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.
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.