MySavingsDirect does not offer checking accounts

MySavingsDirect is an online savings bank owned by Customers Bank. It offers savings products — high-yield savings accounts and money market accounts — but not checking accounts. If you are looking to open a checking account, you will need to use a different bank or credit union.

This matters because savings accounts and checking accounts work differently. A checking account is built for frequent transactions: you get a debit card, write checks, set up bill pay, and move money in and out regularly. A savings account is designed to hold money and earn interest, with limits on how often you can withdraw. MySavingsDirect specializes in the second type.

Key Takeaways

  • MySavingsDirect offers only savings and money market accounts, not checking accounts.
  • If you want a checking account, you will need to open one at a different bank, credit union, or online bank that offers checking products.
  • You can hold both a MySavingsDirect savings account and a checking account at another institution at the same time.
  • Many people use a high-yield savings account at MySavingsDirect alongside a checking account elsewhere to earn interest on money they do not spend regularly.

What MySavingsDirect actually offers

MySavingsDirect's main product is a high-yield savings account. The account earns interest on your balance, and the rate changes based on market conditions — you can check the current rate on their website. There is no monthly fee, no minimum balance requirement, and no limit on how much you can deposit.

The second product is a money market account, which works similarly to a savings account but may offer a higher interest rate in exchange for keeping a larger balance. Both accounts are FDIC-insured up to $250,000, meaning your money is protected by federal insurance if the bank fails.

Neither account comes with a debit card or check-writing ability. You can move money out through electronic transfer to another bank account you own, but you cannot swipe a card at a store or write a check to pay someone directly.

How to use MySavingsDirect with a checking account elsewhere

The most common setup is to keep your checking account at one bank and your savings account at MySavingsDirect. Your checking account handles your daily spending and bill payments. Your MySavingsDirect account holds money you are not spending right away and earns a higher interest rate than most checking accounts offer.

You can transfer money between them online. Most transfers from MySavingsDirect to another bank take one to two business days. Transfers into MySavingsDirect from another bank also typically take one to two business days. This means you can move money when you need it, but it is not when ready — plan ahead if you know you will need cash.

This two-account approach works well if you want to earn interest on savings without paying fees or maintaining a high minimum balance, while keeping a checking account somewhere that offers the features you actually use for spending.

Where to open a checking account instead

You have three main routes: a traditional bank branch, an online bank, or a credit union. Traditional banks like Chase, Bank of America, and Wells Fargo have physical locations and checking accounts with debit cards and check-writing. Online banks like Ally, Charles Schwab, and Chime offer checking accounts entirely through apps and websites, often with no monthly fees. Credit unions are member-owned institutions that often have lower fees and more flexible lending, though they may have fewer branches.

Each route has trade-offs. A branch bank gives you a physical location to deposit cash and speak to someone in person, but often charges monthly fees unless you maintain a minimum balance. An online bank typically has no monthly fee and higher interest rates on checking balances, but you cannot deposit cash in person. A credit union may offer the best rates and lowest fees, but you need to be a member — membership rules vary by credit union.

Combining MySavingsDirect with a checking account at another bank

You can open a MySavingsDirect savings account and a checking account at a different bank at the same time. There is no rule against holding accounts at multiple institutions. In fact, many people do this intentionally to separate their spending money from their savings.

When you set up both accounts, you will link them through online banking so you can transfer money between them. You will have two separate login credentials — one for MySavingsDirect and one for your checking account bank. You will receive statements from both institutions.

The main thing to track is which account is which. Your checking account is where your paycheck lands and where you pay bills. Your MySavingsDirect account is where you move money you want to save and earn interest on. Some people set up automatic transfers — for example, moving $200 to MySavingsDirect every payday — to make saving automatic.

Why someone might choose MySavingsDirect for savings

MySavingsDirect appeals to people who want a straightforward savings account with no fees and no minimum balance. The high-yield savings rate is competitive with other online banks, meaning your money grows faster than it would in a traditional bank savings account. Because it is online-only, there are no branch costs to pass on to customers, which is why the rates tend to be higher.

The tradeoff is convenience. You cannot walk into a branch to deposit cash or speak to someone face-to-face. All deposits must come from electronic transfer from another account you own. If you need to move money quickly, the one- to two-day transfer time may matter.

Frequently Asked Questions

Can I get a debit card from MySavingsDirect?

No. MySavingsDirect does not issue debit cards. You can only move money out of your account through electronic transfer to another bank account. If you need a debit card for everyday spending, you will need a checking account at a different bank.

Can I deposit checks into MySavingsDirect?

No. MySavingsDirect does not accept check deposits. All money must come into the account through electronic transfer from another bank account you own. If you receive checks regularly, you will need a checking account elsewhere to deposit them first.

What happens if I need to access my money quickly?

Transfers from MySavingsDirect to another bank account take one to two business days. If you need cash when ready, this delay could be a problem. Keeping a checking account with a debit card at another bank solves this — you can access that money when ready while keeping your savings at MySavingsDirect.

Will opening a MySavingsDirect account affect my credit?

No. Opening a savings account does not trigger a credit check and does not appear on your credit report. MySavingsDirect may do a soft check to verify your identity, but this does not affect your credit score.

Can I set up direct deposit to MySavingsDirect?

No. MySavingsDirect does not accept direct deposit from employers. Your paycheck must go to a checking account at another bank first, and then you can transfer money to MySavingsDirect. Some people use this as a way to separate spending money from savings automatically.