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. DepositAccounts.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.
Received the email today. HIGH-YIELD SAVINGS RATE INCREASES TO
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.
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.
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.
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.
Overall | |
---|---|
FDIC Certificate # | 32541 |
Year Established | 1987 |
Employees | 6774 |
Primary Regulator | OCC |
Profit Margin | |
---|---|
Return on Assets - YTD | 7.58% |
Return on Equity - YTD | 76.28% |
Annual Interest Income | $1.03B |
Assets and Liabilities | ||
---|---|---|
Assets | Q1 2023vs Q1 2022 | $123.6B$23.19B |
Loans | Q1 2023vs Q1 2022 | $83.30B$17.84B |
Deposits | Q1 2023vs Q1 2022 | $84.95B$18.05B |
Equity Capital | Q1 2023vs Q1 2022 | $11.59B$2.88B |
Loan Loss Allowance | Q1 2023vs Q1 2022 | $549.6MM$130.6MM |
Unbacked Noncurrent Loans | Q1 2023vs Q1 2022 | $162.6MM$132.2MM |
Real Estate Owned | Q1 2023vs Q1 2022 | $9.1MM$4.4MM |
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.
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
5.00% | $1 | - | High Yield Savings |
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
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