, which is where I ran into trouble – I had linked several other accts, successfully xferred $$ into the acct many months ago and then when their teaser-rate dropped, initiated transfers (out of MySavDirect) from those external banks, and incurred all sorts of penalties from the other banks when those ACH transactions were later denied by MySavingsDirect. No recourse in either direction – MySavDirect stands by the fine print somewhere in the gazillion pages of legalese that I agreed-to w/ a quick click of my mouse, and the other banks have a valid case that the $$ never showed up to cover the subsequent transactions that I made in the other accts. – a BAD thing!
To summarize, MySavingsDirect uses ACH as a one-way-street – i.e., they’ll take money from anywhere, but will only give it back from their own website.”

This is very important and I think people should be aware and I personally would stay away from it

yup, I got bit by this, but thankfully Alliant FCU refunded my returned ach fee.

If interested pls do yourself a favor and research the bank’s ACH policy first.

Be Aware of this Bank.
Thanks Doctor of credit to educate & guide us & giving us this platform to share personal experience.
Here is my experience with this bank :
1) They do Chexsystem enquiry & it will stay on your chex report for 3 years.
2) After initial advertised high rates, they reduce it to very very low rates.
3) You can have only one external account that too you can pull & push ach from my saving direct only (so any account you use for initial funding, you need to compulsory use that only)
4) If you wish to add one more external a/c then for the 2nd a/c you need to send cancelled check mailed to them for it.
5) so at the most you can have max 2 external accounts.
6) no bill pay option.
7) their website also not user friendly.
8) you need to maintain some balance (for ex 10 or more) to get interest.

So. in short your money is stuck with them with reduced interest rate later on & you get chexsystem inquiry too……..not at all beneficial…COMPLETLEY STAY AWAY…………..

Agency Associates

Here is some truth about the MySavingsDirect account. I have contacted the bank directly & what they have stated is that the savings account is a variable interest rate, based on the market. So that being said, if the interest rate decreases it’s because the market decreased it, not because you have exceeded a length of time. They do not reduce your high interest rate for any other reason. Additionally, this is an online high interest savings account, that you link to your checking account. Thus, you manage your money online via their website, it’s as simple as that. They do not currently have a mobile app, but if you want to grow your savings with one of the highest interest rates at the moment it’s a great way. Of course it’s always a good idea to read their policies governing the account & contact them with your questions. It’s all very simple. Furthermore, they stated that when you pull money from your checking account to your MySavingsDirect account there is a 5 day hold time, but your money is still earning interest during that time. Also, when you want to transfer money out of your MySavingsDirect account back to your checking account you have linked, it can take anywhere between 1-3 days. However, if done before 5pm EST it is usually just 1 day. Another option I looked into is opening a Kasasa checking account with Industrial Bank. The Kasasa checking account with Industrial Bank has a couple of ways to earn money, which seems like another great option to consider. This checking account could earn you 2.47% interest, if you meet the monthly requirements. But, you would earn at least 0.01% even if you missed the monthly qualifiers. So at least you are would always be earning something on this checking account. Also, this is a cashback checking account, so you could additionally earn up to 3% cashback per month, but again, if you meet the account activity requirements to qualify. One option is opening a Kasasa checking account with Industrial Bank & linking it to your MySavingsDirect savings account & earn interest with both. Industrial Bank does have a mobile app to ease the online banking experience. However, your banking would all be done online unless of course you live in Washington DC or MD where Industrial Bank has brick & mortar locations. To me the MySavingsDirect… Read more »

“Here is some truth about the MySavingsDirect account. I have contacted the bank directly & what they have stated is that the savings account is a variable interest rate, based on the market.”

But what does “based on the market” mean. None of these banks have something like a mortgage or credit card (standard index + margin). From the range of rates offered by various banks it’s clear that “based on the market” is up to the institution. And it’s a fact that some banks don’t raise rates when rates in general rise, others do. And the parent bank here does have some history (as do many others) of offering basically teaser rates that greatly decrease at some point. So the bank might have been truthful in that it is market-based, but since that is roughly meaningless, it is no assurance at all!

Opened an account, no hard pull.

Opened account. No hard pull. Deposit will hold for one week.
Let’s see how fast will it reduce the APY.

please report back and let us know.

Had an account with DollarSavingsDirect (same parent company as MySavingsDirect, even their websites look exactly the same!) when the interest rate was the highest available. Didn’t have any problems with them. However, their interest rates never increased, and the interest rate quickly became non-competitive compared to other banks. My two cents is to avoid this bank.

This is exactly what happened to me. I regret getting an account with Dollar Savings Direct because their APY hasn’t increased since I joined almost a year ago. Still 1.8% APY. I agree to avoid this company.

No, it will not automatically increase rates for existing customer.

Their website shows the new rate now for my existing account… just had to wait until the next day for it to update.

i’d rather stick with pnc tbh without the bullshit ACH crap and teaser

i have literally opened up new accounts and shuffled money for 0.15% before, but mysavingsdirect is not worth the effort for ANYONE, service is terrible and rates frequently don’t stick and they don’t bother telling you when the rates get lowered

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