Banking » Reviews » My Banking Direct Savings And CDs Review (2024)
Advertiser Disclosure This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval. This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

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: October 20, 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: October 20, 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

4.75%

Minimum Deposit

$2,500

Our Rating

4.3
4.3/5

Savings APY

5.00%

My Banking Direct CDs And Savings

CD APY Range

4.75%

Minimum Deposit

$2,500

Our Rating

4.3
4.3/5

Savings APY

5.00%

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
4.75%

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.

Top Offers From Our Partners

UpgradeLogo

Savings Rate: 4.69% APY
CIT-Bank-Logo
Savings Rate: Up to 4.70% APY

live-oak-bank-logo

Savings Rate: 4.30% APY
Quontic bank logo
Savings Rate: 4.50% APY

valley direct logo

Savings Rate: 4.25% APY APY

consumers credit union logo

CD Rate: 5.00% – 5.20% APY
Advertiser Disclosure
We get compensated for these product offers

Top Savings Accounts From Our Partners

Chime Banking App

  • 2.00% APY on Chime Savings 
  • Build Credit History
  • No Monthly Fees

Quontic High Yield Savings

  • 4.50% APY on savings
  • Interest is compounded daily
  • No Monthly Service Fees

CIT Savings Connect 

  • Up to 4.70% APY on savings
  • No monthly service fees.
  • Zelle, Samsung & Apple Pay

Advertiser Disclosure

The product offers that appear on this site are from companies from which this website receives compensation. 

Top Offers From Our Partners

UpgradeLogo

Savings Rate: 4.69% APY
CIT-Bank-Logo
Savings Rate: Up to 4.70% APY
Quontic bank logo
Savings Rate: 4.50% APY

valley direct logo

Savings Rate: 4.25% APY

consumers credit union logo

CD Rate: 5.00% – 5.20% APY
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

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.

Compare CD Rates

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.
Search
Best CD Rates
Top Offers From Our Partners

UpgradeLogo

Savings Rate: 4.69% APY
CIT-Bank-Logo
Savings Rate: Up to 4.70% APY
Quontic bank logo
Savings Rate: 4.50% APY

consumers credit union logo

CD Rate: 5.00% – 5.20% APY
Advertiser Disclosure
We get compensated for these product offers
Top Offers From Our Partners

PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary address.

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 1/22/2025
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

fifth-third-bank-logo

Promotion:
$250 $250 cash bonus if you make direct deposits totaling $2,000 or more within 90 days of account opening.
No Minimum Deposit
Free checking account, no minimum balance, check writing, two days early paycheck

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 

Promotion:
$500 Use Promo Code “RC500” for a $500 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you’ll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

penfed personal loan

APY on Daily Balances
0.15% APY on daily balances of less than $20,000 or 0.35% APY on daily balances of $20,000 up to $50,000
Get paid up to 2 days early
Set up direct deposits and get your paycheck up to 2 days early

Promotion:
Up to $2,500 You could earn $1,500 or $2,500 if you open a new, eligible HSBC Premier checking account from July 1, 2024 through November 22, 2024, and complete qualifying activities: • Get a $1,500 Cash Bonus: Add New Money of $100,000 to $249,999 in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months. • Get a $2,500 Cash Bonus: Add New Money of $250,000+ in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months. – Cash Bonus will be deposited into your new checking account within 8 weeks of meeting all the offer requirements
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

#1 In Banking

Our Newsletter

Get expert advice, insider tips, fresh banking promotions and rate changes on savings accounts and CDs

Banking Promotions & Latest Rate Updates

Our Banking Newsletter

Sign up for our newsletter and gain access to expert advice,
insider knowledge, and exclusive updates

Sign Up for

Our Newsletter

Join our community for the latest attractive savings rate changes ,expert insights, and member-only perks