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 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. 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 - 5/23/2023

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

My Banking Direct Boost High Yield Savings Rate - 5/22/2023

My Banking Direct (internet division of New York Community Bank/Flagstar Bank) significantly raised the rate on its High Yield Savings account. $500 min opening deposit.

Mybankingdirect Ups Rate From 4.38 To 5.00 - 5/19/2023

Was ready to move the remainder of my balance out as this bank was lagging way behind when I discovered they upped their rate to 5.00 %. They charge $7. for a next day ACH(wasn't the case when I opened the acct. a year ago) and standard is free(3 days). I'm already with them so I'll stay rather than go thru the hassle and wait to go with Newtek

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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.

Unreasonable Holds On ACH Deposits 2

Posted by: |

Just like Chipcollector indicated, same boat of holding funds hostage for 10 business days. Although interest will be earned the organization could manager prospective customer's expectations better. Spoke to a supervisor and conveyed, awaiting word. Please be advised.

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.

Don't Believe The Advertised Interest Rate!

Posted by: |

They should be honest about their interest rate and advertise the true rate you get after they sit on your inbound deposits for several days during which you earn nothing, and they have a nice float at your expense. It's ridiculous. They use ACH, but if you schedule a transfer on a Monday, it will be deducted from the external bank acct that day, but not be credited to the My Banking Direct acct until Thursday. The Office of the Comptroller of the Currency should not allow this. I'm sure they will be last bank in line to register for FedNow.



Data as of Q1 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 - YTD7.58%
Return on Equity - YTD76.28%
Annual Interest Income$1.03B
Assets and Liabilities
AssetsQ1 2023vs Q1 2022$123.6B$23.19B
LoansQ1 2023vs Q1 2022$83.30B$17.84B
DepositsQ1 2023vs Q1 2022$84.95B$18.05B
Equity CapitalQ1 2023vs Q1 2022$11.59B$2.88B
Loan Loss AllowanceQ1 2023vs Q1 2022$549.6MM$130.6MM
Unbacked Noncurrent LoansQ1 2023vs Q1 2022$162.6MM$132.2MM
Real Estate OwnedQ1 2023vs Q1 2022$9.1MM$4.4MM
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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

5.00%$1-High Yield Savings

My Banking Direct CD Rates

5.15%$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.