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My Banking Direct High Yield Savings Account: Earn Up To

5.55% APY

($500 Minimum Deposit)

+46 Deal Score

68,123 Views 180 Comments

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.

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Written by Edited April 9, 2024 at 10:08 AM by

5.55%APY when you open a High Yield Savings Account.

https://www.mybankingdirect.com/#

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Created 04-09-2024 at 09:52 AM by georgerobert

in Financial Tools & Services (4)

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5.55% APY

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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. Wink

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.

Reviews don't seem great....
https://www.depositaccounts.com/b...irect.html

themtgdude

Joined Nov 2022

L2: Beginner

82 Posts

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themtgdude

04-18-2024 at 12:27 AM.

Quote from jw530

Had nothing but good experiences with them the last 7 years. They always have among the highest yielding savings accounts, but every few years they change the yield and introduce a new savings account with the higher yield. All you have to do is open the new account and transfer in, which takes a few minutes online.

Thanks very much for the information!

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jw530

Joined Mar 2009

L2: Beginner

73 Posts

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jw530

04-18-2024 at 12:33 AM.

Also Vanguard's US Treasury money market VUSXX fund is offering a 5.41% compounded yield with check writing. Less work than a Tbill ladder IMO.

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Last edited by jw530 April 18, 2024 at 12:39 AM.

nseg

Joined Jan 2016

New User

10 Posts

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nseg

04-18-2024 at 08:16 AM.

I've had an account with them for nearly 3 years now. It was the highest APR when I moved my savings there and it's remained that way since I moved it. It seems like every few months they send me an email letting me know my rate has increased. They just sent me an email on 4/8/24 that it was up to 5.55%. Their app isn't great, but if you just want a nice return on your savings it gets the job done

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rphmann

Joined Feb 2009

L4: Apprentice

345 Posts

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rphmann

04-18-2024 at 05:52 PM.

Quote from nicemann

Not just the initial deposit I've learned. If you setup the transfer through MBD from your external account it also holds it for 9 business days. They do this for the first 30 days of a new account. Never seen this before at any of the banks I have used. They already take 2-3 days for an incoming transfer that is processed on their website to even show. Then have to wait an additional 9 business days is crazy.

Yup, I found this out too, the same......

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Scorch1

Joined Nov 2008

L2: Beginner

47 Posts

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Scorch1

04-18-2024 at 08:52 PM.

Just opened an account this week. We'll see how it goes. Applied 4/15, approved 4/17. Sometime 4/18 the money transferred. I think towards the end of the day as I had been checking to see if it went through or not.

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dlimes13

Joined Jan 2015

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dlimes13

04-19-2024 at 06:03 AM.

Applied on 4/12 and was approved instantly. Did an initial transfer of $1K and it's on hold for 9 days. But did another transfer of $5K separately on 4/15 and was in there on 4/17. Seems pretty simple so far but time will tell.

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robertw477

Joined Sep 2006

L6: Expert

1,987 Posts

140 Reputation

robertw477

04-19-2024 at 09:11 AM.

Quote from techie_review101

never heard of this, FDIC secured ?

Yes FDIC. They need deposits. Expect this sort of rate to last a few months.

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E4300

Joined Sep 2011

2,368 Posts

830 Reputation

E4300

04-19-2024 at 09:28 AM.

Quote from robertw477

Yes FDIC. They need deposits. Expect this sort of rate to last a few months.

The Fed = a bunch of bankers. Profits are privatized. Losses are socialized. Some banks are allowed to fail, like Washington Mutual, while others received bailout (SVC). I personally don't trust any bank. You can get free checking and 4.93% yield at Fidelity with no minimum balance. Buy 1 month T bill (5.36%) at treasury direct for as little as $100. Interest is state tax exempt, which would be equivalent to 5.89% for high earners in CA or NY.

https://seekingalpha.com/article/...-your-cash

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Firebird72

Joined Jun 2012

L6: Expert

1,630 Posts

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Firebird72

04-20-2024 at 09:54 AM.

Used Flagstar/MBD app for both transfers to MBD.
Bank 1 transfer morning of 4/16 arrived at MBD 4/17
Bank 2 the funding bank, transfer morning of 4/17 nothing as of 4/20. Shows nothing pending or anything, WTH?
Bank 2 shows money out on 4/18.

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Last edited by Firebird72 April 20, 2024 at 10:53 AM.

Joedaddy123

Joined Dec 2017

L4: Apprentice

320 Posts

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Pro

Joedaddy123

04-20-2024 at 12:59 PM.

Quote from Firebird72

Weekend. Never transfer close to the weekend.

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Firebird72

Joined Jun 2012

L6: Expert

1,630 Posts

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Firebird72

04-21-2024 at 09:29 AM.

Quote from Joedaddy123

Weekend. Never transfer close to the weekend.

Never been an issue for me if it's done by Wed. morning. At least with a ton of other banks...

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onedollar

Joined Nov 2008

L7: Teacher

2,043 Posts

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onedollar

04-22-2024 at 11:01 AM.

I opened an account with MBD this morning. Overall, the process was very straightforward and took less than 30 minutes with lots of security verifications via text and emails that you had to acknowledge. There was one part that was confusing that I ended up doing an online chat just to confirm. During the account opening process, it asks if you want to fund your account opening deposit and it does it via Plaid and the amount. I did that; but after the account was opened and I had logged into it, I didn't see any references about pending transfers nor were there any external banks set up in my account. It was only after chatting that the rep confirmed a transfer is pending and that the account will reflect that once it's done. I could see this be a potential problem if you weren't aware and ended up doing two separate duplicate transfers.

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bigballs

Joined Jan 2009

L9: Master

4,785 Posts

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bigballs

04-23-2024 at 07:36 AM.

Quote from Firebird72

Push the deposit into the MBD instead of pulling from MBD. It took 3 days to pull but only 1 day to push.

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Firebird72

Joined Jun 2012

L6: Expert

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Firebird72

04-23-2024 at 10:31 AM.

Quote from bigballs

Push the deposit into the MBD instead of pulling from MBD. It took 3 days to pull but only 1 day to push.

Normally I do that, but Discover Bank (Funding bank for my MBD) is being a royal pain, they will not allow a link until I push a min of $5 from MBD to Discover...
[ Edit: The $5 transfer has been done, but Discover is telling me that "Over Time" it will be allowed! WTF does that mean? ]
I called them, they will not define how much time. Told them that makes no sense! So I'm closing my Discover Bank account.

(Discover Bank) For your security, please initiate a transfer from Flagstar Bank, N.A. to fund your account. Over time, you'll be able to create a secure connection between accounts using other methods.
1) Log in to Flagstar Bank, N.A.
2) Connect to Discover bank by entering your routing and account numbers
3) Transfer money to your Discover account from Flagstar Bank, N.A.

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Last edited by Firebird72 April 24, 2024 at 11:38 AM.

onedollar

Joined Nov 2008

L7: Teacher

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onedollar

04-25-2024 at 06:59 AM.

Quote from nicemann

It's apparently common for some banks (see https://lifehacker.com/why-the-ba...1841841696) and it just happened to me as well. The initial funding at account opening was done in a day. The day after, I got the 9 business day hold notice. At least interest is still being acrued while it's on hold.