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.
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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 |