MySavings Direct is one of several online divisions of Emigrant Bank – the largest savings bank in New York City since 1920.
MySavings Direct currently offers the highest yielding online savings account in the country at the moment with an APY of 4.35% (annual percentage yield). The account is called their “MySavings Account” and can be opened online in minutes with no minimum deposit or balance requirements to earn the advertised rate.
Following the FED’s fifth major rate hike of the year (this one at 0.50%) on December 14th, there are now a handful of FDIC-insured institutions paying more than 4.00% APY on variable-rate deposit accounts.
Along with the MySavings account, MySavings Direct also offers fixed-rate CDs (certificates of deposit) with terms ranging from 6 months to 10 years.
We should also note that MySavings Direct has an interesting differentiator from their numerous online banking competitors in that they offer the ability to trade and hold precious metals.
Their “Precious Metals Direct” account allows consumers to buy and hold gold coins and bullion bars. These holdings can be stored in their secured vault or delivered.
Over half of MySavings Direct’s FAQ section is dedicated to precious metal trading, but for the purposes of this review we’ll stick to FDIC-insured deposits accounts (CDs and high interest savings account) offered by MySavings Direct.
MySavings Account Rate + Details
As mentioned, there are no minimum deposit requirements to open the account and no minimum balance requirements to earn the advertised APY. There are also no monthly maintenance fees to worry about.
Rate
| Balance | APY |
| $0 | 4.35% |
To put this yield into further perspective, the current national average for a savings account and a money market account sit at just 0.30% and 0.38% APY, respectively, according to FDIC data.
As with all deposit accounts offered at MySavings Direct, the MySavings Account is federally insured by the FDIC up to $250,000 per individual.
MySavings Account Fee Schedule
Although the account comes with zero maintenance fees and no minimum balance requirements there are certain services and functions offered by MySavings Direct that have fees associated with them. Below is the complete fee schedule:
| Type | Fee |
| Monthly Maintenance | $0 |
| Excessive Transactions (above 6 per month) | $0 |
| Balance Confirmation Letter | $30 plus $5 for each additional copy |
| Verification of Deposit Letter | $30 plus $5 for each additional copy |
| Legal Documents | $100 |
| Incoming Wire | $0 |
| Outgoing Wire | $0 |
It’s worth mentioning that if you need to wire money regularly (either receive or send) then this bank may be a solid option for you. Paying $0 on wires is not normal for most banks. Typical wire fees hover around $30 per.
How to Open and Fund the MySavings Account
As with most online banks, a MySavings account from MySavings Direct can be opened in as little as five minutes.
You can start by clicking the green “open now” button on their homepage.
To proceed you will need:
- a valid tax identification number,
- at least be 18 years old and have a driver’s license
- have a legal address
MySavings Direct will accept a physical check to initially fund your account, but after that you will need to have hooked up a checking account from another bank for further funding. This can be set up with any US bank.
How to Fund your MySavings Account
- Physical Check (one-time only if needed to initially fund your account)
- Mobile Deposit from external checking account
- Transfer from external checking account
CD Rates + Account Details
The MyTerm CDs offered by MySavings Direct come with terms ranging from 6 months to 10 years. A minimum deposit of $1,000 is required to open any CD with MySavings Direct.
| CD Term | APY | Min Deposit |
| 6 month | 1.50% | $1,000 |
| 30 month | 1.50% | $1,000 |
| 60 – 120 months | 2.00% | $1,000 |
With the 60 – 120 month CDs (5 – 10 years) you can choose your exact term down to the month. Rates are currently set at 2.00% APY for all terms.
To put these CD rates into context, the current national average for 12 month and 60 month CD sit at 1.07% and 1.09% APY, respectively, according to the FDIC.
Grace Period and Early Withdrawal Penalties
MySavings Direct will send you a notification prior to your CD’s maturity. Upon the maturity of your CD, you’ll have a 10 calendar-day grace period in which you can modify the CD or close it out without facing any early withdrawal fee.
If you need access to your CD’s funds prior to its maturity, you will face an early withdrawal fee.
Early withdrawal penalties are structured as follows:
- For an account with a term of less than one year, the penalty will be an amount equal to 90 days interest (whether earned or not) and calculated at the contract rate on the principal amount.
- For an account with a term of one year or more, the penalty will be an amount equal to 180 days interest (whether earned or not) and calculated at the contract rate on the principal amount.
About MySavings Direct
MySavings Direct is one of several online divisions of Emigrant Bank.
Emigrant Bank’s origins came long before the internet – in 1850 – when a group of 18 Irish Emigrants founded the institution in New York City.
Today, Emigrant Bank is the largest savings bank in New York City and 9th largest privately owned bank in the US with nearly $6 billion in assets. They have three online-only divisions that specialize in high yield savings accounts and CDs. These are Emigrant Direct, Dollar Savings Direct and their most recent offering, MySavings Direct.
You won’t notice much differentiation between these three subsidiaries though. In fact their websites and product offerings all look strikingly similar.
Through these online-only subsidiaries Emigrant Bank is able to keep the focus on consumer savings, featuring rates that are consistently above the national average and that regularly top brick and mortar institutions.