Compound Interest Calculator
Savings Account from My Savings Direct, a division of Emigrant Bank with 4.35% APY and $1 minimum deposit



Use or Change These Amounts and Rates

The product Savings Account from My Savings Direct, a division of Emigrant Bank with 4.35% 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 $30,616. The interest earned would be $10,616 and the tax amount on the interest earned would be approximately $3,185.

Please note that this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account.

The Results for My Savings Direct, a division of Emigrant Bank

Savings Boost of
$7,125 over 10 years
Cash Savings $20,000
Average Interest Earned $307

 
My Savings Direct, a division of Emigrant Bank Interest Earned $7,432

 

 

See comparison detail table

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.

Comparison Detail Table Close X

Average Rate Scenario

Rate:
0.22%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 43 30
2 20,043 43 30
3 20,087 44 31
4 20,130 44 31
5 20,174 44 31
6 20,218 44 31
7 20,262 44 31
8 20,306 44 31
9 20,350 44 31
10 20,394 44 31
TOTAL: $438 $307

My Savings Direct, a division of Emigrant Bank Scenario

Rate:
4.35%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 870 609
2 20,870 908 635
3 21,778 947 663
4 22,725 989 692
5 23,714 1,032 722
6 24,745 1,076 753
7 25,822 1,123 786
8 26,945 1,172 820
9 28,117 1,223 856
10 29,340 1,276 893
TOTAL: $10,616 $7,432

Take Action

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.


Recent Rate Changes



Date APY
August 20, 2023 4.35%


Featured CD Rates

ONLINE BANKS APY? MIN?

5 Month CD Special. Must be linked to a standard consumer or business checking account in which 12.6% of the total combined balance is maintained. Otherwise APY is 5.25%.

Last change: ↓0.15% on May 13.
3 Month CD.

Last change: ↑0.09% on March 12.
6 Month Jumbo CD.

Last change: ↓0.05% on May 9.

Last change: ↓0.36% on March 12.
Early Withdrawal Penalty is 3 months interest.



Customer Reviews for My Savings Direct, a division of Emigrant Bank (25)


  • April 25, 2023 |

    Online Savings Rates

    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.

  • 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.

  • 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.

  • December 26, 2022 |

    Online Savings Rates

    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%!!

  • December 16, 2022 |

    Online Savings Rates

    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.


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