My Banking Direct Increases Money Market APY to 1.15%

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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, with balances below $5k earning 0.25% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.15*%$5k-My Banking DirectMy Banking Direct Money Market
OTHER TIERS: 0.25% Up to $5k
Accounts mentioned in this post. Rates as of May 29, 2017.

This is the third rate increase for the Money Market Checking account since September 2016, when the top-tier APY was 0.80% APY.

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.

Bonus and Sweep Feature

My Banking Direct is still offering a $150 checking account bonus. Please refer to my previous post for details.

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.

Availability

My Banking Direct is the online division of New York Community Bank, which is headquartered in Westbury (Long Island), New York.

As stated on the bank's money market page, the My Direct Banking Money Market Checking account must be opened online and is,

Not available to residents of AZ, FL, NY, NJ or OH or
current Earn>More Money Market Checking account customers

Bank Overview

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 second.

The above rates are accurate as of 1/19/2017.

To look for the best MMA rates, both nationwide and state specific, please refer to our Money Market Accounts rates table or our Rates Map page.


Comments
unmesh
unmesh   |     |   Comment #1
ACH transfer limits seem low at $5,000/day and $20,000 over a rolling thirty (30) calendar day period
Anonymous
Anonymous   |     |   Comment #2
In-bound should be unlimited and fee free...do they NOT want the $?
unmesh
unmesh   |     |   Comment #5
Inbound is indeed unlimited and free. The restrictions were on outbound.

Also, you need to print, sign and send by US mail a bunch of paperwork that slows down account opening compared to other online accounts. On the other hand, customer service is very good.
Anonymous
Anonymous   |     |   Comment #3
What I find strange is that they are a division of New York Community Bank, which is headquartered in NY, however it is not available to New York state residents.
Anonymous
Anonymous   |     |   Comment #4
They must know something about New Yorkers that a minority of voters didn't
My Banking Direct Ups MMA Rate and Adds Checking with $150 Bonus
Availability: Nationwide, except for residents of Arizona, Florida, New York, New Jersey, or Ohio (with exceptions).

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.

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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