My Banking Direct

Deposits held and insured by New York Community Bank

Overview / Commentary
866-285-1856
615 Merrick Avenue
Westbury, NY 11590
Deposits held and insured by New York Community Bank

My Banking Direct is a service of New York Community Bank, a consumer-facing institution that offers personal and business banking products and services. New York Community Bank is a subsidiary of New York Community Bancorp, a bank holding company.

My Banking Direct was created by NYCB in order to offer higher annual percentage yields on Money Market and Certificate of Deposit (CD) accounts. By avoiding overhead costs created by branches, the bank can offer higher yields through its online platform. Money markets accounts offer interest rates that are usually among the best in the country and have an initial minimum deposit requirement. DepositAccounts.com has recognized these Money Market accounts several times in the past. CDs also offer some of the best rates in the country.

My Banking Direct online banking offers a secure platform on which customers can check their account balances, transfer funds, and pay merchants and bills. The online account can also be linked to brokerage accounts to provide an easy way to fund accounts.

New York Community Bank is headquartered in Westbury, New York, and apart from its online bank, serves its customers through multiple branches located throughout the region. It was originally established in 1859.

Related Posts

My Banking Direct's High Yield Savings Increases To 3.15% APY. - 10/30/2022

You must deposit a minimum of $500.00 to open this account. There is no minimum balance fee. We use the daily balance method to calculate the interest on your account.

My Banking Direct High Yield Savings Lifted To 2.85% APY - 10/7/2022

Email ~ EFFECTIVE 10/8/2022 YOUR HIGH-YIELD SAVINGS RATE INCREASES TO 2.85% APY. There's no need to do anything on your end—your account will be automatically updated to reflect this new rate.

My Banking Direct High Yield Savings Rate Leads Again - 8/1/2022

My Banking Direct (internet division of New York Community Bank) High Yield Savings account continues to be a rate leader, following a 20 bps increase.

View all posts from:


Rate Increased To 2.2%

Received the email today. HIGH-YIELD SAVINGS RATE INCREASES TO

2.20% APY 1

There's no need to do anything on your end—your account will be automatically updated to reflect this new rate, effective 7/30/22.

They Will Alert You Via Email For External Transfer

Posted by: |

You must call them to verify the external transfer of large amount for the first time. Save all the security questions' answers so that you can authenticate yourself when you call. They will also ask you several questions about your residential history similar to the inquiry for a credit score report. An external transfer from NYCB takes about 3 business days to complete on average.

Low External Transfers

Posted by: |

The daily external transfer rate is only 50k. And, monthly is 200K. While that may be fine for some, that is a deal-breaker for me. This is especially true as most of the good online banks are significantly higher.

Has Anyone Received Checks From This Bank?

I opened this account in the second week of July and at that time ordered checks. Have gone online several times to check status of my check order.
Each time I check the date gets pushed forward.
I am getting the idea that this bank does not want you to have checks. Has anyone received checks from this bank?

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Health
A+

Data as of Q2 2022

Data displayed below is for insuring bank: New York Community Bank
Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #16022
Year Established1859
Employees2789
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.13%
Return on Equity - YTD9.29%
Annual Interest Income$902.7MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$63.05B$57.44B
LoansQ2 2022vs Q2 2021$48.32B$43.37B
DepositsQ2 2022vs Q2 2021$41.38B$34.32B
Equity CapitalQ2 2022vs Q2 2021$7.31B$7.41B
Loan Loss AllowanceQ2 2022vs Q2 2021$216.2MM$202.0MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$49.8MM$31.5MM
Real Estate OwnedQ2 2022vs Q2 2021$2.7MM$3.3MM
Rates
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Always verify rates and promotions with the bank or credit union. We are not My Banking Direct; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

My Banking Direct Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.55%$1-High Yield Savings

My Banking Direct CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.25%$2.5k-3 Month Direct CD
3.75%$500-24 Month CD
3.50%$500-12 Month CD
Locations

My Banking Direct is an Internet only bank and does not have branch locations. Its headquarters is located at 615 Merrick Avenue - Westbury, NY 11590

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.