Top Money Market Account Rate at MyBankingDirect


1.00*%$25k-My Banking DirectEarn >More Money Market
Accounts mentioned in this post. Rates as of December 7, 2016. is currently offering a very competitive rate on its money market account. It's a tiered rate with a 1.25% APY for balances of at least $5,000. The rate for balances under $5,000 is 0.25%, and there's a monthly fee if the average daily balance falls below $1,000. Rates are accurate as of 6/22/2011.

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.

I had first reported on MyBankingDirect way back in 2005 when it seemed like they were competing with Emigrant Direct. Like Emigrant Direct, MyBankingDirect is part of a bank that's based in New York. Also like Emigrant Direct, its money market rates became disappointing and stayed that way for several years. Based on this history, my guess is that the rate won't be competitive after the promotion ends (probably sometime this year).

MyBankingDirect is a division of New York Community Bank, the same bank that owns New York Community Bank acquired AmTrust Bank when it failed in December 2009. As I have been reporting in my weekly summaries, AmTrustDirect offers a promotional 1.25% APY for balances between $10K and $150K.

MyBankingDirect money market account offers limited check writing and online bill pay. Like any money market account, you're limited to 6 of these withdrawals per month. It also offers an ATM card.

The one downside to this money market account is that they charge $4.95 per month to be able to use MoneyHQ. I was told this fee from the CSR. MoneyHQ is required to initiate ACH transfers. Additional fees will be charged for more than 5 transfers. The one exception to this is the initial funding of the account. The online application allows you to fund the account application via an ACH.

You can avoid using MoneyHQ by initiating transfers from another bank. I was told MyBankingDirect doesn't restrict ACH transfers when done from another bank.

Credit for this find goes to FW member grex23.

New York Community Bank is a sizable bank with $38.53 billion in assets. It has an overall health rating at of 3 stars (out of 5) with a Texas Ratio of 19.09% (average) based on March 2011 data. Please refer to our financial overview of New York Community Bank for more details. The bank has been a FDIC member since 1943 (FDIC Certificate # 16022).

How It Compares?

It might seem hard to believe, but 1.25% is competitive these days for savings and money market accounts. This ties the highest non-promotional and non-bonus rate for a savings or money market account. That's a money market account that's offered by Incredible Bank, but it requires a balance of $100K to qualify for the 1.25% APY.

Wil   |     |   Comment #1
I would think that anyone having $10K or more would probably find the money market account with AmTrust Direct more attractive than this (same parent bank, same APY, fewer fees/restrictions).
Anonymous   |     |   Comment #2
Both AmtrustDirect and MyBankingDirect charge a fee to open an account in the name of a trust...ridiculous
Anonymous   |     |   Comment #3
I tried to open an online  account at AMTRUST and the application??? became rediculous. At one point they asked this retiree of 5 years to furnish telephone nos. and highly speciic addreses of the former employer. I simply lost interest after several tries and went elsewhere. I don't know if the other affiliated NYC bank has this same process. Question? At what point does an institution INTERESTED IN NEW MONEY get real re. just starting that first account. Not everyone, thankfully, is a terrorist.
MyBankingDirect's Money Market Account Now 5.10%
MyBankingDirect just increased the rate of its money market account from 4.55% to 5.10% APY. I had almost given up on MyBankingDirect. It was back in March when the bank last raised the money market account (from 4.30% to 4.55%). In the past it has kept close to its New York rival, EmigrantDirect, in rate hikes. But in the last couple of months it had fallen behind.

The big disadvantages of this account are the minimums and the $4.50 charge for outgoing ACH transfers. But there are some advantages over the...

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MyBankingDirect Raises Money Market Account APY to 4.55%
MyBankingDirect just raised its money market account from 4.30% to 4.55% APY. Like EmigrantDirect, MyBankingDirect is an online division of a New York bank. There seems to be some competition between these two banks. MyBankingDirect keeps increasing its money market rate to be just above the rate offered by EmigrantDirect. Below is a history of their APY changes since MyBankingDirect began operations sometime last August:

Date MyBankingD EmigrantDirect
Aug : 3.75% 3.50%
Sep 20:...

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MyBankingDirect Raises Money Market Account APY to 4.30%
MyBankingDirect just raised its money market account from 4.10% to 4.30% APY. MyBankingDirect is an online division of New York Community Bank. It began online operations around June of last year. It received some attention by offering a $25 sign-up bonus along with yields that have been higher than those of EmigrantDirect. The signup bonus went away sometime around early October when MyBankingDirect raised the interest rate to 4.00% to match EmigrantDirect. Here's a summary of MyBankingDirect's rate history:

Date MyBankingD EmigrantDirect
Aug : 3.75%...

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MyBankingDirect increased the interest rate of its money market account from 4.00% to 4.10% APY today. Early in October it had raised the rate from 3.75% to 4.00%. The account requires at least $5K to open. If the balance falls below this, the interest rates falls to 2.50% APY. If the balance falls below $1K, there's a $10 monthly fee.

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MyBankingDirect Matches EmigrantDirect
MyBankingDirect increased the interest rate of its money market account from 3.75% to 4.00% yesterday. However, the $25 signup bonus seems to be no longer available. At least it's not being advertised on their front page. is a unit of New York Community Bank. It's similar to EmigrantDirect which is a unit of Emigrant Savings Bank of New York. Looks like there is some competition between these New York banks.

Without the signup bonus, I think will find it difficult to compete with EmigrantDirect. has a high $5000 initial...

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