My Banking Direct CDs And Savings
CD APY Range
Minimum Deposit
Our Rating
Savings APY
My Banking Direct CDs And Savings
CD APY Range
Minimum Deposit
Our Rating
Savings APY
My Banking Direct Certificates (CDs) Rates
My Banking Direct offers a single term when it comes to CDs. While the interest is competitive, the fact that there is only one term may be a big drawback for investors.
Term | APY |
|---|---|
5 Months | 5.15% |
First, investors who want to leverage the higher rates to invest in long-term CDs won't have the option in such a case. Some investors prefer not to deal with their investments every 5 months, so this is a major drawback.
Another drawback is the limited flexibility. For example, if an investor would like to leverage CD laddering strategy, it is much more difficult and time consuming to make it with a single term, especially such a short term.
My Banking Direct High Yield Savings Account
My Banking Direct savings account offers a competitive rate of 5.00% APY. This is among the best online savings accounts in the US, with a low minimum deposit.
Minimum Deposit | APY |
|---|---|
$500 | 5.00% |
It also includes the following features:
Compounding and Crediting: Interest is calculated using a simple interest basis and credited to the account on a monthly basis.
- Fees: There are no monthly fees or any type of maintenance fees. There is no minimum balance fee imposed for this account.
Minimum Opening Deposit: A minimum deposit of $500 is required to open this account.
Balance Computation Method: The daily balance method is used to calculate interest. It applies a daily periodic rate to the principal amount in the account each day.
- Effect of Account Closure: If the account is closed before interest is credited, the accrued interest will not be received.
My Banking Direct Checking Account
The My Banking Direct Direct Checking account offers the following features:
No overdraft or insufficient funds fee: The account does not charge any fees for overdrawing or having insufficient funds in the account.
No monthly service fee: There is no monthly fee associated with maintaining the Direct Checking account.
No maintenance fee: The account does not impose any maintenance fees.
$1 minimum to open: To open this account, you only need a minimum deposit of only $1.
My Banking Direct Visa® debit card: Customers receive a Visa® debit card associated with their Direct Checking account, allowing them to make purchases and withdraw cash.
Free POS transactions: Point of Sale (POS) transactions, where you use your debit card to make purchases at merchant locations, are free of charge.
Access to fee-free ATMs: Account holders have access to over 55,000 ATMs in the Allpoint and Presto! networks, allowing them to withdraw cash without incurring any fees.
To open the account, you will need the following information:
Personal Information: Provide your Social Security Number or Tax Identification Number.
Valid U.S. Address: You will need to provide a valid address within the United States.
Form of identification: You may be required to provide a valid form of identification as part of the account application process.
Overall, the My Banking Direct Direct Checking account offers a fee-free banking experience, easy access to ATMs, and minimal requirements for account opening.
About My Banking Direct
My Banking Direct High is a service offered by Flagstar Bank, N.A., which is a part of New York Community Bancorp, Inc., a prominent parent company. One of the benefits of Flagstar Bank, N.A. is that it's one of the largest regional banks in the United States, with headquarters in Hicksville, New York, and regional headquarters in Troy, Michigan.
