My Banking Direct overview for 2023

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My Banking Direct is an online-only monetary establishment that provides a handful of merchandise, most notably a high-yield financial savings account with a beneficiant APY of three.55%. 

It’s a part of Flagstar Financial institution, N.A., a regional financial institution with a big retail presence within the Midwest and California. The mum or dad firm of each banks is New York Group Bancorp, which is headquartered in Hicksville, New York, and was based in 1859.

With just some deposit account varieties past its high-yield financial savings, My Banking Direct is probably not the only option for shoppers who’ve diversified wants. However it may be a very good possibility for these searching for a aggressive rate of interest on financial savings.

All charges and costs are present as of December 20, 2022 and are topic to vary. 

My Banking Direct choices 

My Banking direct provides three major merchandise. Along with its high-yield financial savings, the financial institution incorporates a checking account and certificates of deposit.

Checking and financial savings accounts 

Direct checking

  • APY: 0%
  • Charges:
    • Month-to-month service charge: $0
    • Overdraft and inadequate fund charge: $0
    • Upkeep charge: $0
    • Incoming home or worldwide wire switch: $15
    • Account transcript: $10 per web page
    • Cease fee: $35
  • Minimal opening deposit: $1

Outgoing wires usually are not permitted with this checking account and overdraft safety is just not obtainable. The Direct Checking account consists of automated enrollment within the financial institution’s Even Extra Rewards program, which supplies money rewards every time you utilize your My Banking Direct Visa card. For each 2,000 factors earned via this system, $20 is deposited into your checking account. This system permits for incomes as a lot as 50,000 factors or $500 yearly. Factors are earned for grocery purchases, gasoline, eating out, and extra.

Excessive-yield financial savings account 

  • APY: 3.55%
  • Charges:
    • Month-to-month upkeep charge: $0
    • Incoming home or worldwide wire switch: $15
    • Account transcript: $10 per web page
    • Cease fee: $35
    • Closing account inside 180 days of opening: $30
  • Minimal opening deposit: $500

Curiosity for this account is earned on each day balances of simply $1 or extra. Funds within the account could be managed on-line or utilizing the financial institution’s NYCB Cellular app.

Certificates of deposit

  • APY:
    • 12-month CD: 3.5%
    • 24-month CD: 3.75%
  • Month-to-month upkeep charge: $0
  • Early withdrawal penalty: 
    • Lower than six months: 30 days’ easy curiosity on the principal quantity withdrawn
    • 6 months as much as and together with 11 months: 90 days’ easy curiosity on the principal quantity withdrawn
    • 12 months as much as and together with 35 months: 180 days’ each day compound curiosity on the principal quantity withdrawn
  • Minimal opening deposit: $500

My Banking Direct permits extra deposits to be made to your CD at any time. In contrast to many different high-yield CDs, these accounts don’t renew robotically. If you don’t renew the certificates, My Banking Direct will place your cash in an interest-bearing account.

Different providers My Banking Direct provides 

My Banking Direct’s extra providers are restricted. It doesn’t provide cash market accounts, conventional financial savings accounts, loans, or different frequent banking choices. Nevertheless it does provide a pay as you go advantages debit card. The playing cards can be utilized to make purchases everywhere the place Visa debit playing cards are accepted and may also be used to acquire money again from retailers and in-network ATMs throughout the nation.

The My Banking Direct platform and buyer assist 

Along with its web site, which provides on-line banking, My Banking Direct provides a cell app referred to as NYCB Cellular, which could be downloaded from the Apple retailer and Google Play. The NYCB Cellular platform can be utilized to view your account and transaction historical past, switch funds, make invoice funds, ship cash utilizing Zelle and obtain alerts about your account.

My Banking Direct customer support representatives could be reached by cellphone (866) 285-1856 from Monday via Friday from 8 a.m. till 8 p.m. EST, Saturday from 9 a.m. till 5 p.m. EST, and Sunday from 9 a.m. till 2 p.m. EST. As well as, automated customer support is on the market 24 hours a day, seven days every week.

It’s additionally potential to succeed in the financial institution through a safe messaging system on its web site and by mail on the firm’s Hicksville, New York headquarters.

Professionals and cons of My Banking Direct

For those who’re contemplating an account with My Banking Direct, listed here are the professionals and cons to think about. 

Professional: Beneficiant curiosity on high-yield financial savings. The My Banking Direct provides 3.55%, which is larger than many within the business. 

Professional: No month-to-month upkeep charges: There aren’t any month-to-month upkeep charges with My Banking Direct, although you’ll pay charges for different providers.

Con: Excessive opening deposit necessities on financial savings and CDs: My Banking Direct requires a $500 opening deposit for CDs and its high-yield financial savings, which can be a difficulty for some shoppers.

Con: Restricted account choices: Past its checking, financial savings, and CDs, My Banking Direct doesn’t present many different providers.

Continuously requested questions

Is My Banking Direct a reputable financial institution?

Sure, My Banking Direct is a service of Flagstar Financial institution, N.A. The mum or dad firm is New York Group Bancorp, which is headquartered in Hicksville, New York, and was based in 1859.

Is My Banking Direct a secure financial institution? 

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

Does My Banking Direct have an app?

Sure, the financial institution’s app known as NYCB Cellular.

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