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My Banking Direct review 2023: Generous APY on high-yield savings, but limited deposit account options

Illustration of the My Banking Direct logo surrounded by a yellow and pink frame.
My Banking Direct offers high-yield savings, checking, and CDs.
Illustration by Fortune; Original logo by My Banking Direct

My Banking Direct is an online-only financial institution that offers a handful of products, most notably a high-yield savings account with a generous APY of 4.05%. 

It’s part of Flagstar Bank, N.A., a regional bank with a significant retail presence in the Midwest and California. The parent company of both banks is New York Community Bancorp, which is headquartered in Hicksville, N.Y., and was founded in 1859.

With just a few deposit account types beyond its high-yield savings, My Banking Direct may not be the best choice for consumers who have varied needs. But it can be a good option for those seeking a competitive interest rate on savings.

All rates and fees are current as of January 6, 2023, and are subject to change. 

My Banking Direct offerings 

My Banking direct offers three primary products. In addition to its high-yield savings, the bank features a checking account and certificates of deposit.

Checking and savings accounts 

Direct checking

  • APY: 0%
  • Fees:
    • Monthly service fee: $0
    • Overdraft and insufficient fund fee: $0
    • Maintenance fee: $0
    • Incoming domestic or international wire transfer: $15
    • Account transcript: $10 per page
    • Stop payment: $35
  • Minimum opening deposit: $1

Outgoing wires are not permitted with this checking account and overdraft protection is not available. The Direct Checking account includes automatic enrollment in the bank’s Even More Rewards program, which provides cash rewards each time you use your My Banking Direct Visa card. For every 2,000 points earned through the program, $20 is deposited into your checking account. The program allows for earning as much as 50,000 points or $500 annually. Points are earned for grocery purchases, gas, dining out, and more.

High-yield savings account 

  • APY: 4.05%
  • Fees:
    • Monthly maintenance fee: $0
    • Incoming domestic or international wire transfer: $15
    • Account transcript: $10 per page
    • Stop payment: $35
    • Closing account within 180 days of opening: $30
  • Minimum opening deposit: $500

Interest for this account is earned on daily balances of just $1 or more. Funds in the account can be managed online or using the bank’s NYCB Mobile app.

Certificates of deposit

  • APY:
    • 12-month CD: 3.5%
    • 24-month CD: 3.75%
  • Monthly maintenance fee: $0
  • Early withdrawal penalty: 
    • Less than six months: 30 days’ simple interest on the principal amount withdrawn
    • 6 months up to and including 11 months: 90 days’ simple interest on the principal amount withdrawn
    • 12 months up to and including 35 months: 180 days’ daily compound interest on the principal amount withdrawn
  • Minimum opening deposit: $500

My Banking Direct allows additional deposits to be made to your CD at any time. Unlike many other high-yield CDs, these accounts do not renew automatically. If you do not renew the certificate, My Banking Direct will place your money in an interest-bearing account.

Other services My Banking Direct offers 

My Banking Direct’s additional services are limited. It does not offer money market accounts, traditional savings accounts, loans, or other common banking options. But it does offer a prepaid benefits debit card. The cards can be used to make purchases in all places where Visa debit cards are accepted and can also be used to obtain cash back from merchants and in-network ATMs across the country.

The My Banking Direct platform and customer support 

In addition to its website, which offers online banking, My Banking Direct offers a mobile app called NYCB Mobile, which can be downloaded from the Apple store and Google Play. The NYCB Mobile platform can be used to view your account and transaction history, transfer funds, make bill payments, send money using Zelle, and receive alerts about your account.

My Banking Direct customer service representatives can be reached by phone at (866) 285-1856 from Monday through Friday from 8 a.m. until 8 p.m. EST, Saturday from 9 a.m. until 5 p.m. EST, and Sunday from 9 a.m. until 2 p.m. EST. In addition, automated customer service is available 24 hours a day, seven days a week.

It’s also possible to reach the bank via a secure messaging system on its website and by mail at the company’s Hicksville, N.Y., headquarters.

Pros and cons of My Banking Direct

If you’re considering an account with My Banking Direct, here are the pros and cons to consider. 


  • Generous interest on high-yield savings. My Banking Direct offers 3.55%, which is higher than many in the industry.
  • No monthly maintenance fees. There are no monthly maintenance fees with My Banking Direct, though you will pay fees for other services.


  • High opening deposit requirements on savings and CDs. My Banking Direct requires a $500 opening deposit for CDs and its high-yield savings, which may be an issue for some consumers.
  • Limited account options. Beyond its checking, savings, and CDs, My Banking Direct does not provide many other services.

Frequently asked questions

Is My Banking Direct a legitimate bank?

Yes, My Banking Direct is a service of Flagstar Bank, N.A. The parent company is New York Community Bancorp, which is headquartered in Hicksville, N.Y., and was founded in 1859.

Is My Banking Direct a safe bank? 

All accounts at My Banking Direct are FDIC-insured up to $250,000.

Does My Banking Direct have an app?

Yes, the bank’s app is called NYCB Mobile.

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