Finder makes money from featured partners, but editorial opinions are our own. Advertiser Disclosure

My Savings Direct review: MySavings Account

Build your savings with a 1% APY, but there are limited ways of getting money in and out.’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.

No reviews yet. Write a review






Minimum deposit to open


Annual percentage yield (APY)1.00%
Minimum deposit to open$0
Minimum balance to earn interest$0
Interest compoundingDaily

Review by

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, 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.

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 1% APY and no monthly fees.

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

cope itemtype=””>

How do I open a MySavings Account?

Go to the provider’s site and follow the steps to apply.

  1. Select Open Now on My Savings Direct’s website.
  2. Enter your full name, residential address, email address, date of birth, Social Security number and driver’s license number. Select 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 select Continue.
  4. Review My Savings Direct’s account disclosures and the information you’ve submitted for your account application. Make any necessary changes and select 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.


To qualify for an account, you’ll need to:

  • 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

You’ll need some key information to open this account, including:

  • 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

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:

  • 1% APY. My Savings Direct offers this competitive APY to help you make the most of your savings.
  • No minimum balance or monthly fees. Earn interest on as much or as little as you deposit with no minimum balance requirements. Plus, no monthly maintenance fees mean your savings can grow unhindered.
  • Links with your external checking account. Make transfers at the touch of a button between your My Savings Direct savings and your current checking account. Your accounts are linked automatically at signup.
  • Secured. Your funds are FDIC-insured up to $250,000 for individual accounts and $500,000 for joint accounts. Your account is also protected with two-step verification.

How much interest you’ll earn

APYAmount in savingsInterest earned in 12 months

What should I look out for?

Your My Savings Direct account limits how you access your money as well as get in touch with customer support.

  • Limited to online transfers. With this account, there’s only one way in and one way out—online transfers.
  • Limited support. Since My Savings Direct is an online bank, its customer service is limited to phone and email support.
  • Basic website and account details. You won’t find much information about this account online except a short, one-page description and a few FAQ pages. Most online-only competitors offer a more user-friendly experience than this one.

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.

Compare with other savings accounts

Check out the savings account features that suit you, and select Go to site when you’re ready to apply for your account.

Name Product Annual Percentage Yield (APY) Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
American Express® High Yield Savings Account
Finder Rating: 4.6 / 5: ★★★★★
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.
CIT Bank Platinum Savings
Finder Rating: 3.8 / 5: ★★★★★
CIT Bank Platinum Savings



Earn 4.4% APY on balances of $5,000 or more. Open an account in five minutes or less. Easily manage your account with CIT’s mobile banking app. FDIC insured.
Patriot Bank High-Yield Money Market Deposit Account
Finder Rating: 4.9 / 5: ★★★★★
Patriot Bank High-Yield Money Market Deposit Account


Money market deposit accounts earn interest like savings accounts but also come with checks and debit cards. Earn 4.6% APY with Patriot Bank’s MMDA. Open an account online in under five minutes. $1 minimum deposit. FDIC insured.
Western Alliance Bank High Yield Savings Account through SaveBetter
Finder Rating: 4.9 / 5: ★★★★★
Western Alliance Bank High Yield Savings Account through SaveBetter


Get an impressive 4.75% APY, which is 13.5x higher than the national average. All with $0 fees and only a $1 minimum deposit required. FDIC insured.
U.S. Bank Elite Money Market
Finder Rating: 3.9 / 5: ★★★★★
U.S. Bank Elite Money Market




With a tiered interest rate, U.S. Bank Elite Money Market pays you more interest for higher balances. Earn 0.01% APY for balances under $25,000. Earn 3.50% APY for balances up to $499,999.99. Monthly fee is waived for a $10,000+ balance. Member FDIC.
Lemmata Savings Bank Money Market Account
Finder Rating: 4.6 / 5: ★★★★★
Lemmata Savings Bank Money Market Account


Get a competitive 4.55% APY with a $0 monthly fee. Open with as little as $1. FDIC insured.

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. My Savings Direct’s routing number is 226070403.


  • Online transfer. Transfer funds between your savings account and externally linked account via ACH transfer. Funds are available within two to four business days.
  • Check. You can make your initial deposit by mailing a check to:
    • My Savings Direct
      13 Croton Avenue
      Ossining, NY 10562


    The only way to withdraw funds from this account is to transfer the money to your external checking account.

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 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.

Ask an expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.
Go to site