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My Savings Direct review: MySavings Account

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Build your savings with a 0.75% 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.

0.75%

APY

$0

Fee

$0

Minimum deposit to open

Details

APY0.75%
Fee$0
Minimum deposit to open$0
Minimum balance to earn interest$0
Interest compoundingDaily
More Info

Expert review

Shannon Terrell

Review by


Shannon Terrell is a writer for Finder who studied communications and English literature at the University of Toronto. On any given day, you can find her researching everything from equine financing and business loans to student debt refinancing and how to start a trust. She loves hot coffee, the smell of fresh books and discovering new ways to save her pennies.

Expert review

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 0.75% APY and no monthly fees.

However, it lacks in-person support and ATM access, and transfer options are limited.

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:

  • 0.75% 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.

If you prefer a high-yield savings account with in-person support and ATM access, you’ll want to keep looking. As always, explore your options when choosing a savings account.

Compare with other savings accounts

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned More info
American Express® Personal Savings High Yield Savings
1.00%
$0
$0
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Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
CIT Bank Savings Builder High Yield Savings Account

0.95% on balances of $25,000+ or set up a direct deposit of $100+ each month
0.79% on balances of $0 to $24,999
$0
$100
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No account opening or maintenance fees. Daily compounding interest. Earn one of the nation's top rates
Discover Online Savings Account
1.01%
$0
$0
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Take advantage of a high-interest online savings account with no fees, no minimums and more.
Aspiration Spend & Save Account

1.00% on balances of $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0
$10
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A spend and save combo account with no monthly service fees, free access to every ATM in the world, unlimited cash back rewards and deposits insured by the FDIC. The Aspiration Spend & Save Account is a cash management account offering of Aspiration Financial, LLC, an SEC-registered broker-dealer. Aspiration is not a chartered bank.
BBVA Money Market

0.19% on balances of $1,000,000+
0.10% on balances of $100,000 to $999,999
0.05% on balances of $0 to $99,999
$15 per month
(can be waived)
$25
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Earn a promotional APY for your first 3 months and access your money by ATM, check or bill pay.
UFB Direct High Yield Savings
1.00%
$0
$100
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Earn a competitive rate with a balance higher than $10,000.
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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

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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