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My Banking Direct High Yield Savings Account: Earn Up To
5.55% APY
($500 Minimum Deposit)
My Banking Direct offers up to 5.5% APY when you open High Yield Savings Account with $500 minimum deposit.
Thanks to community member georgerobert for finding this deal.
Thanks to community member georgerobert for finding this deal.
Editor's Notes & Price Research
Written by
- 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.
Original Post
Written by
Edited April 9, 2024
at 10:08 AM
Created 04-09-2024
at 09:52 AM
by georgerobert
in
Financial Tools & Services
(4)
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(Valid until 6/30/24, Max $1000 Spend)
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https://www.mybankingdi
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.
https://www.depositacco
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https://www.mybankingdi
2Visit fdic.gov for more information about FDIC insurance coverage.
*Not all online features may be available through the mobile app. Standard messaging and data rates may apply.
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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.
Our community has rated this post as helpful. If you agree, why not thank RacerxxLP
https://www.depositacco
Our community has rated this post as helpful. If you agree, why not thank bigballs
https://www.mybankingdi
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.
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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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]
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)
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)
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