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

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

 
    William Charles
  • On December 4, 2018, 23:40

View Comments (28)

  • Rate dropped to 1.80% (noticed it 1/7/2020). Before that, it dropped to 1.90% around 12/3/2019.

    • It is now 1.6%. I moved all my money into my checking account in preparation for a new account. I have been refused accounts by Patriot and First Foundation both 2% banks. Something is going on here. It used to be easy to open an account. I guess I am stuck with a measly 1.6%. I will be moving it all back I suppose. Better than nothing - just.

      • Reload the page... MSD is down to 1.00% today. (I think DoC no longer updates this page... https://www.doctorofcredit.com/high-interest-savings-to-get has the most recent rates)

        An interesting thing is that DollarSavingsDirect is 1.50% today. Usually DSD is lower than MSD. I guess most people moved their money from DSD to MSD a while ago, and the rates drop more at the banks that have more deposits.

  • So, what is te problem. Take the teaser rate as long as possible and simply EFT out when they go back on their promise?

  • 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

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

  • 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.

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