Saturday, 31 October 2020

MySavingsDirect Review: Savings and CD Rates

MySavingsDirect Review: Savings and CD Rates
02 Mar
12:59
MySavingsDirect’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

2.40%

Savings

MySavingsDirect MySavings Account

2.10%

American Express National Bank High Yield Savings Account

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on American Express National Bank’s secure website

Member FDIC

2.40%

CD Rates

MySavingsDirect 6 Month My Term CD

2.75%

Goldman Sachs Bank USA High-yield 12 Month CD

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on Goldman Sachs Bank USA’s secure website

Member FDIC

1.30%

CD Rates

MySavingsDirect 30 Month My Term CD

2.90%

Synchrony Bank 36 Month CD

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on Synchrony Bank’s secure website

Member FDIC

1.65%

CD Rates

MySavingsDirect 60 – 120 Month My Term CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

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on Goldman Sachs Bank USA’s secure website

Member FDIC

MySavingsDirect’s savings account

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How MySavingsDirect’s savings account compares

This bank’s account is on par with the top savings accounts out there. Its combination of a high APR, low minimum deposit and lack of fees make it a great option for those who want to continually grow their savings — provided you don’t need the quick access often available to a savings account that’s directly linked to your checking account through the same bank. The MySavingsDirect savings account also doesn’t come with ATM access — so if you’re a fan of the convenience of brick-and-mortar banking, you should look elsewhere.

MySavingsDirect’s CD rates

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How MySavingsDirect’s CD rates compare

Unlike many CDs, MySavingsDirect offers the best APY for its shortest term account option. This makes it ideal for people who can spare $1,000 for the immediate future, but also want the flexibility of being able to access their cash at shorter intervals. However, this CD also has fewer interest-rate options than many banks with similar terms. And if you’re willing to wait longer than six months at a time, there are higher-rate CD options out there — some of which have even lower minimum deposit requirements.

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Devon Delfino

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Source: https://www.magnifymoney.com/blog/reviews/mysavingsdirect/

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