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Anyone use a MySavingsDirect Account
Old 10-15-2018, 11:12 AM   #1
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Anyone use a MySavingsDirect Account

So I have my emergency funds savings parked in a Captial One 360 savings account. Have been using this for over 10 years now, mostly when interest rates were so low and there was no point in looking elsewhere. Cap 1 is still sitting at 1.00%APY and I am now starting to look around at alternatives because I would like to start getting some more out of my savings account. So I was looking and saw some of the other internet banking firms and their interest rates look really good. MySavingsDirect just upped to 2.25%. But I know nothing about these other internet banks. When I originally opened my account Cap 360 was ING, which I know was pretty good. So I am looking for any experience you all might have with this company or one similar to them. They are FDIC insured and they don't require a minimum balance which I like. The thing that always kept me with ING/Cap 360 was you can have like six different accounts under my name and I can calls these different names to keep different pockets of money open for certain expense that come up through the year like (Christmas, kids birthday, car fund (want to pay cash for my next car)) I am not sure if these other internet banking companies offer this sort of incentive.
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Old 10-15-2018, 02:48 PM   #2
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I donít know about multiple accounts but We did have a high yield savings account at My Direct Savings for a year or so and it was fine. I donít recall any issues.
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Old 10-15-2018, 03:20 PM   #3
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OP. You should at least look into the Cap One 360 money market accounts. Mine is at 1.85%
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Old 10-15-2018, 03:26 PM   #4
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ive used lots of diff "sketchy" sounding online only MM accounts in the past. igobanking. emigrantdirect. not the one you mention but I had no problems with any of them. you used to fund them by linking to another account and then they would send test deposits of a few cents which you log in then verify the exact amount and then you were good to go to move money back and forth in between to fund and withdraw. no building to go to though to grab someone by the throat if you like the capability.
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Old 10-15-2018, 05:37 PM   #5
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MySavingsDirect is one of a number of offerings of Emigrant Bank - along with EmigrantDirect.com and DollarSavingsDirect.com.

Folks have had differing experiences with them. With MySavingsDirect, some reviewers have indicated similar teaser rates and then they will abruptly lower it significantly. We used DollarSavingsDirect for a year and really had no issues. When their rate topped out at 1.8% maybe 6 months ago and it became clear they weren't going higher, we withdrew the funds.

If you are looking for a high yield savings account - East Boston Savings Bank is at 2.5% currently.

https://www.ebsbdirect.com/high-yield-savings-account

Another option - which was posted just today on the CD & MM thread - Ally is offering 1% bonus for new funds/new account on up to $100k for up to $1000 bonus. Ally savings account is currently paying 1.9% and this 1% bonus for keeping the money there 3 months is equivalent to 4% APY during that time period. If you just leave the funds there for a year, add 1% on to the 1.9% for 2.9% (probably a smidge above 2.9% since you'd be earning the 1.9% on the reinvested bonus beginning in February). Ally rates on the account will likely go higher during the coming months as well, so the 2.9% rough estimate would be the minimum for year one.

https://allypaybacktime.com
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Old 10-16-2018, 08:59 AM   #6
Confused about dryer sheets
 
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Thanks all for the input. I will look into the others you mentioned as well. Thinking about consolidating some of the existing Cap 360 accounts since we don't need quite as many buckets to keep our money in these days. So Ally might be a good bet. I have heard good things about them and know more about them. But I will look at the other suggestions as well before I decide. I like to hear first hand experiences from others not just the bad reviews.
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Old 10-16-2018, 07:50 PM   #7
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I've used mysavingsdirect.com for a couple years. It's fine. And thanks to the OP....I had taken most of my funds out since their interest rate was holding steady at 1%, but the OP alerted me that it's gone up drastically so I'm moving money back in.

I also use purepoint.com and myoptimizerplus.com. They're all pretty much the same.
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