At the beginning of the year, it looked like My Banking Direct might be a leader in the Money Market rate race, with three rate increases between September 2016 and January 2017. Unfortunately, My Banking Direct’s Money Market Checking (MMC) APY remained static for the rest of the year – that is, until today. The MMC now earns 1.35% APY ($25k+) and 1.15% APY ($5k+); balances below $5k earn 0.25% APY.
|1.35*%||$25k||-||My Banking Direct||My Banking Direct Money Market|
|OTHER TIERS: 0.25% → Up to $5k | 1.15% → $5k - $25k|
The MMC can be opened with a minimum deposit of $2.5k, but there is no minimum balance requirement or 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.
As the account name indicates, check writing is available. There is a $20 fee per check beyond the six checks allowed per month.
DA reader, unmesh, pointed out the limitations of My Banking Direct’s outbound ACH transfers in a comment from my January blog post.
ACH transfer limits seem low at $5,000/day and
$20,000 over a rolling thirty (30) calendar day period.
CSR confirmed that these limits are still in effect and that even stricter ones apply to newly opened accounts: $2,000 daily and $8,000 rolling calendar.
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 an online division of New York Community Bank, which is headquartered in Westbury (Long Island), New York.
The Money Market Checking account can be opened online by all U.S. residents with a valid Social Security Number or Tax Identification Number. This is a change from when I last wrote about the MMC account in January, when the residents of Arizona, Florida, New York, New Jersey, and Ohio were excluded.
As an internet division of New York Community Bank (NYCB), My Banking Direct operates under NYCB’s FDIC Certificate and shares its financial history.
My Banking Direct/NYCB, has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 0.39% (excellent) based on September 30, 2017 data. In the past year, the Bank’s total non-brokered deposits have decreased by $384.63 million, an average annual growth rate of -1.68% APY. Please refer to our financial overview of My Banking Direct/NYCB (FDIC Certificate # 16022) 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 to Westbury (Long Island). Between 2001 and 2010, the Bank acquired six other banks, and today is New York’s fifth largest bank, with assets in excess of $44.9 billion and more than 837,000 customer accounts.
How the Money Market Checking Compares
When compared to the Money Market accounts tracked by DepositAccounts.com that are available nationwide, My Direct Banking’s Money Market APY currently ranks fourth, regardless of minimum deposit.
The above rates are accurate as of 12/29/2017.
To look for the best MMA rates, both nationwide and state specific, please refer to our Money Market Accounts Rates Table page.