MyBankingDirect 3.75% APY and $25 Signup Bonus
Aug 18, 2005 - 7:33 PM by Ken Tumin
If you don't mind the somewhat cheesy name and website, MyBankingDirect has a great money market account deal. Here's an unofficial summary of this money market account deal:
MyBankingDirect has a description page of this deal, and they have the official details at their Account Disclosure Page.
Unfortunately, their website doesn't have much more information. The help section is very short. With both ING Direct and EmigrantDirect, I've always appreciated the fact that I could start with a little bit and ramp up the money as I got more comfortable. It looks like you will miss out on the 3.75% APY and the $25 bonus if you do that here.
They do have a nice demo feature that allows you to see what it will look like after you have an account and you're logged in.
To help ensure that it's legit, I did a little investigation. First their general information discloses that "MyBankingDirect.com is a service of New York Community Bank, member FDIC". I then confirmed that New York Community Bank is FDIC insured at fdic.gov. However, the website listed by fdic.gov is www.mynycb.com. I then checked the whois information for MyBankingDirect.com at godaddy.com. It confirmed that the domain is registered under New York Community Bank.
From the whois information, the website MyBankingDirect.com looks to be very recent. The domain registration record was created on June 2, 2005. My guess is that the New York Community Bank just recently decided to create this national online bank. It sounds just like what Emigrant Savings Bank did with EmigrantDirect along with many others. It's a trend that's creating a lot of competition and helping us get some great rates.
If only they would have found some decent website specialists who could come up with a better name. Interesting that if you drop off "MyBank" from the name you get ingdirect....
- The APY is 3.75% and its guaranteed to not drop below 3.55% through October 1, 2005.
- Requires a minimum deposit of $5,000
- 3.75% APY only applies when the balance is over $5,000
- Balances under $5,000 earn only 2.50% APY
- There's a $10 minimum balance fee on balances under $1,000.
- $25 signup bonus requires a $5,000 balance for the first 3 months
MyBankingDirect has a description page of this deal, and they have the official details at their Account Disclosure Page.
Unfortunately, their website doesn't have much more information. The help section is very short. With both ING Direct and EmigrantDirect, I've always appreciated the fact that I could start with a little bit and ramp up the money as I got more comfortable. It looks like you will miss out on the 3.75% APY and the $25 bonus if you do that here.
They do have a nice demo feature that allows you to see what it will look like after you have an account and you're logged in.
To help ensure that it's legit, I did a little investigation. First their general information discloses that "MyBankingDirect.com is a service of New York Community Bank, member FDIC". I then confirmed that New York Community Bank is FDIC insured at fdic.gov. However, the website listed by fdic.gov is www.mynycb.com. I then checked the whois information for MyBankingDirect.com at godaddy.com. It confirmed that the domain is registered under New York Community Bank.
From the whois information, the website MyBankingDirect.com looks to be very recent. The domain registration record was created on June 2, 2005. My guess is that the New York Community Bank just recently decided to create this national online bank. It sounds just like what Emigrant Savings Bank did with EmigrantDirect along with many others. It's a trend that's creating a lot of competition and helping us get some great rates.
If only they would have found some decent website specialists who could come up with a better name. Interesting that if you drop off "MyBank" from the name you get ingdirect....
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Anonymous - #1, Wednesday, August 31, 2005 - 2:35 PM
Opened "Earn>More" MMA on 08/18/2005. Funded 08/23. Made numerous attempts to signon for online banking, but kept getting invalid ID/password messages. I finally got logged-in on 08/29. ACH transfers are possible if you signup for some BS called "Money HQ". 2-3 day transfers cost $4.50, next-day transfer is $8.95. WTF? I am closing this account after the $25 signup bonus is credited after the 3rd statement. Also, I need to close this a/c just after the accrued interest is posted, since the fine print says that accrued interest is lost if not posted prior to closure. Yeah? Well, screw u2.
stanley johnson (anonymous) - #2, Friday, September 30, 2005 - 9:42 AM
Stay away from this online bank.
Interest is paid on average monthly balance so if you open account with say 5K and add to itonly half of what you add earns interest for month.
Interest is not necessarily paid at end of month. Sometimes it is paid on 23rd as in my case.
Too close account you have to send a letter by fax or mail requesting account be closed.
And there is a fee in my case $20.00 if account is closed in less than 180 days.
And lastly try calling and getting through in less than 10 minutes.
and forget about closing account before end of an interest posting. You loss entire months worth.
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