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You worked hard for your money, but with traditional banks, the opportunities to put your money to work can be lackluster. With abysmal savings APYs, your savings won’t be able to earn higher rates. The good news is that not all banks let your savings sit in a forgotten corner. My Banking Direct gives you the chance to grow your savings with high APYs that come with their banking products.

As you shop around for the right account, explore all of the available rates. Depending on your needs, you might find a higher APY somewhere else. However, this a great place to start—if you want to make the most of your savings, My Banking Direct is worth a look. 

my banking direct
  • My Banking Direct is a service through New York Community Bank
  • You’ll find high APYs for CDs and savings accounts
  • However, it’s possible to find even higher APYs elsewhere

My Banking Direct Details

High-Yield Savings Account 

Certificate of Deposit

Direct Checking

High-Yield Savings Account: $500 

Certificate of Deposit: $500

Direct Checking: $1

What Is My Banking Direct?

My Banking Direct is a service offered by New York Community Bank, which dates all the way back to 1859, so it’s safe to say it has an established history. 

New York Community Bank boasts $59.5 billion in total assets and its subsidiary, My Banking Direct, was specifically created to offer higher APYs. They do this by eliminating the overhead associated with maintaining bank branches. 

What Does It Offer?

My Banking Direct can help you take your savings to the next level. 

High-Yield Savings Account

The high-yield savings account offered by My Banking Direct comes with an impressive APY. As of September 2022, My Banking Direct’s high-yield savings account offers a 2.20% APY. 

In order to open the account, you’ll need at least $500. But you won’t run into any monthly maintenance fees when you work with this account. 

my banking direct review: high yield savings account

Certificate of Deposit 

A certificate of deposit (CD) doesn’t offer as much flexibility as a high-yield savings account. But the high APYs available through My Banking Direct may be enticing for many long-term savers. 

For example, the 12-month CD is offering an APY of 2.50%. You can earn an even higher APY of 2.75% if you opt for the 24-month CD. In either case, you’ll need at least $500 to open a CD. 

One thing to note is the lack of an automatic renewal option. If you want to continue growing your savings, you can renew your CDs online. 

Direct Checking

The Direct Checking account isn’t interest-bearing. But you can enroll in a rewards program that deposits $20 into your account every time you accumulate 2,000 points. 

There’s no monthly service fee or overdraft fee associated with this account. And you’ll have access to over 55,000 fee-free Allpoint ATMs. 

Are There Any Fees?

There are no monthly fees to deal with. However, one fee to keep in mind is the early withdrawal penalty associated with the CD options. The money in your CD is locked up for the term. 

If you need to pull out funds early, you will pay an early withdrawal penalty. When possible, only commit funds to a CD if you don’t have plans for them over the term. 

my banking direct review: fees

How Do I Contact My Banking Direct?

If you need to get in touch with My Banking Direct, you can call 866-285-1856. There is an automated option around the clock. 

But if you need to talk to a human banker, you’ll need to call Monday through Friday between 8 a.m. and 8 p.m. EST, Saturday between 9 a.m. and 5 p.m. EST, or Sunday between 9 a.m. and 2 p.m. EST. 

Additionally, you can reach out via a secure email in your My Banking Direct account. 

How Does My Banking Direct Compare?

The APYs offered for both the high-yield savings account and certificate of deposit are relatively high. But it’s possible to find even higher APYs elsewhere. 

For example, Consumers Credit Union offers a high-yield savings account with an APY of up to 5.00% on up to $10,000. 

If you are on the hunt for a stellar CD rate, Barclays Bank has My Banking Direct beat with an APY of 2.70% on a 12-month CD. 

How Do I Open An Account?

If you are ready to move forward with My Banking Direct, you’ll need to select the Apply Now button for the appropriate account. Be ready to provide the following information:

  • Social Security Number
  • Government-issued ID
  • Current bank account details

After you’ve opened the account, you’ll be asked to verify trial deposits before finalizing your first transfer of funds. 

Is It Safe And Secure?

The deposit accounts offered by My Banking Direct carry FDIC insurance, which means that up to $250,000 of your funds are protected. Additionally, the bank implements HTTPS encryption on its website to safeguard your information.

Is It Worth It?

If you’re a saver looking to get the most bang for your buck, My Banking Direct offers some of the highest APYs on the market. Whether you want the flexibility of a high-yield savings account or want to lock in higher rates through a CD, this bank is a worthwhile option. 

However, you won’t have access to in-person support. If that’s important to you, then there are other banking options out there. 

As you shop around for the right account, explore all of the available rates. Depending on your needs, you might find a higher APY somewhere else. Remember to check out our best picks for high-yield savings accounts. 

My Banking Direct Features

  • High-Yield Savings
  • Certificate of Deposit
  • Direct Checking
  • High-Yield Savings: $500
  • Certificate of Deposit: $500
  • Direct Checking: $1

55,000+ fee-free Allpoint ATMs

Automated 24/7

Monday – Friday, 8 a.m. to 8 p.m. EST
Saturday, 9 a.m. to 5 p.m. EST
Sunday, 9 a.m. to 2 p.m. EST




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