My Banking Direct Increases Money Market APY to 1.15%
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.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 1.15*% | $5k | - | My Banking Direct | My Banking Direct Money Market | |
| OTHER TIERS: 0.25% → Up to $5k | |||||
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.
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.