My Banking Direct

Deposits held and insured by New York Community Bank

Overview / Commentary
866-285-1856
615 Merrick Avenue
Westbury, NY 11590
Deposits held and insured by New York Community 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. 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

My Banking Direct Ups High Yield Savings Rate While Money Market Lags - 5/9/2022

My Banking Direct (internet division of New York Community Bank) High Yield Savings account gained 23 bps last week, making it a near-rate leader.

My Banking Direct High Yield Savings Has Top Rate - 3/31/2022

My Banking Direct (internet division of New York Community Bank) High Yield Savings currently has the highest APY offered on a nationally available savings account.

My Banking Direct Offers Market-Leading 1-, 2- and 3-Year CD Rates - 2/14/2022

My Banking Direct (internet division of New York Community Bank) is currently offering the highest APY on a nationally available 3-year Certificate.

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My Online Experience.

Posted by: |

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.

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.

Almost Joined, But $200K Monthly Withdrawal Limit Was A Deal-Killer For Me

At 1.05%, MyBankingDirect offers the highest national savings yield at 1.05%.  But ultimately I didn't join because of one restriction that was a deal-killer for me. You are allowed to withdraw no more than $200,000 in a calendar month.  Because I want to be able to immediately withdraw more than $200,000 if I decide to buy a house, it was a deal-killer.

An annoying thing about MyBankingDirect is that it is impossible to know any of the fees they charge until you actually get to the middle of the application process and you get to read the disclosure agreements.  I'm writing this review simply to share the relevant details.

Details:

• 1.05% as long as your balance is over $5,000, otherwise it's 0.25%

• $10 monthly fee if you go under $1,000

• $4.95/month for Money HQ, which is an annoying service you need to transfer money in and out of your account.  But I believe it's only necessary if you initiate the transfer from your MyBankingDirect account.  I would have been able to get around this simply by initiating all money transfers, incoming and outgoing, from other bank accounts

• $30 if you close your account within 180 days of opening it

• $200,000 maximum withdrawal limit per calendar month

Ultimately I would have signed up were it not for the $200,000 limit.  I know that Discover Bank is even worse with a $100,000 limit per rolling 30-day period.  And don't get me started on Discover's policy of not paying out accrued interest when you close an account.

Unhelpful Website, Hidden Fees, Unprofessional Approach

Posted by: |

My experiences from opening a Money Market Account with MyBankingDirect.com so far:

Positives;

- High interest rate on MMA's

- Easy to open an account

Negatives;

- Login information for their website isn't sent until you request it, and not sent immediately on request

- Emails from customer service are written in Papyrus font and look unprofessional

- There's a $25 monthly fee to link to outside bank accounts which is not mentioned anywhere before you sign up

- There's a $30 closing fee

- Your account number and the bank's routing number aren't available on their website anywhere, and cannot be requested via email

- The website is difficult to navigate

 

I'd be very interested to hear other people's experiences, there doesn't seem to be much information around from other customers and I'm trying to decide if I should just weather the storm and stay with these guys.

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Health
A+

Data as of Q4 2021

Data displayed below is for insuring bank: New York Community Bank
Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #16022
Year Established1859
Employees2696
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.09%
Return on Equity - YTD8.52%
Annual Interest Income$1.69B
Assets and Liabilities
AssetsQ4 2021vs Q4 2020$59.48B$56.28B
LoansQ4 2021vs Q4 2020$45.54B$42.81B
DepositsQ4 2021vs Q4 2020$35.20B$32.59B
Equity CapitalQ4 2021vs Q4 2020$7.52B$7.33B
Loan Loss AllowanceQ4 2021vs Q4 2020$199.2MM$194.0MM
Unbacked Noncurrent LoansQ4 2021vs Q4 2020$32.6MM$37.8MM
Real Estate OwnedQ4 2021vs Q4 2020$3.2MM$1.8MM
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 Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.00%$1-High Yield Savings

My Banking Direct Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.25%*$25k*-My Banking Direct Money Market
OTHER TIERS: 0.05% Up to $5k | 0.15% $5k - $25k

My Banking Direct CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.70%$500-36 Month CD
1.60%$500-24 Month CD
1.50%$500-12 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 [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.