Two months ago, My Banking Direct added 20 bps to its Money Market APY, following a year of an unchanging 1.15% APY. Another 15 bps were added today, with the Money Market now earning 1.50% APY ($25k+), 1.35% APY ($5k+), and 0.25% APY on balances below $5k.
|0.25*%||$25k||-||My Banking Direct||My Banking Direct Money Market|
|OTHER TIERS: 0.05% → Up to $5k | 0.15% → $5k - $25k|
A minimum opening deposit of $2.5k is required, 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.
Check writing is available. There is a $20 fee per check beyond the six checks allowed per month. According to the fine print on the Money Market page,
To order checks for your My Banking Direct Money Market Account, log in NYCB Online once your account is opened, select the account services tab and click on the "Order Checks" link.
DA reader, unmesh, pointed out the limitations of My Banking Direct’s outbound ACH transfers in a comment from an earlier 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.
At your option, you can 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 account can be opened online by all U.S. residents with a valid Social Security Number or Tax Identification Number. My Banking Direct no longer excludes the residents of Arizona, Florida, New York, New Jersey, and Ohio from opening a Money Market account.
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 Compares
When compared to the 176 Money Market accounts tracked by DepositAccounts.com that are available nationwide, My Direct Banking’s Money Market APY currently ranks sixth, regardless of minimum deposit.
The above rates are accurate as of 2/23/2018.
To look for the best MMA rates, both nationwide and state specific, please refer to our Money Market Accounts Rates Table page.