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expiredgeorgerobert posted Apr 09, 2024 04:52 PM
expiredgeorgerobert posted Apr 09, 2024 04:52 PM

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
Community Notes
About the Poster
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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Top Comments

bigballs
4996 Posts
574 Reputation
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?
bigballs
4996 Posts
574 Reputation
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.
RacerxxLP
345 Posts
67 Reputation

241 Comments

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Apr 11, 2024 12:35 PM
2 Posts
Joined Jan 2019
SensibleSeagull957Apr 11, 2024 12:35 PM
2 Posts
Seems like this is the best APY at the moment: https://yieldfinder.app/
Apr 11, 2024 12:35 PM
46 Posts
Joined Apr 2018
yardminApr 11, 2024 12:35 PM
46 Posts
Quote from bigballs :
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
Don't understand why FDICK doesn't insure all individual accounts with no upper limits, 250k was set in 2010, it's 2024 come on.
1
Apr 11, 2024 12:42 PM
1,042 Posts
Joined Jan 2020
AmusedScent305Apr 11, 2024 12:42 PM
1,042 Posts
Quote from jackc6900 :
Curious. Why are people not putting their money into treasury bonds? 1 month bonds right now have similar rates and no state taxes.
Think of an HYSA as a Ronco Rotisserie: set it and forget it.

Most people can handle putting their money into a single account one time and watching it grow and paying a little tax at the end because they don't have the time/patience/knowledge/skill to build a T-Bill ladder and taking time to learn it doesn't appeal to them when they can start getting returns right away.
Apr 11, 2024 01:33 PM
112 Posts
Joined Nov 2022
themtgdudeApr 11, 2024 01:33 PM
112 Posts
Anyone have any experience with them? Just opened up a CITBank account at 5.05%. A bit worried as I've never heard of them.
Apr 11, 2024 02:42 PM
723 Posts
Joined Nov 2009
watwatApr 11, 2024 02:42 PM
723 Posts
Lol the review for these guys looks like a disaster. No thanks
1
Apr 11, 2024 02:52 PM
4,996 Posts
Joined Jan 2009
bigballsApr 11, 2024 02:52 PM
4,996 Posts
Quote from watwat :
Lol the review for these guys looks like a disaster. No thanks
I sent them $25K from yesterday after opening a new account. It showed up this morning. I had no hiccups. They actually went out of way with security measures when setting up the account. They're online only banking arm of NY Community Bank which owns Flagstar banks. As long as you're under $250K, you will be fine. I rather keep extra $1000 in interest from $200K I'm gonna put in compared to CIT where I also have $200K in it.
1
Apr 11, 2024 02:55 PM
4,996 Posts
Joined Jan 2009
bigballsApr 11, 2024 02:55 PM
4,996 Posts
Quote from themtgdude :
Anyone have any experience with them? Just opened up a CITBank account at 5.05%. A bit worried as I've never heard of them.
Opened a new account yesterday and deposited. The fund showed up this morning. No problem so far. Only thing you have to worry about is to keep the amount in the bank below $250K. Interest is interest in my mind. I rather squeeze extra 10% compared to CIT. I also have the 5.05% account with them. I had no problem with CIT but people complained about them too.

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Apr 11, 2024 03:42 PM
1,133 Posts
Joined Nov 2010
caranddriverApr 11, 2024 03:42 PM
1,133 Posts
Quote from suednim :
All I can say is I had an account at Flagstar and I closed it.
Why? Thanks
Apr 11, 2024 03:49 PM
26 Posts
Joined Feb 2022
jayadams22Apr 11, 2024 03:49 PM
26 Posts
Just so everyone knows, this is a subsidiary of NYCB. Which is having serious financial issues atm. Ask yourself why is the interest the highest in the country for HYS and also why it's so difficult to find who owns this bank. Even a Google search doesn't make it easy. FDIC insured but YMMV on this one.
1
Apr 11, 2024 04:22 PM
1,133 Posts
Joined Nov 2010
caranddriverApr 11, 2024 04:22 PM
1,133 Posts
VUSXX is looking pretty good as a flex place to hold cash since I live in a state with high income tax. Thanks for the rate links!
Apr 11, 2024 04:30 PM
4,996 Posts
Joined Jan 2009
bigballsApr 11, 2024 04:30 PM
4,996 Posts
Quote from yardmin :
Don't understand why FDICK doesn't insure all individual accounts with no upper limits, 250k was set in 2010, it's 2024 come on.
Then the banks will lend carelessly knowing they don't have to worry that the depositors will worry. It's a fair system. Think of yourself as a bank lending to bank which lends to borrowers. But FDIC or the feds made the other bank failures last year whole even over $250K.
Apr 11, 2024 06:09 PM
5,039 Posts
Joined Nov 2012
ChrisBobsonApr 11, 2024 06:09 PM
5,039 Posts
I was looking at banks from February, they had the highest % out of everyone, but barely. But being insured means no risks up to that amount, so I joined that month. Setting up was incredibly easy. I'm guessing the only ones second guessing this have no clue about any of this. They seem to be maintaining having the highest rate. I joined at 5.35%, which they sent an email recently saying it got upgraded to this 5.55%
Last edited by ChrisBobson April 11, 2024 at 01:25 PM.
Apr 11, 2024 06:52 PM
90 Posts
Joined Dec 2006
ApplePanicApr 11, 2024 06:52 PM
90 Posts
Worst case scenario in case of a bailout is that your money will be tied up at the bank until FDIC sorts it all out perhaps for few months.
Apr 11, 2024 07:21 PM
1,327 Posts
Joined Nov 2011
WulfraxApr 11, 2024 07:21 PM
1,327 Posts
Quote from AmusedScent305 :
Think of an HYSA as a Ronco Rotisserie: set it and forget it.

Most people can handle putting their money into a single account one time and watching it grow and paying a little tax at the end because they don't have the time/patience/knowledge/skill to build a T-Bill ladder and taking time to learn it doesn't appeal to them when they can start getting returns right away.
I mean it just sounds like laziness with money actually, like those who let their money sit in horrible 0.01% interest bank savings accounts.

Literally takes a few minutes to buy a T-Bill and understand the concept of buying them at different intervals so you constantly have maturing ones. The Treasury Direct site is super simple and you can place all your orders in 5min, and even set all your T-Bills to auto reinvest up to 2 years. Boom. Set and forget.

🤯 💰

The issue I have with all these high yield places is you spend your time setting up and getting into 1, then all of a sudden months down the line they keep dropping their rates not being competitive at all anymore.

So then you redo the process, open up at another best high yield place, get all your money into that new account, over and over and over. In the end you spend so much more time doing that and now you have 20 skeleton savings accounts all over the place. And come tax season, you get to enter all of them that gained you interest as separate entries. No fun. No good.

Save time. Save money (no State tax). Go with T-Bills.
Last edited by Wulfrax April 11, 2024 at 01:25 PM.
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Apr 11, 2024 07:23 PM
1,042 Posts
Joined Jan 2020
AmusedScent305Apr 11, 2024 07:23 PM
1,042 Posts
Quote from Wulfrax :
I mean it just sounds like laziness with money actually, like those who let their money sit in horrible 0.01% interest bank savings accounts.

Literally takes a few minutes to buy a T-Bill and understand the concept of buying them at different intervals so you constantly have maturing ones. The Treasury Direct site is super simple and you can place all your orders in 5min, and even set all your T-Bills to auto reinvest up to 2 years. Boom. Set and forget.

🤯 💰
I didn't say I haven't done the same, just that for the vast majority of people, they are looking for the simplest way to earn interest while having 100% liquidity the instant they need it.

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