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. 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.

Related Posts

My Banking Direct High Yield Savings Rate Leads Again - 8/1/2022

My Banking Direct (internet division of New York Community Bank) High Yield Savings account continues to be a rate leader, following a 20 bps increase.

2.20% My Banking Direct (APY, that Is) - 7/30/2022

I think we have a new leader in Online Savings: With a 2.20% APY, which is... My Banking Direct High Yield Savings account. https://www.mybankingdirect.com/Products/HighYieldSavings

My Banking Direct High Yield Savings Account Is New Rate Leader - 7/16/2022

My Banking Direct (internet division of New York Community Bank) High Yield Savings account gained 75 bps this week, making it the new savings account rate leader.

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Big Bank, Great Rate, Super Easy

Posted by: |

I have a few mobile accounts and MyBankingDirect was by far the simplest to open. Took just a couple of minutes and managing the account is super easy. Highly recommend.

Web Site Needs Help

Posted by: |

First: their website seems very dated. It could use a complete overhaul. Also, caught an easy misspelling in their home page, which is unusual for a bank.
Second: I had a terrible time working their website AND app to make an ACH transfer. Extremely glitchy and lacking information. I had to call their support and had to wait about 3 hours for their return call. I’ll just chalk that up to the fact they they’re likely inundated with customers right now because of their rate.
Customer support said to use Chrome browser and not Safari - which is an annoyance to have to switch.
Third: as others have stated, they do have a long hold time on transferred funds. But - the interest is acquired while the money is held.
Their rate is great right now, so I’ll give them a try but they really need to come to the 21 century on their web page.

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.

Unreasonable Holds On ACH Deposits

Rate chasers might want to give some consideration to the lengthy holds this bank places on funds deposited into new acounts. They slapped a two week hold on an ACH deposit I made without even providing the requisite notice under Regulation CC

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Health
A+

Data as of Q1 2022

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
Employees2723
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.09%
Return on Equity - YTD8.79%
Annual Interest Income$429.3MM
Assets and Liabilities
AssetsQ1 2022vs Q1 2021$60.96B$57.63B
LoansQ1 2022vs Q1 2021$46.56B$43.07B
DepositsQ1 2022vs Q1 2021$38.09B$34.34B
Equity CapitalQ1 2022vs Q1 2021$7.40B$7.30B
Loan Loss AllowanceQ1 2022vs Q1 2021$196.7MM$197.8MM
Unbacked Noncurrent LoansQ1 2022vs Q1 2021$62.8MM$33.2MM
Real Estate OwnedQ1 2022vs Q1 2021$2.7MM$3.3MM
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
2.20%$1-High Yield Savings

My Banking Direct CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.75%$500-24 Month CD
2.50%$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.