MySavingsDirect: Savings Accounts & Rates

Savings rates updated: 8/29/2025

Mission statement: Banksparency aims to make MySavingsDirect's savings accounts transparent and comparable to those of other banks. Learn more about Banksparency.

Note: Interest rates below are reported as APY, or Annual Percentage Yield

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Savings Overview

MySavings Account: 3.75% APY(Rank 64 out of 81 tracked HYSAs)

Minimum Deposit: $0 | Online Only

National Savings Interest Rate: 0.39% (as of 8/26/2025)

Note: The FDIC tracks savings and CD rates nationally, but it does not report APY, only the average interest rate.

(Source: FDIC)

Bank Overview

Location: Miami, Florida

Founded: 2001

Affiliation: MySavingsDirect is a division of Emigrant Bank

Deposit Insurance: FDIC Cert # 57083

BBB Rating: A+

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 maintenance fees, allowing for full access to earned interest.
A+ BBB rating indicates high trustworthiness.

Considerations

Online-only account may lack personal service.
No direct deposit requirement could limit some features.

Summary: MySavingsDirect offers a competitive APY of 3.75% with no minimum deposit or balance requirements, making it accessible for savers. The account has no maintenance fees, allowing users to maximize their interest earnings. However, being an online-only bank may not suit everyone, as it lacks physical branches. The A+ BBB rating reflects the bank's reliability, making it a solid choice for those seeking high-yield savings.

Savings Account: In-Depth View

Savings Account Offered by MySavingsDirect

Feature	MySavings Account
APY	3.75% (as of 8/29/2025)
APY Trend	Stable for the last quarter
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
Sponsored Link
No deposit agreement summary available for this bank.

Calculate Savings for MySavingsDirect

All calculations are based on APY.

Savings Product:

MySavings Account (APY: 3.75%)

Initial Deposit:

Recurring Deposit Amount:

Deposit Frequency:

Duration:

Total savings breakdown:

Interest earned: $1,465.4 (9.48%)
Total contributions: $13,000 (84.06%)
Initial deposit: $1,000 (6.47%)

Your total balance

$15,465.40

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)	-7.0
Rate Changes / Mo	0.16
Days Since Last Change	130
High (-6 m)	4.10 %
Low (-6 m)	3.75 %
Draw-down from High	-8.5 %
Volatility (CV)	0.041

APY Insights Glossary

Latest APY: Most recent advertised annual-percentage yield.
Trend: Direction over the last 6 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 (-6 m): Highest APY in the last 182 days.
Low (-6 m): Lowest APY in the last 182 days.
Draw-down from High: How far today sits below the 6-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 8/29/2025)	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