MySavings Direct Bank Review

Is MySavings Direct a good bank?

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MySavings Direct Logo

MySavings Direct Logo

MySavings Direct is a division of Emigrant Bank, a storied bank founded back in 1850 by Irish emigrants. MySavings Direct is an online-only extension of Emigrant Bank's services, offering deposit accounts at a better interest rate than you may find at your local bricks-and-mortar bank. Keep reading to find out whether an account with MySavings Direct will fit your financial needs.

  • Pros and Cons
  • Company Overview
Pros and Cons
  • Competitive annual percentage yield (APY) on savings and CD accounts

  • No savings account minimums or maintenance fees

  • Offers precious metals

  • No checking accounts

  • No branch locations

  • No mobile app

Company Overview
  • Official Website
  • Bank Product Offerings Savings accounts, certificates of deposit (CDs)
  • Customer Service By phone seven days a week at 877-752-1919, between 8 a.m. and 11:30 p.m. Eastern Time, or at 1-914-923-6716 if outside the U.S. or by email
  • Year Founded 1850
MySavings Direct Logo

MySavings Direct Logo

Who Is MySavings Direct Best for?

MySavings Direct will appeal to customers looking for an online-only bank to hold their savings. It’s perfect for those who:

  • Already have a checking account at another bank
  • Are comfortable managing accounts with multiple financial institutions
  • Are looking for a "set it and forget it" savings account
  • Seek out high interest rates

What Does MySavings Direct Offer?

MySavings Direct offers the following types of accounts:

Savings Account

MySavings Account

MySavings Direct's MySavings Account is a high yield savings account with a competitive APY. This account earns 0.25% APY. Aside from the APY, advantages of this account include:

  • No monthly fees or service charges
  • No minimum balance requirement to earn interest

Banking with MySavings Direct will feel very basic. If you’re looking for a fully modern, technology-driven app experience, you won’t get that at MySavings Direct. There isn't a mobile app and even the website looks dated. This would be a major issue for a checking account that's used regularly, but it can work for a savings account. If a customer just needs a high-yield place to store their savings and they don't want any bells and whistles, this account could fit perfectly.

Certificates of Deposit

If you have a savings account with MySavings Direct, you also have access to certificates of deposit. If you don't yet have an account with MySavings Direct, you will have to open one before acquiring a CD. Features of these CDs include:

  • Competitive APY
  • A minimum deposit of $1,000
  • Interest compounds daily and credited monthly

MySavings Direct doesn't offer a wide variety of CD terms. Instead, customers can choose between six-month CDs and a few significantly longer options. See the chart below for a full list of CD options.

CD Rates by Term (as of December 13, 2021)
6 months 0.25%
30 months 0.30%
60 to 120 months 1.00%

As is the case with most financial institutions, MySavings Direct imposes a penalty when customers withdraw money from CDs before they mature.

Other Financial Products from MySavings Direct

MySavings Direct only offers savings accounts and CDs; however, there is one extra service worth mentioning. Unlike some other institutions, customers can buy and sell precious metals directly through their MySavings account.

MySavings Direct always sells gold bullion bars and coins, though other precious metals may be occasionally available. Purchases can be delivered to your door or stored in a secure facility. Only stored metals can be sold through MySavings Direct.

MySavings Direct charges a service fee for precious metals storage. The fee is 0.8% of daily holdings per annum, charged monthly.

MySavings Direct Customer Service

MySavings Direct is open to questions and concerns seven days a week. Customers can call 877-752-1919 anytime between 8 a.m. and 11:30 p.m. ET. International customers should instead dial 1-914-923-6716. Representatives are available via email at

Customer reviews for MySavings Direct are generally on par with other financial institutions, although some customers have complained about interest rates changing unannounced. It may be worthwhile to check directly with a customer service representative about current interest rates.

How to Bank With MySavings Direct

Opening a bank account with MySavings Direct is a similar process to opening an account with any other financial institution. You should prepare to provide personal information, including identification like a driver's license. Because MySavings Direct doesn't offer checking accounts, you should also prepare to provide checking account information from another institution so you can fund your MySavings account.

Final Verdict


Unlike other banks that tend to offer incredibly meager interest rates on savings accounts, MySavings Direct offers some of the most competitive rates you’ll find. Their CD rates are also competitive.

MySavings Direct's fee structure—or lack thereof—adds to its competitiveness. Customers start earning interest on their savings immediately, without needing to maintain a minimum balance. All interest payments go directly to customers, without the bank taking a cut in the form of fees or service charges. The only time you'll encounter a fee for basic banking services is if you store precious metals with MySavings Direct.


If you’re looking for all the benefits of a traditional banking experience, you’ll be disappointed by MySavings Direct. They don't have physical locations, you can’t open a checking account, there are no ATMs to access, and you won't even have a debit card to use at an ATM. MySavings Direct certainly isn't alone in being an online-only institution, but it does lag other such options in its online features. The website is bare-bones and clunky, and there isn't a mobile app.

Article Sources

The Balance requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. My Savings Direct. “MySavings Account.” Accessed Dec. 13, 2021.

  2. My Savings Direct. “Certificate of Deposit.” Accessed Dec. 13, 2021.