My Banking Direct review for 2022

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

With only a few types of deposit accounts beyond high-yield savings, My Banking Direct may not be the best choice for consumers with diverse needs. But it can be a good option for those who want a competitive interest rate on their savings.

All rates and fees are current as of December 20, 2022 and subject to change.

My Banking Direct Offer

My Banking directly offers three main products. In addition to high-yield savings, the bank has checking accounts and certificates of deposit.

Checking and savings accounts

Check it out immediately

• API: 0%
• fee:
  • Monthly service fee: $0
  • Overdraft and insufficient funds charges: $0
  • Maintenance cost: $0
  • Incoming domestic or international wire transfers: $15
  • Account transcript: $10 per page
  • Stop payment: $35
• Minimum opening deposit: $1

Wire withdrawals are not permitted with this checking account and overdraft protection is not available. Your Direct Checking account includes automatic enrollment in the bank’s Even More Rewards program, which gives you cash rewards every 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 you to earn 50,000 points or $500 per year. Points are earned to buy groceries, gas, meals, and more.

High savings account

• API: 3.55%
• fee:
  • Monthly maintenance fee: $0
  • Incoming domestic or international wire transfers: $15
  • Account transcript: $10 per page
  • Stop payment: $35
  • Close account within 180 days of opening: $30
• Minimum opening deposit: $500

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

Certificate of deposit

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  • Less than six months: 30 days of simple interest on the principal amount withdrawn
  • 6 months up to and including 11 months: 90 days simple interest on the principal amount withdrawn
  • 12 months up to and including 35 months: Interest is compounded daily for 180 days from the principal amount withdrawn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

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

Other services offered by My Banking Direct

My Banking Direct additional services are limited. It does not offer money market accounts, traditional savings accounts, loans, or other general banking options. But it does offer prepaid benefits debit cards. The card can be used to make purchases at all places where Visa debit cards are accepted and can also be used to get cash from merchants and ATMs in a nationwide network.

My Banking Direct platform and customer support

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

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

You can also reach the bank through the secure messaging system on the website and by mail at the company’s headquarters in Hicksville, New York.

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.

Pros: Great joy for high yield savings. My Banking Direct offers 3.55%, which is higher than many in the industry.

Pros: No monthly maintenance fees: There are no monthly maintenance fees with My Banking Direct, although you will pay fees for other services.

Con: High initial deposit requirements for savings and CDs: My Banking Direct requires an initial deposit of $500 for CDs and high-yield savings, which may be problematic for some consumers.

Con: Limited account options: Besides checking, savings, and CDs, My Banking Direct doesn’t offer many other services.

Most Frequently Asked Questions

Is My Banking Direct a legitimate bank?

Yes, My Banking Direct is a service of Flagstar Bank, NA The parent company is New York Community Bancorp, headquartered in Hicksville, New York, and 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.