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expired Posted by georgerobert • Apr 9, 2024
expired Posted by georgerobert • Apr 9, 2024

My Banking Direct High Yield Savings Account: Earn Up To

($500 Minimum Deposit)

5.55% APY

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My Banking Direct offers up to 5.55% APY when you open High Yield Savings Account with $500 minimum deposit.

Thanks to community member georgerobert for finding this deal.

Editor's Notes

Written by megakimcheelove | Staff
  • The Annual Percentage Yield (APY) is accurate as of 4/10/2024. Rates are variable and are subject to change without notice.
  • The My Banking Direct High Yield Savings is a tiered rate account. The minimum balance to open the account is $500. If your daily balance is $50,000 or more, the APY is 5.55%. If your daily balance is between $10,000.00 and $49,999.99, the APY is 5.55% If your daily balance is between $1.00 and $9,999.99, the APY is 5.55%.
  • My Banking Direct, a service of Flagstar Bank, N.A., reserves the right to change the rate at any time without notice. Fees could reduce earnings.
  • My Banking Direct is a service of Flagstar Bank, N.A.
  • Flagstar Bank, N.A. is FDIC insured.
  • Other HYSA accounts to consider:

Original Post

Written by georgerobert
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Deal Details
Community Notes
About the Poster
My Banking Direct offers up to 5.55% APY when you open High Yield Savings Account with $500 minimum deposit.

Thanks to community member georgerobert for finding this deal.

Editor's Notes

Written by megakimcheelove | Staff
  • The Annual Percentage Yield (APY) is accurate as of 4/10/2024. Rates are variable and are subject to change without notice.
  • The My Banking Direct High Yield Savings is a tiered rate account. The minimum balance to open the account is $500. If your daily balance is $50,000 or more, the APY is 5.55%. If your daily balance is between $10,000.00 and $49,999.99, the APY is 5.55% If your daily balance is between $1.00 and $9,999.99, the APY is 5.55%.
  • My Banking Direct, a service of Flagstar Bank, N.A., reserves the right to change the rate at any time without notice. Fees could reduce earnings.
  • My Banking Direct is a service of Flagstar Bank, N.A.
  • Flagstar Bank, N.A. is FDIC insured.
  • Other HYSA accounts to consider:

Original Post

Written by georgerobert

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My Banking Direct is a service of Flagstar Bank N.A. The parent company is NY Community Bank which is having financial difficulties. You can Google it. But all funds up to $250K is FDIC insured.

https://www.mybankingdirect.com/p...ings.html?
Q: What happens when a bank fails?

A: In the unlikely event of a bank failure, the FDIC responds in two capacities.

First, as the insurer of the bank's deposits, the FDIC pays insurance to depositors up to the insurance limit. Historically, the FDIC pays insurance within a few days after a bank closing, usually the next business day, by either 1) providing each depositor with a new account at another insured bank in an amount equal to the insured balance of their account at the failed bank, or 2) issuing a check to each depositor for the insured balance of their account at the failed bank.

235 Comments

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SUCHaDEAL
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1The Annual Percentage Yield (APY) is accurate as of 4/10/2024 rates are variable and are subject to change without notice. The My Banking Direct High Yield Savings is a tiered rate account. The minimum balance to open the account is $500. If your daily balance is $50,000 or more, the APY is 5.55%. If your daily balance is between $10,000.00 and $49,999.99, the APY is 5.55% If your daily balance is between $1.00 and $9,999.99, the APY is 5.55%. My Banking Direct, a service of Flagstar Bank, N.A. reserve the right to change the rate at any time without notice. Fees could reduce earnings.

https://www.mybankingdirect.com/p...D-24-AQ-SA

2Visit fdic.gov for more information about FDIC insurance coverage.

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****Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license. Transactions typically occur in minutes when the recipient's email address or U.S. mobile number is already enrolled with Zelle. Must have a bank account in the U.S. to use Zelle. Data charges may apply. Check with your mobile phone carrier for details. In order to send payment requests or split payment requests to a U.S. mobile number, the mobile number must already be enrolled in Zelle.

**Annual Percentage Yield (APY). 5.50% APY 5-month CD is accurate as of 4/10/2024. The interest rate for the 5 month CD is 5.39%. The interest rate remains fixed until maturity. Fees could reduce earnings. A penalty may be imposed for early withdrawals. The minimum balance to open the account and obtain the APY is $2,500. My Banking Direct, a service of Flagstar Bank, N.A. reserves the right to cancel or modify this offer at any time without notice.
Last edited by wuzzy April 10, 2024 at 08:05 AM.
9 months ago
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techie_review101
9 months ago
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never heard of this, FDIC secured ?
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RacerxxLP
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Our community has rated this post as helpful. If you agree, why not thank RacerxxLP

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bigballs
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Our community has rated this post as helpful. If you agree, why not thank bigballs

My Banking Direct is a service of Flagstar Bank N.A. The parent company is NY Community Bank which is having financial difficulties. You can Google it. But all funds up to $250K is FDIC insured. Wink

https://www.mybankingdirect.com/p...ings.html?
Last edited by slow12s April 10, 2024 at 10:34 AM.
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bigballs
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Actually 5.55% yield. Almost 10% higher than CIT which is pretty damn good already.
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bigballs
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Q: What happens when a bank fails?

A: In the unlikely event of a bank failure, the FDIC responds in two capacities.

First, as the insurer of the bank's deposits, the FDIC pays insurance to depositors up to the insurance limit. Historically, the FDIC pays insurance within a few days after a bank closing, usually the next business day, by either 1) providing each depositor with a new account at another insured bank in an amount equal to the insured balance of their account at the failed bank, or 2) issuing a check to each depositor for the insured balance of their account at the failed bank.
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deelseaker
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This is a really good rate for a non-CD account. But this bank has been under pressure the last few months. Read the recent news and don't put all of your savings into a single bank.

Here is a start. Read at least the bullet points and make sure you are comfortable with it:
New York Community Bank's online arm is paying the nation's highest interest rate [cnbc.com]
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bigballs
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Quote from deelseaker :
This is a really good rate for a non-CD account. But this bank has been under pressure the last few months. Read the recent news and don't put all of your savings into a single bank.

Here is a start. Read at least the bullet points and make sure you are comfortable with it:
New York Community Bank's online arm is paying the nation's highest interest rate [cnbc.com]
I figure $200K is safe. Well under FDIC limit. Anything else I am missing? The FDIC website says it will cut out a check for the deposit and interest with 2 to 3 day if there is a failure or transfer the account to a new bank. Is there something I am missing? Just want to cross all the dots. I already sent them $25K. They actually have a branch of NY Community Bank near me.
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bigballs
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Quote from techie_review101 :
never heard of this, FDIC secured ?
Yes. See the offering page.
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Joedaddy123
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Our community has rated this post as helpful. If you agree, why not thank Joedaddy123

I've been using this bank but kind of hesitant to place big amounts there.

First, on a 3-way call with old bank for a big initial transfer, MBD couldn't find my account for 5-minutes, so we had to cancel.

Second, the transfer seems slow. Other online banks would do same-day/next day transfer and interest accrual. It seems like MBD take 2+ full days, perhaps losing 2 days of interest.
I know I'm nitpicking on losing 2-days of interest, but at a high amount transfers, it could mean I get to supersize my Big Mac meal or not using interest money.

Super extra note, no "early" paycheck ACH like Wealthfront / Sofi (another possible day or two of interest lost)
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bigballs
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Quote from Joedaddy123 :
I've been using this bank but kind of hesitant to place big amounts there.

First, on a 3-way call with old bank for a big initial transfer, MBD couldn't find my account for 5-minutes, so we had to cancel.

Second, the transfer seems slow. Other online banks would do same-day/next day transfer and interest accrual. It seems like MBD take 2+ full days, perhaps losing 2 days of interest.
I know I'm nitpicking on losing 2-days of interest, but at a high amount transfers, it could mean I get to supersize my Big Mac meal or not using interest money.

Super extra note, no "early" paycheck ACH like Wealthfront / Sofi (another possible day or two of interest lost)
Have you had any problem with withdrawal? I am thinking maybe I should link up from my external account so I can request withdrawal from there instead of from MBD. I figured if there is a problem with this bank, the first thing will be problem of trying to withdraw from their website.
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Joedaddy123
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Quote from bigballs :
Have you had any problem with withdrawal? I am thinking maybe I should link up from my external account so I can request withdrawal from there instead of from MBD. I figured if there is a problem with this bank, the first thing will be problem of trying to withdraw from their website.
No problem with withdrawal. I think the monthly limits are $500k.

I had to zero my account out there for something, and I didn't see a big issue. It wasn't a big amount though. I recently transferred some $$ due to the new interest rate and will add some reviews after it's done. I need to confirm that interest accrues during holding period (5 days).

Their app somewhat sucks, you can't even see your rates there. Be sure to use their website for most things
9 months ago
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Firebird72
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Rates have been dropping pretty much everywhere... Did this bank just increase the rate to 5.55% APY?
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bigballs
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Quote from Firebird72 :
Rates have been dropping pretty much everywhere... Did this bank just increase the rate to 5.55% APY?
They need the cash. My guess is a lot of savers desperate for rates are pouring in at below the FDIC insured amount. They said 72% of their deposits are at insured level. I am still shocked 28% are not. Maybe retired people taking risks chasing higher yield.

https://ir.mynycb.com/news-and-ev...fault.aspx

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Firebird72
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[QUOTE=bigballs;170275149]They need the cash. My guess is a lot of savers desperate for rates are pouring in at below the FDIC insured amount. They said 72% of their deposits are at insured level. I am still shocked 28% are not. Maybe retired people taking risks chasing higher yield.

"Maybe retired people taking risks chasing higher yield." Yes, that would be me...