My Banking Direct

Deposits held and insured by New York Community Bank

Overview / Commentary
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. 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.

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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.

Locked Account

I opened my account back in July 2022. Everything went smoothly at first and I transferred a substantial sum into the account. Minor annoyances include very long deposit hold times for checks to release funds, rate information not shown on their mobile app, ACH transfers are "standard" which take 3 days of lost interest. They sent me an e-mail on Oct. 3 months after account opening, asking me to verify my address by uploading a bill to their account creating portal. I missed this e-mail which resulted in them locking my account preventing any withdrawals as of mid November. No additional e-mails, phone calls, secure portal messages etc. were sent in that time informing me what happened. I then initiated a pull ACH transfer from Ally bank which resulted in Ally also locking my account when NYCB rejected the transfer. I then called NYCB and spent several hours speaking to 3 different representatives over the course of 3 days with each promising they would call me back when they found out what was going on; no one called back. They finally sent me a secure message telling me about the address verification e-mail and reason for the lockout days after my frustrating calls. Luckily their rates did not keep up with others in the months since opening the account so I had previously transferred most of my deposits out prior to the lock out, but the aggravation of calling Ally and NYCB and spending hours on the phone should give anyone pause before banking here. I will update the post if I ever get my call back.

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.



Data as of Q2 2022

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

Health Grade Components

FDIC Certificate #16022
Year Established1859
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.13%
Return on Equity - YTD9.29%
Annual Interest Income$902.7MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$63.05B$57.44B
LoansQ2 2022vs Q2 2021$48.32B$43.37B
DepositsQ2 2022vs Q2 2021$41.38B$34.32B
Equity CapitalQ2 2022vs Q2 2021$7.31B$7.41B
Loan Loss AllowanceQ2 2022vs Q2 2021$216.2MM$202.0MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$49.8MM$31.5MM
Real Estate OwnedQ2 2022vs Q2 2021$2.7MM$3.3MM
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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

4.38%$1-High Yield Savings

My Banking Direct CD Rates

3.75%$500-24 Month CD
3.50%$500-12 Month CD

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.