My Banking Direct
Popular Accounts at this Bank
| APY | ACCOUNT TYPE | ACCOUNT NAME |
|---|---|---|
| 1.75% | Money Market | My Banking Direct Money Market 1.85% - CIT Bank Money Market Account |
| 2.25% | 1-year CD | 12 Month CD 1.80% - Ally Bank No Penalty 11-Month CD |
| 2.50% | 2-year CD | 24 Month CD 2.50% - Capital One 24 Month 360 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.
Related Posts
3/19 - My Banking Direct CD Rates Go Up
2/23 - My Banking Direct Money Market APY Upped
3/22 - My Banking Direct Money Market’s New Tiers And $50 Bonus
1/19 - My Banking Direct Increases Money Market APY
1/18 - MyBankingDirect Increases Money Market Rate 1.15%
9/24 - MyBankingDirect Increases Money Market APY To 1.00%
6/22/11 - Top Money Market Account Rate at MyBankingDirect
7/7/06 - MyBankingDirect's Money Market Account Now 5.10%
3/18/06 - MyBankingDirect Raises Money Market Account APY to 4.55%
2/3/06 - MyBankingDirect Raises Money Market Account APY to 4.30%
12/1/05 - MyBankingDirect Ups Money Market to 4.10%
10/7/05 - MyBankingDirect Matches EmigrantDirect
8/18/05 - MyBankingDirect 3.75% APY and $25 Signup Bonus
My Online Experience.
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.
If you're looking for a bank to open a CD, this is the one!
I inherited some money from my father once he passed away and needed a bank I could trust to open a CD account. After finding this bank, I knew I had found the right one. They have a deal where if you open a CD with just $500.00 for 24 months, the APY is only 2.25%, which is the lowest I've seen around! They are very friendly, and always answer my questions promptly and respectfully. I'm always answered within one phone call, I've never been transferred. The employee I'm put through to always provides excellent customer service. If you have a large sum of money and need to open a CD, look no further.
Good Rates, Poor Service
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.
Worst Service Ever
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?????
Data as of Q1 2018
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 16022 |
| Year Established | 1859 |
| Employees | 1623 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1% |
| Return on Equity - YTD | 7.15% |
| Annual Interest Income | $375.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2018vs Q1 2017 | $46.19B$45.46B |
| Loans | Q1 2018vs Q1 2017 | $36.15B$36.36B |
| Deposits | Q1 2018vs Q1 2017 | $26.49B$26.39B |
| Equity Capital | Q1 2018vs Q1 2017 | $6.43B$6.26B |
| Loan Loss Allowance | Q1 2018vs Q1 2017 | $133.9MM$146.3MM |
| Unbacked Noncurrent Loans | Q1 2018vs Q1 2017 | $25.7MM$152.6MM |
| Real Estate Owned | Q1 2018vs Q1 2017 | $6.6MM$10.3MM |
This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.
Money Market, 1.75% APY, $25,000+
1.75% APY - $25,00,+
1.50% APY - $5,000+
0.25% APY - below $5,000
Minimum opening deposit is $2,500
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
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 1.75%* | $25k* | - | My Banking Direct Money Market | ||
| OTHER TIERS: 0.25% → Up to $5k | 1.50% → $5k - $25k | |||||
My Banking Direct Checking Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 0.02% | $2,500 | - | My Banking Direct Checking Account |
My Banking Direct CD Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 2.50% | $500 | - | 24 Month CD | |
| 2.25% | $500 | - | 12 Month CD | |
| 2.00% | $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