Dedicated to Deposits: Deals, Data, and Discussion

MyBankingDirect's Money Market Account Now 5.10%


MyBankingDirect just increased the rate of its money market account from 4.55% to 5.10% APY. I had almost given up on MyBankingDirect. It was back in March when the bank last raised the money market account (from 4.30% to 4.55%). In the past it has kept close to its New York rival, EmigrantDirect, in rate hikes. But in the last couple of months it had fallen behind.

The big disadvantages of this account are the minimums and the $4.50 charge for outgoing ACH transfers. But there are some advantages over the savings accounts at EmigrantDirect and others. Here is a summary of the features of this money market account:
  • Minimum initial deposit of $5K
  • Full APY only applies when balance is over $5K
  • Balances under $5K earn 2.5% APY
  • Balances under $1K are charged a $10 monthly fee
  • ATM Card available with up to 3 refunds of ATM surcharge fees (up to $6) per statement cycle
  • Check writing privileges. First 4 checks are free
  • No hard credit pull in application. Only ChexSystem is used.
  • Service called Money HQ is available for ACH transfers to and from other banks
  • Outgoing ACH fee is $4.50
  • No limits on the number of links to other bank accounts
  • Sign-up bonus no longer available (use to be a $25 sign-up bonus)