My Banking Direct is a service of Flagstar Bank, N.A., a regional bank with a significant retail presence in the Midwest and Northeast. It’s an online bank that offers a few useful banking accounts, most notably, a high-yield savings account with a generous 4.20% annual percentage yield (APY).
While My Banking Direct offers a high APY on its savings and certificates of deposit (CDs), the financial institution does have limited deposit account options. Still, it may be a good choice for those seeking competitive savings rates.
All bank details are current as of October 30, 2025, and are subject to change.
My Banking Direct
My Banking Direct
| Savings accounts | Open with as little as $500 |
| Certificate of deposit (CD) rates | Open with as little as $500 |
at Bankrate
- Year Founded: 1859
- Company Headquarters: Hicksville, NY
- CEO: Mark D. Leavy (CEO of FlagStar Bank)
Who is My Banking Direct good for?
If you’re looking for a place to park your emergency fund and earn a solid return, My Banking Direct is a good option. With its fee-free high-yield savings account, there are no pesky monthly maintenance fees to avoid.
My Banking Direct is also good for those after generous CDs. It currently offers up to 4.15% APY.
Who shouldn’t use My Banking Direct?
Beyond its high-yield savings account, My Banking Direct doesn’t have many other account options. It doesn’t offer a checking account, a money market account (MMA), or any retirement accounts, such as IRA options.
It’s worth noting that while My Banking Direct does offer high return rates for its CDs, it’s got comparatively few account and term options. If you’d like to construct a lucrative CD ladder, another bank have more options. For example, Discover CDs come in 12 different terms.
Pros
- High APY on savings account
- Generous CD rates
- No monthly maintenance fees
Cons
- Limited account options
- Only 3 CD terms offered
- Account closure fee (if closed within 180 days of opening an account)
My Banking Direct rates and products
My Banking Direct offers a limited selection of products: a high-yield savings account, a handful of CDs. It’s also worth noting that the bank issues a prepaid debit card to help you access your state-issued payments.
| My Banking Direct products | APY |
|---|---|
| Savings account | 4.20% |
| CD | 3.90%-4.15% |
| Savings account | |
|---|---|
| APY | 4.20% |
| CD | |
| APY | 3.90%-4.15% |
Savings accounts
A standout feature of My Banking Direct is its high-yield savings account offering $500 APY. Its lack of maintenance fees paired with its modest $500 minimum opening deposit makes it an accessible option.
Certificates of Deposit
My Banking Direct CDs are best for savers who have a short investment horizon and who already have a bit of a nest egg built up. The bank offers three CD term options, requiring a minimum opening deposit between $500 and $2,500 depending on the term.
Since CDs are timed deposits, you’ll be penalized for accessing your funds before your account matures in the form of an early withdrawal penalty. Depending on your term length, you’ll pay between 30 and 180 days interest.
My Banking Direct standard CD rates
| Term | APY |
|---|---|
| 6 months | 4.15% |
| 12 months | 4.00% |
| 24 months | 3.90% |
| 6 months | |
|---|---|
| APY | 4.15% |
| 12 months | |
| APY | 4.00% |
| 24 months | |
| APY | 3.90% |
Bank details checked Oct. 29, 2025
Other services My Banking Direct offers
My Banking Direct offers a Prepaid Benefits Debit Card that gives you the ability to use your state-issued payments for purchases, bills, and to withdraw cash at ATMs and at checkout.
Other than that, the bank provides no other account options. That said, parent institution Flagstar Bank, N.A. offers a full suite of checking, savings, CDs, credit cards, home loans, and more.
Online banking
As an online bank, My Banking Direct gives you access to your account through its website and the Flagstar Mobile Banking app, available through the Google Play Store and Apple App Store.
The app offers you the ability to do everything you would do in person, such as mobile-deposit checks, schedule payments, check your balance, etc.
The My Banking Direct customer support
To get in touch with My Banking Direct customer service, you can contact them via phone, secure message (through your online banking portal), or mail.
If you plan to call them, support is available seven days a week: Monday through Friday from 8 a.m. to 8 p.m., and Saturday and Sunday from 8 a.m. to 5 p.m. Eastern Time.
Is My Banking Direct secure?
My Banking Direct takes several measures to protect your personal information, including Transport Layer Security, encryption, and automatic account sign-out. You’ll also receive account alerts for specific account activity.
My Banking Direct user reviews
Online reviews, particularly when related to financial institutions, tend to skew negative. That’s because disgruntled customers are more vocal than customers who have no problems at all.
That said, My Banking Direct doesn’t receive immaculate online feedback. As a digital arm of Flagstar Bank, it doesn’t have a profile with the Better Business Bureau (though Flagstar Bank receives an “F” grade with failure to respond to three complaints). It also has no reviews on Trustpilot.
You can still find comments about the bank on forums like Reddit, which touch on excellent customer service and high APY. Others lament the occasional difficulty in opening a new account and getting locked out of their account with the inability to validate their identity.
Compare My Banking Direct alternatives
My Banking Direct presents tempting options for the limited types of accounts it offers. If you’re looking for more, here are a couple competitors that may offer what you’re looking for.
 My Banking Direct |  Discover |  Presidential Bank |
|---|---|---|
| Top savings APY | Top savings APY | Top savings APY |
| 4.20% | 3.40% | 4.50% |
| Top checking APY | Top checking APY | Top checking APY |
| N/A | N/A (but up to 1% cash back on debit card purchases) | 4.62% |
| Top CD APY | Top CD APY | Top CD APY |
| 4.15% | 3.85% | 4.00% |
| View offer at MoneyLion | View offer at Discover | View offer at MoneyLion |
Is My Banking Direct right for you?
My Banking Direct is a good bank for consumers seeking an affordable, high-APR savings account. Its return rate is above the national average. It also presents a few compelling CDs for those comfortable with not accessing their money for a while.
However, if you’re looking for banking services other than a high-yield account, you should opt for a different bank or credit union. Many My Banking Direct competitors have a larger catalog of options to choose from.
Frequently asked questions
Is My Banking Direct a real bank?
Yes, My Banking Direct is a real bank and is a service of Flagstar Bank.
What are the minimum deposit requirements for My Banking Direct accounts?
To open a My Banking Direct savings account, you’ll need to deposit at least $500. To open a 6-month CD requires a $2,500 minimum deposit. To open a 12-month or a 24-month CD requires $500.
Does My Banking Direct charge monthly fees?
My Banking Direct doesn’t charge monthly maintenance fees.
What are the main pros and cons of My Banking Direct?
The biggest upside to My Banking Direct is its high APY delivered through its savings and CDs. Its biggest downside is the lack of account options, as it does not offer a checking account or a money market account.
Is My Banking Direct FDIC-insured?
Yes, My Banking Direct is FDIC-insured up to $250,000 per account holder per ownership category.