My Banking Direct

Deposits held and insured by Flagstar Bank

Overview / Commentary
615 Merrick Avenue
Westbury, NY 11590
Deposits held and insured by Flagstar Bank

My Banking Direct is an online financial service of Flagstar Bank, N.A. My Banking Direct offers a competitive high yield online savings account which ranks in the top 25 highest savings rates on All deposits are FDIC-insured up to $250,000.

Related Posts

My Banking Direct Hikes High Yield Savings Rate - 11/14/2023

My Banking Direct (internet division of New York Community Bank/Flagstar Bank) has added 35 bps to its High Yield Savings APY. $500 minimum opening deposit.

My Banking Direct's High Yield Savings Account Hits 5.35%APY - 11/5/2023

No monthly account fees Just $500 to open an account Mobile check deposit

My Banking Direct - 5/23/2023

My Banking Direct raised it's rate to 5%. Why is it no longer listed

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Rate Increased To 2.2%


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.

OK Bank With Me

I get my interest every month that's what matters to me. Last month I took several large amounts out to buy CDs at different banks no problems they even called to make sure everything was on the up&up

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.

Data Mining

Posted by: |

A common theme in this period of rising interest rates is that an obscure bank will offer a CD for an oddball term, in this case 5 months, and at a higher than the field interest rate where there is no CD but the bank collects all your info then for whatever reason there is no CD. There are no banking refs that prevent such behavior as MBD.



Data as of Q3 2023

Data displayed below is for insuring bank: Flagstar Bank
Learn why bank health matters

Health Grade Components

FDIC Certificate #32541
Year Established1987
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD3.22%
Return on Equity - YTD31.84%
Annual Interest Income$4.04B
Assets and Liabilities
AssetsQ3 2023vs Q3 2022$111.2B$25.39B
LoansQ3 2023vs Q3 2022$85.3B$18.87B
DepositsQ3 2023vs Q3 2022$82.83B$17.44B
Equity CapitalQ3 2023vs Q3 2022$11.79B$2.78B
Loan Loss AllowanceQ3 2023vs Q3 2022$619.2MM$126.1MM
Unbacked Noncurrent LoansQ3 2023vs Q3 2022$393.1MM$112.3MM
Real Estate OwnedQ3 2023vs Q3 2022$5.5MM$6MM
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* 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

5.35%$1-High Yield Savings

My Banking Direct CD Rates

5.50%$2.5k-5 Month CD Special

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.