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My Savings Direct review: MySavings Account

Build your savings with a 0.5% 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.

0.50%

APY

$0

Fee

$0

Minimum deposit to open

Details

Annual percentage yield (APY)0.50%
Fee$0
Minimum deposit to open$0
Minimum balance to earn interest$0
Interest compoundingDaily
More info

More Info

Review by


Shannon Terrell is a senior writer for Finder who has written over 400 personal finance guides. With a focus on investments and personal finance, she breaks down jargon-laden topics to help others make informed financial decisions. She studied communications and English literature at the University of Toronto.

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 0.5% APY and no monthly fees.

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

How do I open a MySavings Account account?

  1. Go to the provider’s site and follow the steps to apply.
  2. From My Savings Direct’s website, click Open Now.
  3. Enter your full name, residential address, email address, date of birth, Social Security number and driver’s license number. Click Continue.
  4. 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

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:

  • 0.5% APY. My Savings Direct offers this competitive 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

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Aspiration Spend & Save Account
Finder Rating: 3.8 / 5: ★★★★★
Aspiration Spend & Save Account

1.00% on $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 per month or $15 per month for Aspiration Plus ($12.50 per month if you pay annually)
$10
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings

0.61% on $0 to $24,999
0.25% on $25,000 to $99,999
0.15% on $100,000+
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
Chime Savings
Finder Rating: 4.6 / 5: ★★★★★
Chime Savings
0.50%
$0
$0
Grow your savings automatically with recurring transfers, round-ups on debit card purchases and 0.5% APY.
Discover Online Savings Account
Finder Rating: 4.6 / 5: ★★★★★
Discover Online Savings Account
0.40%
$0
$0
Take advantage of a high-interest online savings account with no fees, no minimums and more.
UFB Direct High Yield Savings
Finder Rating: 3.6 / 5: ★★★★★
UFB Direct High Yield Savings
0.20%
$0
$100
Earn an APY when your balance is higher than $10,000 with this no-monthly-fee savings account.
SoFi Money
Finder Rating: 4.3 / 5: ★★★★★
SoFi Money
0.25%
$0
$0
SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.
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Compare up to 4 providers

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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