The product Savings Account from My Savings Direct, a division of Emigrant Bank with 3.35% APY and $1 minimum deposit and a tax rate of 30 compounded annually, with an initial amount of $20,000, after 10 years would have grown your savings to approximately $27,806. The interest earned would be $7,806 and the tax amount on the interest earned would be approximately $2,342.
Please note that this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account.
This analysis is for demonstrative purposes only and may change should certain assumptions prove incorrect. Savings rates may change and CD rates may not be renewable for the length of the term of the analysis. The difference between the bank rate entered and the average rate may not remain constant throughout the term.
| Rate: 0.22% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 45 | 31 |
| 2 | 20,045 | 45 | 31 |
| 3 | 20,090 | 45 | 32 |
| 4 | 20,135 | 45 | 32 |
| 5 | 20,180 | 45 | 32 |
| 6 | 20,225 | 45 | 32 |
| 7 | 20,270 | 45 | 32 |
| 8 | 20,316 | 46 | 32 |
| 9 | 20,361 | 46 | 32 |
| 10 | 20,407 | 46 | 32 |
| TOTAL: | $453 | $317 |
| Rate: 3.35% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 670 | 469 |
| 2 | 20,670 | 692 | 485 |
| 3 | 21,362 | 716 | 501 |
| 4 | 22,078 | 740 | 518 |
| 5 | 22,818 | 764 | 535 |
| 6 | 23,582 | 790 | 553 |
| 7 | 24,372 | 816 | 572 |
| 8 | 25,189 | 844 | 591 |
| 9 | 26,032 | 872 | 610 |
| 10 | 26,904 | 901 | 631 |
| TOTAL: | $7,806 | $5,464 |
The accounts below offer some of the best rates in the country can be opened online, and are available nationally. As the calculator shows, changing accounts to earn a higher interest rate can really add up over time.
| Date | APY |
|---|---|
| December 22, 2025 | 3.35% |
| May 19, 2025 | 3.75% |
| January 18, 2025 | 4.10% |
| August 20, 2023 | 4.35% |
| ONLINE BANKS | APY? | MIN? | ||
|---|---|---|---|---|
|
|
4.15% |
$500 |
Learn More | |
|
Last change: ↑0.15% on December 22, 2025. |
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|
|
4.05% |
$500 |
Learn More | |
|
Last change: ↓0.20% on October 8, 2025. |
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|
|
4.03% |
$500 |
Learn More | |
|
|
4.00% |
$25,000 |
Learn More | |
|
Last change: ↓0.25% on September 18, 2025. |
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|
|
4.00% |
$25,000 |
Learn More | |
|
Last change: ↓0.10% on December 23, 2025. |
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Customer Reviews for My Savings Direct, a division of Emigrant Bank (25)
not perfect but
April 25, 2023 |
with all of these online bank, including the well known ones, delaying transfers forever in order to fund these high rates, this one still executes inbound and outbound transfers immediately.
Is this review helpful? Yes:1 / No: 0
New applicant23
January 7, 2023 |
They said would notify me in 2 business days about my savings application which had nothing wrong. 5 business days now and no response was given, not even an email.
Is this review helpful? Yes:9 / No: 0
New applicant23
January 7, 2023 |
They said would notify me in 2 business days about my savings application which had nothing wrong. 5 business days now and no response was given, not even an email.
Is this review helpful? Yes:6 / No: 0
Jak in Arizona
December 26, 2022 |
I have had my saving direct,dollar savings direct and emigrant for many years. I have never had issues with bank to bank transfers, either in funding or with withdrawal s. You do need to keep on top of them for rate changes, but big deal. If they drop too low,just move your money. I closed emigrant since they are not competitive with the other two. You have to shop around for the best rates on CDs too. My checking account is still paying less than 1%!!
Is this review helpful? Yes:7 / No: 0
1969Soccer-Argentina
December 16, 2022 |
I opened an account this morning when I saw the 4.35%. My bad. I had tried with Emigrant or Dollar Savings years ago and forgot that it is impossible to add funding accounts and they never accepted a Morgan Stanley account. The rate is still nice, and they don't play games with delaying deposits and setting caps on withdrawals like the other NY banks.
Is this review helpful? Yes:5 / No: 3
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