expiredgeorgerobert posted Apr 09, 2024 04:52 PM
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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.
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:
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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.
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:
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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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"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.fdic.gov/resources/de...index.html
I USED to chase savings APR rates. But I realized that the payoff is really low. Don't get wrong, it's safe. But, most banks will drop the APR after a few months. Sometimes it will be below "market rate" so then it's either a wash or you lose a few bucks when you could've kept it somewhere else (hassle free) for maybe a few dollars more.
You really need to check on these APRs after 3/6/9 months.......
Good luck to the APR chasers out there!
Better off buying bills risk free. No need to have your funds locked up until insurance pays out in bankruptcy. You won't earn interest in that case.
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I USED to chase savings APR rates. But I realized that the payoff is really low. Don't get wrong, it's safe. But, most banks will drop the APR after a few months. Sometimes it will be below "market rate" so then it's either a wash or you lose a few bucks when you could've kept it somewhere else (hassle free) for maybe a few dollars more.
You really need to check on these APRs after 3/6/9 months.......
Good luck to the APR chasers out there!
Any real bond trader would be extending duration. Everyone is piling into money market funds going into anticipated fed cuts. Next year, these account will be paying less than 1-3 year bonds.
Do you want 5.x% for a few months or 4.9% for 2 years+ total return is the true goal.
Any real bond trader would be extending duration. Everyone is piling into money market funds going into anticipated fed cuts. Next year, these account will be paying less than 1-3 year bonds.
Do you want 5.x% for a few months or 4.9% for 2 years+ total return is the true goal.
Wasn't really looking into APRs that deeply 10+ years ago but noticed my "high" APR at Ally bank dropped enough where I was annoyed, then it happened again at Synchrony bank, I believe, where the APR was lower than market rate, so I had LOST money in the 6 or so months I had it in their savings...
Stopped after that lol
But I agree, even if your comment has an air of smugness to it.
Many regional banks tend to allow their most valued depositors to look at their books at a far greater level of detail than retail depositors. In doing so, it gives high value depositors far greater confidence in that their deposits are safe. It also helps that NYCB has over 130% coverage ratio of their uninsured deposits.
Steve Mnuchin, in particular, is very familiar with turning around banks. He led a group of investors including Michael Dell and George Soros to buy IndyMac out of FDIC receivership, rebranded it OneWest, went through many rounds of layoffs, sold off toxic assets, regrew loan portfolio and deposit base, and ended up selling it to CIT Group in less than 5 years and more than doubled his money.
This 5.55% APY is right out of his IndyMac playbook: shore up capital first, improve CET, alleviate regulatory scrutiny of a Cat4 bank (>$100b total assets), keep steady until Feds (if) begin to cut interest rates. When that happens, paper losses on CRE (office and rent controlled apartments) would begin to lower.
Undoubtedly, that's what Mnuchin and Otting are telling the large depositors. And it seems to be working.
To add, as of 2023 Q4: 32.7% are unsured, 63.7% are insured. They have a solidly real estate portfolio with 2/3 resi + commercial real estate (most of which are likely under water). Thought it would be a bad treasury porfolio like SVB. A downturn/recession would really ruin this bank though.
Regardless, FDIC will pay out quick if this bank fails. Now that Mnuchin has sunk his teeth into this bank; it will likely not fail not that it impacts retail investors anyways. Anyone with over 250k in liquid cash trying to invest would know what they are doing most likely.
To add, as of 2023 Q4: 32.7% are unsured, 63.7% are insured. They have a solidly real estate portfolio with 2/3 resi + commercial real estate (most of which are likely under water). Thought it would be a bad treasury porfolio like SVB. A downturn/recession would really ruin this bank though.
Regardless, FDIC will pay out quick if this bank fails. Now that Mnuchin has sunk his teeth into this bank; it will likely not fail not that it impacts retail investors anyways. Anyone with over 250k in liquid cash trying to invest would know what they are doing most likely.
AFS and HTM is different from their loan book.
I haven't looked at their financials, but there will be a section of what they are holding, which is definitely treasuries, MBS, Agencies, Supras, etc.
AFS and HTM is different from their loan book.
I haven't looked at their financials, but there will be a section of what they are holding, which is definitely treasuries, MBS, Agencies, Supras, etc.
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