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New account

December 13th, 2014 at 10:01 am

I just opened a savings account at MYSavingsDirect, a division of Emigrant Bank. They are offering 1.05% interest on savings accounts and my local savings account that offers 1% interest is going to run out next saturday. The term was only good for 6 months.
Does anyone else have an account with MySavingsDirect?

9 Responses to “New account”

  1. doingitallwrong Says:

    I just opened an account there, too. GE Capital is also offering 1.05%, but for whatever reason they couldn't verify my ID, so I went with MySavingsDirect.

  2. Another Reader Says:

    Emigrant Direct was one of the first banks to offer high-yield on-line savings accounts. They never kept the good rates for long.

    I have:

    GE Capital Bank Online Savings - 1.05 percent
    Synchrony Bank High Yield Savings - 1.00 percent
    Ally Bank Online Savings - 0.95 percent
    Sallie Mae Money Market - 0.90 percent

    I get rates from this website:

    https://www.depositaccounts.com/savings/

    It has rates for other products as well.

    GE Capital Bank and Synchrony (was GE Capital Retail Bank) were trading top rate position for awhile. Ally just raised its rate.

    The same website has current rates on money market and CD accounts. Sadly, PenFed is not offering the 3 percent five year CD's this December. They had done that for the last two years and I had cash set aside for this year.

  3. LuckyRobin Says:

    How much does the deposit have to be to get that interest rate?

  4. Petunia 100 Says:

    Sweet! I have been at Barclay's, but I'm willing to switch for an additional .15%.

  5. rob62521 Says:

    Wow...who would have thought we'd get thrilled at over 1%! Smile

  6. FrugalTexan75 Says:

    Petunia - I've got my EF at Barclays too .. but this might be enough of an uptick to bother with switching!

  7. Beawealthywarrior Says:

    I earn 1% with SmartyPig

  8. doingitallwrong Says:

    LuckyRobin, there's no minimum balance on the MySavingsDirect account; all amounts earn the highest interest rate available. The minimum deposit to open an account is $1.

  9. scfr Says:

    Hang on guys before you transfer funds ... Barclays just went back up to 1.00%!

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