Home › Forums › Financial Markets/Economics › MySavingsDirect.com legit?
- This topic has 5 replies, 6 voices, and was last updated 7 years, 8 months ago by CA renter.
September 3, 2015 at 2:10 PM #21670September 3, 2015 at 3:26 PM #789124poorgradstudentParticipant
I used to have an online savings account with Emigrant. I had no problems with them.September 3, 2015 at 3:31 PM #789125bearishgurlParticipant
Synchrony Bank (NJ) also has a 1.25% CD for 12 months (higher for 24 – 60 months). THEY are completely legit and their customer service (located in the US) is excellent!
About 18 months ago, Synchrony Bank bought GE Capital (who ran their own Visa brand), Care Credit and JCP Credit. They’re now a huge US bank.
Don’t know anything about Emigrant Bank. Never heard of them.September 4, 2015 at 9:56 AM #789138teaboyParticipant
Emigrant is legit. I have used them to chase the highest savings rate for my $200k deposit while waiting to buy.
The thing to be aware of is that the 1.25% may not last too long nor still be competitive in 6 months.
If you have a 6 month horizon, it might be better to try everbank, as they seem to have an into rate of 1.6% for 6 months.
I put my $200k into dollarsavingsdirect.com (another Emigrant bank) about 6-7 years ago and remember their rates being uncompetitive fairly soon thereafter.
Back then I had plenty of spare time at work and didnt mind all the hassle and effort required to open a new bank account and transfer the funds. I moved it again a couple more times, again chasing an extra .25%.
It’s worth remembering that an extra .25% on $200k works out to something like an extra measly $30 per month after tax. It wouldn’t be worth the hassle for me these days.
tbSeptember 4, 2015 at 10:38 AM #789139spdrunParticipant
Emigrant Bank is a local bank in NYC. Very legit.September 23, 2015 at 2:23 AM #789539CA renterParticipant
Just catching up on posts and clicked the link. They are now offering only 1.1% on this savings account.
This was my experience over many years of chasing yields. If you want to keep your money liquid, there’s a good chance that the “intro” rate will drop rather quickly once you open the account, and you’re right back to where you were.
Wish there was a better answer. The 1.1% is still better than most savings accounts, but be prepared to be frustrated when the rate keeps dropping. 🙁
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