Featured Savings Rates
Featured Accounts

My Banking Direct

Popular Accounts at this Bank

1.50%Money MarketMy Banking Direct Money Market
2.00%1-year CD12 Month CD
2.25%2-year CD24 Month CD

Overview / Commentary
615 Merrick Avenue
Westbury, NY 11590

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.

Related Posts

My Banking Direct's Money Market Now Earns 1.50% APY ($25k+) - 2/23/2018

My Banking Direct has raised the rates on its Money Market account: 1.50% APY ($25k+), 1.35% APY ($5k+), and 0.25% APY (below $5k). $2.5k minimum opening deposit.

My Banking Direct Increases Money Market Rate - 12/29/2017

My Banking Direct (internet bank) has increased the its Money Market Checking rates: 1.35% APY ($25k+), 1.15% APY ($5k+), 0.25% APY (below $5k). $2.5k min deposit.

My Banking Direct Money Market’s New Tiers And $50 Bonus - 3/22/2017

I mentioned this in the weekly rate survey, but I thought it would be useful to mention it in a quick forum post. My Banking Direct reduced the balance required to earn its top rate (currently 1.15% APY). The minimum is now $5k. It used to be $25k. The new tiers are: 1.15% APY for balances $5k and above 0.25% APY for balances below $5k I have more details of this account in this January blog post $50 Bonus My Banking Direct is offering a $50 bonus for new money market customers through April 15, 2017. To earn the $50 bonus you must deposit a minimum of $25,000 to a new Money Market Checking account, enroll in NYCB Online, download the NYCB Mobile App and log into your account on the NYCB Mobile App within 7 calendar days from account opening.

View all posts from:

My Online Experience.

Posted by: MajorGree | Jan 28, 2018

I have banked with mybankingdirect for a few years now. The website is very user friendly and the interest return of above one percent is awesome. I haven't had a problem in the past and no problems. I like how there are no monthly fees and no minimum balance. I have set up a recurring deposit from each of my paychecks so I forgot what I have in my savings account. I can go in and check what I am making per month and yearly and see that my money is safe and making more money. A little, but I am making money. I would recommend this bank for anyone that would like a nice easy online bank to store money.

Good Rates, Poor Service

Posted by: Adindsen | Jan 27, 2018

We previously used mybabkingdirect when we lived in New York City for the first few months we were there. The rates on the CDs were very good at the time and so we thought it would be a good thing to try. We used a 12 month CD and upon completion of that time, we had an incredibly difficult time getting our money back and the rates they had quoted us (and were on our contract) were not the ones that had compounded. It took multiple conversations with customer service agents to get it squared away and it was definitely not worth our time and effort. Eventually they made it right, but it took quite a long time and was not worth it to us when the rates were not drastically different than competitors.

Unhelpful Website, Hidden Fees, Unprofessional Approach

Posted by: KiwiLass | Mar 12, 2012

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.

Worst Service Ever

Posted by: fioriana | Mar 15, 2018

i had almost 200,000.dollars in this bank and it took me over a month to get it transferred to another bank

I am stll trying to get the last 50,000 out
they have tried all kinds of postponements and have cancelled my transactions - told me it was above the allowed amount (sometimes) cancelled the transfer because i didnt answer their phone call during a work day and they said they call all their customers up when they make a transfer????????
really...i cant believe them- they are robbing me --what if i need the money to pay an urgent bill?????



Health Grade Components

FDIC Certificate #16022
Year Established1859
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.12%
Return on Equity - YTD8.13%
Annual Interest Income$1.48B
Assets and Liabilities
AssetsQ4 2017vs Q4 2016$45.46B$45.52B
LoansQ4 2017vs Q4 2016$35.79B$36.66B
DepositsQ4 2017vs Q4 2016$26.43B$26.53B
Equity CapitalQ4 2017vs Q4 2016$6.44B$5.83B
Loan Loss AllowanceQ4 2017vs Q4 2016$133.7MM$155.6MM
Unbacked Noncurrent LoansQ4 2017vs Q4 2016$18.0MM$158.9MM
Real Estate OwnedQ4 2017vs Q4 2016$8.2MM$11.6MM
Skip to rates for:
Report an Issue

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 Money Market Rates

1.50%*$25k*-My Banking Direct Money Market
OTHER TIERS: 0.25% Up to $5k | 1.35% $5k - $25k

My Banking Direct Checking Account Rates

0.02%$2,500-My Banking Direct Checking Account

My Banking Direct CD Rates

2.25%$500-24 Month CD
2.00%$500-12 Month CD
1.75%$2,500-6 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