Banking » Reviews » My Banking Direct Savings And CDs Review (2024)
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My Banking Direct Savings And CDs Review (2024)

My Banking Direct offers a single term of 5 months. While the rate is competitive, the limited options may be a big drawback for investors.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

My Banking Direct CDs And Savings

CD APY Range

5.50%

Minimum Deposit

$2,500

Our Rating

4.3
4.3/5

Savings APY

5.55%

My Banking Direct CDs And Savings

CD APY Range

5.50%

Minimum Deposit

$2,500

Our Rating

4.3
4.3/5

Savings APY

5.55%

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
5.50%

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 5.55% APY. This is among the best online savings accounts in the US, with a low minimum deposit.

Minimum Deposit
APY
$500
5.55%

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.

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How We Rate Certificates of Deposits: Our Methodology

The Smart Investor team has thoroughly examined certificate of deposit (CD) offerings from various banks, considering multiple factors to provide a comprehensive evaluation. Here's how we rated them across four key categories:

  • CD Rates (50%): We meticulously analyzed the interest rates offered by each bank on their certificate of deposit (CD) products. Higher ratings were awarded to banks offering competitive rates that provide maximum returns for customers' investments. Factors such as the yield curve, current market conditions, and consistency of rates were considered to assess the attractiveness of each bank's CD rates.

  • CD Features (30%): This category evaluated the features associated with each bank's certificate of deposit offerings. Factors considered include the variety of terms available, early withdrawal penalties, minimum deposit requirements, and any additional features or benefits. Higher ratings were given to banks offering a diverse range of CD terms, reasonable early withdrawal fees, and flexible options to meet customers' investment needs.

  • Customer Experience (10%): A positive customer experience is paramount, even when investing in CDs. We assessed each bank's performance in this area, considering factors such as the ease of opening a CD account, the responsiveness of customer service, and overall user satisfaction. Higher ratings were assigned to banks with efficient account opening processes, helpful customer support, and a track record of satisfying customers.

  • Bank Reputation (10%): The reputation of a bank is a critical consideration when investing in CDs. We evaluated each bank's reputation based on factors such as financial stability, regulatory compliance, and public perception. Higher ratings were given to banks with a solid reputation for reliability and trustworthiness, ensuring customers' investments are safe and secure.

By considering these categories and assigning appropriate weights to each, our review aims to provide valuable insights to help individuals make informed decisions when investing in certificate of deposits.

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Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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