What mysavingsdirect does

MySavingsDirect is the digital retail banking division of Emigrant Bank (FDIC Certificate No. 57083), headquartered in Ossining, New York. The platform offers a high-yield savings account (3.35% APY, no fees, no minimum balance, effective December 16, 2025) and a "MyTerm" certificate of deposit product (6-month term at 3.00% APY, $1,000 minimum, effective October 2, 2025), both funded via ACH from an external checking account. The product is delivered entirely online through a web-based account management interface with 128-bit encryption and 24/7 access; there are no physical branches, mobile applications, or call-center-led sales motions.

The underlying technology is a standard internet banking platform — web-based application, ACH integration, and encrypted session handling — rather than a differentiated technology stack. MySavingsDirect sits alongside EmigrantDirect and DollarSavingsDirect as one of three internet banking brands operated by the parent, which collectively hold approximately $5.5 billion in diversified internet and branch-based deposits serving over 174,000 accounts in all 50 U.S. states. Emigrant Bank retains over 4,600 mortgage loans totaling nearly $1.4 billion on its balance sheet, and the MySavingsDirect site cross-promotes Emigrant Mortgage rates, indicating intra-group cross-sell.

Revenue is generated through the net interest spread between rates paid to depositors and yields earned on loans and investments held at the parent bank level. The go-to-market is direct-to-consumer via the mysavingsdirect.com website, supported by organic SEO presence in high-yield savings comparison content. The customer base consists exclusively of individual retail depositors seeking competitive savings rates and FDIC-insured deposit safety without the friction or fees of branch-based banking. No revenue, headcount, or standalone P&L figures are disclosed for MySavingsDirect specifically.

Name

mysavingsdirect

Legal name

MySavingsDirect

Website

https://mysavingsdirect.com

Company type

Private

Operating status

Operating

Short description

MySavingsDirect is the online retail banking division of Emigrant Bank, offering FDIC-insured high-yield savings accounts and certificates of deposit directly to U.S. consumers nationwide through a digital-only platform.

Ownership category

akta.pro rank

Headquarters

HQ city

Ossining

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Technology or R&D, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Interest Rate Spread: MySavingsDirect earns revenue through the spread between interest paid to depositors and interest earned on loans and investments. The bank offers competitive rates (3.35% APY savings, 3.00% APY 6-month CD) to attract deposits, which are then used for lending and investment activities by parent company Emigrant Bank.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

MySavingsDirect is an online-only banking platform that offers a high-yield savings account (3.35% APY) with no fees and no minimum balance requirements, plus a MyTerm Certificate of Deposit (6-month CD at 3.00% APY with a $1,000 minimum). Accounts are opened and funded via ACH transfers from an external checking account and managed entirely online 24/7. The platform is FDIC-insured under parent Emigrant Bank (Certificate No. 57083) and serves retail customers across all 50 US states.

Product overview

MySavingsDirect is a single-product online banking platform operated by Emigrant Bank. The offering consists of two core products: the MySavings Account (a high-yield savings account with 3.35% APY) and the MyTerm Certificate of Deposit (with various term options starting at 3.00% APY for 6-month terms). Both products are FDIC-insured, accessible exclusively online 24/7, and require linking to an external checking account for funding via ACH transfers.

Differentiator

Problem solved

Functional benefit

Products and services

• MySavings Account High-interest savings account for individual consumers offering 3.35% annual percentage yield with no fees, no minimum balance requirements, and a $1 initial deposit. The account is linked to an external checking account via ACH for deposits and withdrawals and is accessible 24/7 online.
• MyTerm Certificate of Deposit Certificate of Deposit account for individual consumers with multiple term options, including a 6-month term at 3.00% APY. Requires a $1,000 minimum deposit and is subject to early withdrawal penalties.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• Emigrant BankcoreStrategic or Co-development PartnerMySavingsDirect is a division of Emigrant Bank, an FDIC-insured New York-based financial institution. Emigrant Bank provides the regulatory oversight, deposit insurance, and underlying financial infrastructure for MySavingsDirect's online banking products.

Scale indicators4 records

Recent moves5 records

Expansion highlights3 records

Direct peers

• Marcus by Goldman Sachs: Goldman Sachs' online consumer banking brand offering high-yield savings accounts and CDs with no minimums and no fees. Closely comparable to MySavingsDirect in product set (savings + CDs), FDIC-insured digital distribution model, and rate-led acquisition strategy.
• Ally Bank: Leading direct-to-consumer online bank offering high-yield savings, CDs, and a broader deposit suite. Directly comparable in fee-free savings positioning, online-only distribution, and rate-competitive acquisition strategy.
• Discover Bank: Online savings accounts and CDs offered alongside Discover's credit card franchise. Comparable in single-brand digital deposit focus, FDIC-insured online banking, and competitive APY positioning for retail savers.
• American Express Personal Savings: AmEx's online high-yield savings account offering competitive APY with no fees and no minimums. Directly comparable product offering (savings focus), FDIC-insured structure, and digital-first distribution model.
• Synchrony Bank: Online savings bank offering high-yield savings accounts and CDs as core products. Comparable in FDIC-insured digital-only deposit positioning and rate-driven customer acquisition model.
• CIT Bank: Online-focused division of First Citizens offering high-yield savings accounts (eChecking, Savings Builder, Money Market) and CDs. Directly comparable in digital deposit focus and rate-competitive positioning.
• Wealthfront: Online wealth/cash management platform offering a high-yield cash account with competitive APY. Comparable in digital-first high-yield deposit product targeting rate-sensitive retail customers nationwide.
• Barclays Online Savings: US online savings and CD products from Barclays, offering competitive APY with no minimums and FDIC insurance. Comparable in digital-only distribution, savings/CD focus, and rate-led positioning for US retail customers.

Broad incumbents

• Capital One 360 Performance Savings: Capital One's online savings product within a much larger diversified bank offering credit cards, checking, and auto lending. Comparable high-yield savings product but with broader product suite and stronger brand.
• SoFi: Digital-first full-service bank offering high-yield savings alongside checking, lending, and investing products. Comparable digital deposit acquisition strategy but significantly broader product suite and mobile-first experience.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about mysavingsdirect