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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.
Minimum deposit to open
|Annual percentage yield (APY)||1.00%|
|Minimum deposit to open||$0|
|Minimum balance to earn interest||$0|
Sarah George is a personal finance writer at Finder who’s spent the last four years wielding her digital pen on all things banking and insurance. Her know-how has been featured in such publications as CBS, CNET and Reviews.com, and she was a panelist in Finder’s 2020 money-saving webinar. Sarah earned an English education degree and is a Certified Educator in Personal Finance.
The MySavings online savings account is best for those who would like to earn a high APY with no minimum balance requirement. You’ll maximize your savings with a competitive 1% APY and no monthly fees.
However, it lacks in-person support and ATM access, and transfer options are limited.
Go to the provider’s site and follow the steps to apply.
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.
To qualify for an account, you’ll need to:
You’ll need some key information to open this account, including:
Along with its convenient online application, the MySavings Account also comes with the following benefits:
|APY||Amount in savings||Interest earned in 12 months|
Your My Savings Direct account limits how you access your money as well as get in touch with customer support.
In addition to its high-yield online savings account, My Savings Direct also offers CDs with terms of 60 to 120 months and APYs at around 1.00%.
If you prefer a high-yield savings account with in-person support or ATM access, keep looking. For example, you could earn an even higher APY with Quontic Bank’s High Yield Savings account, along with access to over 90,000 fee-free ATMs.
Check out the savings account features that suit you, and select Go to site when you’re ready to apply for your account.
Since My Savings Direct is an online bank, it offers fewer deposit and withdrawal options than traditional providers. My Savings Direct’s routing number is 226070403.
You can touch base with My Savings Direct in three ways:
★★★★★ — 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.
MySavings Account is not currently available on Finder
Have you considered American Express® High Yield Savings Account?
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
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