MySavingsDirect
Last Updated: 6/20/2025
Note: Interest rates below are reported as APY, or Annual Percentage YieldQuick Views
MySavings Account: 3.75% APY(Rank 62 out of 74 tracked HYSAs)
Minimum Deposit: $0 | Online Only
National Savings Interest Rate: 0.42% (as of 5/19/2025)
Note: The FDIC tracks savings and CD rates nationally, but it does not report APY, only the average interest rate.
(Source: FDIC)Bank Overview
Affiliation: MySavingsDirect is a division of Emigrant Bank
BBB Rating: Not Rated
App Store Rating: N/A
Google Play Rating: N/A
Website: Visit MySavingsDirect
Our Take on MySavingsDirect
Highlights
- Current APY of 3.75%, unchanged from 30 days ago.
- No minimum deposit or balance requirements.
- No monthly maintenance fees.
- Online-only account for easy access.
Considerations
- BBB rating is Not Rated.
- No branches available for in-person service.
- Direct deposit is not required, but may limit options.
- Limited account options compared to other banks.
Summary: MySavingsDirect offers a competitive APY of 3.75% on its MySavings Account, with no minimum deposit or maintenance fees. However, it lacks a BBB rating and branch locations, which may concern some savers. The account is online-only, providing convenience but limiting personal interaction. While the lack of a direct deposit requirement may appeal to some, it could restrict account flexibility. Overall, it is a straightforward option for high-yield savings.
Savings Account
Savings Account Offered by MySavingsDirect
Feature | MySavings Account |
---|---|
APY | 3.75% (as of 6/20/2025) |
APY Trend | Stable for the last month |
Minimum Deposit | $0 |
Minimum Balance for APY | $0 |
FDIC-insured | Yes |
Online Only | Yes |
Bundled Account | No |
Direct Deposit Required | No |
Compound Frequency | Daily |
Maintenance Fee | $0 |
Eligibility | United States |
No deposit agreement summary available for this bank. |
Calculate Savings for MySavingsDirect
All calculations are based on APY.
MySavings Account (APY: 3.75%)
Deposit Frequency:
Total savings breakdown:
- Interest earned: $4 (3.85%)
- Total contributions: $0 (0.00%)
- Initial deposit: $100 (96.15%)
Your total balance
$104.00
Effective APY: 3.75% (based on your deposit and contributions)
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
MySavingsDirect Savings Rates Over Time
Historical APY Insights
Metric | MySavings Account |
---|---|
Latest APY | 3.75 % |
Trend | Falling |
Slope (bps/mo) | -13.9 |
Rate Changes / Mo | 0.27 |
Days Since Last Change | 61 |
High (-4 m) | 4.10 % |
Low (-4 m) | 3.75 % |
Draw-down from High | -8.5 % |
Volatility (CV) | 0.045 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 4 months (regression slope).
- Slope (bps/mo)
- Average monthly change; 10 bps = 0.10 pp.
- Rate Changes / Mo
- Typical number of APY moves per month.
- Days Since Last Change
- Recency of the latest APY adjustment.
- High (-4 m)
- Highest APY in the last 112 days.
- Low (-4 m)
- Lowest APY in the last 112 days.
- Draw-down from High
- How far today sits below the 4-month peak.
- Volatility (CV)
- Coefficient of variation = stdev ÷ mean.
Why Track Savings-Account APYs?
- See how quickly a bank reacts to Fed moves or competition.
- Gauge “twitchiness” - frequent moves can annoy savers.
- Spot if you're buying near a peak (draw-down) or riding a rise.
- Slope (bps/mo) shows speed of change.
- Volatility (CV) scales jumps by average level.
Compare MySavingsDirect's Savings Account
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Feature | MySavingsDirect | Select a bank... |
---|---|---|
Product | MySavings Account | N/A |
APY | 3.75% (as of 6/20/2025) | N/A |
Bundled Account | No | N/A |
FDIC-insured | Yes | N/A |
Online Only | Yes | N/A |
Compound Frequency | Daily | N/A |
Minimum Deposit | $0 | N/A |
Minimum Balance for APY | $0 | N/A |
Maintenance Fee | $0 | N/A |
Direct Deposit Required | No | N/A |