My Banking Direct Increases Money Market Rate


Deal Summary: Money Market Checking, 1.35% APY ($25k+), 1.15% APY ($5k+), 0.25% APY (below $5k), minimum deposit is $2.5k

Availability: Nationwide (internet bank)

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 DirectMy Banking Direct Money Market
OTHER TIERS: 0.25% Up to $5k | 1.15% $5k - $25k
Accounts mentioned in this post. Rates as of February 18, 2018.

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.

ACH Limitations

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.

Bank Overview

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, 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 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.

Related Pages: New York money market accounts, Philadelphia money market accounts, Cleveland money market accounts, Miami money market accounts, Tampa money market accounts, West Palm Beach money market accounts, Ft. Myers money market accounts, Phoenix money market accounts, money market accounts, nationwide deals, Internet banks

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Availability: Nationwide, except for residents of Arizona, Florida, New York, New Jersey, or Ohio.

About a month ago, I wrote about My Banking Direct’s rate increase on its online Money Market Checking account that occurred just days before the Federal Reserve’s December rate hike. Yesterday, My Banking Direct became the second internet bank to increase the rate on a Money Market account post-Fed rate increase, with the Money Market Checking account now earning 1.15% APY on balances over $25k (10 bps increase). Balances between $5k-$25k earn 0.75% APY,...

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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...

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I called the bank at 866-285-1856, and I was told that this rate is a promotional rate that has been available for the last several months. The CSR didn't know how long this rate may last.

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Date MyBankingD EmigrantDirect
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