My Savings Direct review + rate August 2019 | finder.com

My Savings Direct review: MySavings Account

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MySavings Account
  • No fees, no minimums
  • No need to change your checking account
  • Open your high-interest savings account online

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Build your savings with a 2.4% APY, but watch for limited transfer options.

finder.com’s rating: 4.6 / 5.0

★★★★★

My Savings Direct offers a simple online solution if you’re looking for a high-yield savings product. Its MySavings account offers a high APY with no minimum balance requirement and no monthly fees. However, the account lacks ATM access and transfer options are limited.

APY2.40%
Fee$0
Minimum deposit to open$0
Minimum balance to earn interest$0
Interest compoundingDaily

What are the benefits of a savings account with My Savings Direct?

Along with its convenient online application, the MySavings Account also comes with the following benefits:

  • 2.4% APY. My Savings Direct offers this sizable APY to help you make the most of your savings.
  • No minimum balance requirement. Earn interest on as much or as little as you deposit with no minimum balance requirements.
  • No fees. No monthly maintenance fees means your savings can grow unhindered.
  • Secured. Your funds are FDIC-insured and protected with two-step verification.

What should I look out for?

In addition to no ATM access, keep an eye out for a few other potential drawbacks:

  • No check deposit. The MySavings Account is limited to electronic funds transfers only.
  • Limited support. Since My Savings Direct is an online bank, its customer service is limited to phone and email support.

Compare with other savings accounts

Name Product Interest rate (APY) Fee Minimum deposit to open
1.90%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account.
Betterment Everyday Savings
Betterment Everyday Savings
2.44%
$0
$10
At a 2.44% APY if you join the waitlist for Betterment Everyday Checking or 2.19% if you don't, this is a high-interest FDIC-insured savings account seamlessly tied into Betterment's investment robo-advisor.
2.30%
$0
$100
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank.
0.01%
$5 per month
(can be waived)
$0
Get a $150 bonus when you open a new Chase Savings account, deposit a total of $10,000 or more in new money within 10 business days and maintain a $10,000 balance for 90 days.
2.15%
$10 per month
(can be waived)
$5,000
Enjoy the security and earning potential of a savings account while maintaining the flexibility to write checks.
2.15%
$0
$0
Earn one of the highest interest rates without the fees.

Compare up to 4 providers

How do I open an account?

  1. Go to My Savings Direct’s website and click Open Now.
  2. Enter your full name, residential address, email address, date of birth, Social Security number and driver’s license number. Click Continue.
  3. Enter the routing and account number of the external account you’d like to use to fund your account. Enter an initial deposit amount and click Continue.

Review My Savings Direct’s account disclosures and the information you’ve submitted for your account application. Make any necessary changes and click Submit.

You’ll be redirected to your online account to review the status of your application. If any further documentation is needed, a representative from My Savings Direct will contact you within three business days.

Once your account has been activated, you’ll be able to make transfers, withdrawals and deposits between your savings account and your externally linked account.

Eligibility

  • Be a US citizen
  • Be at least 18 years old
  • Have a US residential address
  • Have a Social Security number
  • Have a valid bank account

Required information

  • Primary home address
  • Valid email address
  • Valid phone number
  • Social Security number
  • Driver’s license or valid state ID
  • Bank account number and routing number of the account you plan to use to fund your savings account

How do I deposit or withdraw money?

Since My Savings Direct is an online bank, it offers fewer deposit and withdrawal options than traditional providers:

  • Electronic funds transfer. Transfer funds between your savings account and externally linked account via ACH transfer. Funds transferred this way are typically available within two to four business days.

How can I get in touch with customer service?

You can touch base with My Savings Direct in three ways:

  1. Email. Send an email to MSDCustomerService@MySavingsDirect.com for a reply within two business days.
  2. Phone. Call My Savings Direct at 877-752-1919, seven days a week between 8 a.m. to 11:30 p.m. ET.
  3. Mail. Or you can mail a letter to:
    My Savings Direct
    13 Croton Avenue
    Ossining, NY 10562

Bottom line

The MySavings online savings account offers a competitive 2.4% APY and no monthly fees to help maximize your savings. However, it lacks in-person support and ATM access, and transfer options are limited.

Explore your options with other providers to make sure you get the account that’s best suited to your needs.

Frequently asked questions

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

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