Over the weekend, My Banking Direct raised the rate on its online Money Market Checking account. Balances over $25k earn 1.05% APY, with balances between $5k-$25k earning 0.75% APY; balances below $5k earn 0.25% APY.
|1.05*%||$25k||-||My Banking Direct||My Banking Direct Money Market Checking|
The minimum opening deposit is $2.5k, but there is no minimum balance fee. Interest will be compounded and credited on a monthly basis. If the account is closed before the interest is credited, you will receive the accrued interest.
DA readers may remember my September Forum post noting the Money Market Checking’s rate increase from 0.80% to 1.00% APY. At that time, I noted that were several other online Money Market accounts and Savings accounts available that offered better rates, but that My Banking Direct’s foray into 1.00% APY territory was a good sign. This week’s rate increase has definitely put it in good company.
My Banking Direct Checking Account
My Banking Direct has also introduced a new checking account that has no minimum balance requirements or monthly maintenance fees. As an additional incentive, My Banking Direct is offering a bonus up to $150 (in three $50 increments) when the following requirements are met within 90 days of account opening:
- Open a new My Banking Direct Checking account with a minimum $1.5k of new money.
- $50 – upon completion of six debit card POS transactions of at least $10.
- $50 – set up and make three online bill payments of at least $10 for two consecutive months.
- $50 – set up and receive Direct Deposits totaling at least $500 for two consecutive months.
As each individual requirement is met, the corresponding bonus will be credited to the new My Banking Direct Checking account within ten business days. There is a limit of one checking account bonus per household. The bonus is not available to existing checking account holders, or those whose accounts have been closed within 90 calendar days or closed with a negative balance.
Save More With Sweep
As an added feature, My Banking Direct allows the automatic transfer of checking account funds into the Money Market Checking account.
Select the balance you want to maintain in your My Banking Direct Checking account, and our
sweep service will automatically transfer or "sweep" the funds that are over that pre-selected balance amount from your checking account, into your My Banking Direct Money Market account each day.
My Banking Direct is the online division of New York Community Bank, which is headquartered in Westbury, New York.
Not available to residents of AZ, FL, NY, NJ or OH or
current Earn>More Money Market Checking account customers.
The exclusion of these five states is a relatively new restriction (within the last month) and is certainly a change for the worse. And just to make matters more confusing, the fine print for the $150 checking bonus is worded slightly differently:
Not available to residents of AZ, FL, NY, NJ or OH who are not current My Banking Direct customers.
My Banking Direct’s parent company, New York Community Bank (FDIC Certificate # 16022), has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 2.88% (excellent) based on September 30, 2016 data. In the past year, the Bank has increased its total deposits by $1.02 billion, an excellent annual growth rate of 3.96% APY. Please refer to our financial overview of My Banking Direct for more details.
My Bank Direct is the online division of New York Community Bank, which is headquartered on Long Island. The Bank was established in 1859 as Queens County Savings Bank and remained so for over 140 years. In 2001, the Bank was rebranded as New York Community Bank and its headquarters moved from New York City. Between 2001 and 2010, the Bank acquired six other banks, resulting in New York’s sixth largest bank, with assets in excess of $45 billion.
How the Money Market Checking Compares
When compared to the Money Market accounts tracked by DepositAccounts.com available within the online market area, My Direct Banking’s Money Market Checking APY currently ranks fourth.
The above rates are accurate as of 12/12/2016.