|APY||ACCOUNT TYPE||ACCOUNT NAME|
|0.80%||Money Market||Earn >More Money Market|
0.85% - Ally Bank Money Market Account
|1.05%||1-year CD||12 Month CD|
1.25% - Synchrony Bank 12 Month CD
|1.25%||2-year CD||24 Month CD|
1.45% - Synchrony Bank 24 Month CD
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. DepsositAccounts.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.
My Banking Direct has been the best bank that I have ever had.I find it easier that many brick and mortar banks.I pick what I need and it always there.My employer deposits my weekly check into my account.My funds are instantly available.I pay my bills,shop anywhere and shop online all with peace of mind that I wont be charged any fee's.There is never a surprise charge on my account.This bank is normal and easy to use.I had a problem,which was totally my fault,I called customer service,they were polite and helped me find a way to fix my error.They are very professional and take care of their customers.
At 1.05%, MyBankingDirect offers the highest national savings yield at 1.05%. But ultimately I didn't join because of one restriction that was a deal-killer for me. You are allowed to withdraw no more than $200,000 in a calendar month. Because I want to be able to immediately withdraw more than $200,000 if I decide to buy a house, it was a deal-killer.
An annoying thing about MyBankingDirect is that it is impossible to know any of the fees they charge until you actually get to the middle of the application process and you get to read the disclosure agreements. I'm writing this review simply to share the relevant details.
• 1.05% as long as your balance is over $5,000, otherwise it's 0.25%
• $10 monthly fee if you go under $1,000
• $4.95/month for Money HQ, which is an annoying service you need to transfer money in and out of your account. But I believe it's only necessary if you initiate the transfer from your MyBankingDirect account. I would have been able to get around this simply by initiating all money transfers, incoming and outgoing, from other bank accounts
• $30 if you close your account within 180 days of opening it
• $200,000 maximum withdrawal limit per calendar month
Ultimately I would have signed up were it not for the $200,000 limit. I know that Discover Bank is even worse with a $100,000 limit per rolling 30-day period. And don't get me started on Discover's policy of not paying out accrued interest when you close an account.
My experiences from opening a Money Market Account with MyBankingDirect.com so far:
- High interest rate on MMA's
- Easy to open an account
- Login information for their website isn't sent until you request it, and not sent immediately on request
- Emails from customer service are written in Papyrus font and look unprofessional
- There's a $25 monthly fee to link to outside bank accounts which is not mentioned anywhere before you sign up
- There's a $30 closing fee
- Your account number and the bank's routing number aren't available on their website anywhere, and cannot be requested via email
- The website is difficult to navigate
I'd be very interested to hear other people's experiences, there doesn't seem to be much information around from other customers and I'm trying to decide if I should just weather the storm and stay with these guys.
You spend 20 + minutes entering information on the online application that looks like it was created by a third grade student and then are presented with electronic versions of information that should have been presented before you actually began (interest calculation used/fee structure etc.).After final review of info you provided your told to Print Submit Sign and Mail. Mailing them a signed copy of application defeats the whole online process in my mind. Canceling will end things, but no mention of what happens and how long all that data will hang around on the internet. Just returned to main page with not explaination.
|FDIC Certificate #||16022|
|Return on Assets - YTD||-0.13%|
|Return on Equity - YTD||-1.08%|
|Annual Interest Income||$1.55B|
|Assets and Liabilities|
|Assets||Q4 2015vs Q4 2014||$46.47B$44.28B|
|Loans||Q4 2015vs Q4 2014||$35.17B$32.71B|
|Deposits||Q4 2015vs Q4 2014||$26.04B$25.86B|
|Equity Capital||Q4 2015vs Q4 2014||$5.63B$5.45B|
|Loan Loss Allowance||Q4 2015vs Q4 2014||$162.8MM$173.4MM|
|Unbacked Noncurrent Loans||Q4 2015vs Q4 2014||$173.1MM$222.5MM|
|Real Estate Owned||Q4 2015vs Q4 2014||$14.1MM$60.5MM|
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.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|0.80%*||$5k*||-||Earn >More Money Market|
|OTHER TIERS: 0.10% → Up to $5k|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|1.25%||$500||-||24 Month CD|
|1.05%||$500||-||12 Month CD|
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