Featured Savings Rates
Featured Accounts

My Banking Direct

Popular Accounts at this Bank

APYACCOUNT TYPEACCOUNT NAME
1.75%Money MarketMy Banking Direct Money Market
2.25%1-year CD12 Month CD
2.50%2-year CD24 Month CD

Overview / Commentary
866-285-1856
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

Money Market, 1.75% APY, $25,000+ - 6/7/2018

My Banking Direct has raised the rate on its Money Market account. 1.75% APY - $25,00,+ 1.50% APY - $5,000+ 0.25% APY - below $5,000 Minimum opening deposit is $2,500

My Banking Direct CD Rates Go Up - 3/19/2018

My Banking Direct raised the rates on its three CDs. 1.75% APY - 6 months, $2,500 minimum 2.00% APY - 12 months, $500 minimum 2.25% APY - 24 months, $500 minimum

My Banking Direct Money Market APY Upped - 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.

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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.

If you're looking for a bank to open a CD, this is the one!

Posted by: Onablenc | Apr 12, 2018

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

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.

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?????

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Health

Health Grade Components

Overall
FDIC Certificate #16022
Year Established1859
Employees1623
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1%
Return on Equity - YTD7.15%
Annual Interest Income$375.8MM
Assets and Liabilities
AssetsQ1 2018vs Q1 2017$46.19B$45.46B
LoansQ1 2018vs Q1 2017$36.15B$36.36B
DepositsQ1 2018vs Q1 2017$26.49B$26.39B
Equity CapitalQ1 2018vs Q1 2017$6.43B$6.26B
Loan Loss AllowanceQ1 2018vs Q1 2017$133.9MM$146.3MM
Unbacked Noncurrent LoansQ1 2018vs Q1 2017$25.7MM$152.6MM
Real Estate OwnedQ1 2018vs Q1 2017$6.6MM$10.3MM
  User-submitted Promotions & Notices

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+

Carpline   |  
My Banking Direct has raised the rate on its Money Market account.

1.75% APY - $25,00,+
1.50% APY - $5,000+
0.25% APY - below $5,000

Minimum opening deposit is $2,500

Rates
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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

APYMINMAXACCOUNT NAMEVIEW 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

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

My Banking Direct CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.50%$500-24 Month CD
2.25%$500-12 Month CD
2.00%$2,500-6 Month CD
Locations

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 feedback@depositaccounts.com 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.