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My Banking Direct High Yield Savings Account: Earn Up To

5.55% APY

($500 Minimum Deposit)

+48 Deal Score

77,234 Views 193 Comments

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.

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Original Post

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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193 Comments

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

bigballs

Joined Jan 2009

L9: Master

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bigballs

05-02-2024 at 03:41 PM.

I think it's safe to max it out at around $248K and take out the interest earned each month to stay under $250K.

https://www.marketwatch.com/story...s-d58ff368

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edrock200

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edrock200

05-10-2024 at 12:33 PM.

I had bit on a credit karma ad for a 5.3% via Raisin, which is just a broker for banks, mine was with Consumer Bank. this was ~6mo ago. It's fallen 2x since to 4.76%. Thinking of making the leap now that it's below 5%. The nice thing about raisin is they have a list of banks and rates, and you can list them by APY and transfer in without having to go through the account creation process. The downside is you can't transfer direct between raisin accounts. You have to transfer from your raisin account to your "external" bank account, then back in to the new one, each of which can take 2-3 days.

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Last edited by edrock200 May 10, 2024 at 12:45 PM.

nicemann

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nicemann

05-12-2024 at 02:08 PM.

Quote from edrock200

I also used Raisin for a little while. It was annoying the rates would lower and even though Raisin had new banks with higher rates, the money had to be transferred to my external account and then back to Raisin. I signed up for this deal last month due to this hassle. Current highest rate on Raisin for savings is 5.26% so hopefully this 5.55% stays around for awhile. Even if it dips a little still will probably be higher than Raisin.

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Drummer_Dude

Joined Jun 2007

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Drummer_Dude

05-30-2024 at 09:14 AM.

TLDR all of the posts. Any confirmation on daily/monthly transfer limits? I don't want to move money in, find out rate dropped and then find out it will take me a year to get all my money out.

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Wasser

Joined Jan 2006

Get back, witch!

3,325 Posts

Wasser

05-30-2024 at 09:39 AM.

This, or T-Bills if you don't need immediate liquidity?

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karazi

Joined Sep 2008

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karazi

05-30-2024 at 09:40 AM.

This bank (flagstar/mbd) is a disaster...., Good luck to those using them

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AmusedScent305

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AmusedScent305

05-30-2024 at 10:01 AM.

Quote from Drummer_Dude

TLDR all of the posts. Any confirmation on daily/monthly transfer limits? I don't want to move money in, find out rate dropped and then find out it will take me a year to get all my money out.

I think any transfer limit would only apply to using this account to SEND money to another account—don't believe they can limit the amount you can PULL/REQUEST using another bank

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Drummer_Dude

Joined Jun 2007

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Drummer_Dude

05-30-2024 at 12:13 PM.

Quote from AmusedScent305

I think any transfer limit would only apply to using this account to SEND money to another account—don't believe they can limit the amount you can PULL/REQUEST using another bank

Interesting observation. Makes sense, when I try to currently transfer from Bank A to Bank B, there is a limit, but if I initiate the transfer from Bank B and request to pull from Bank A, I don't seem to have a limit. Thanks.

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nicemann

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nicemann

05-31-2024 at 03:59 AM.

Quote from Drummer_Dude

TLDR all of the posts. Any confirmation on daily/monthly transfer limits? I don't want to move money in, find out rate dropped and then find out it will take me a year to get all my money out.

I have had my account for about 45 days. I just went into the transfer screen and it says:

Transfer Limits:
Remaining today $50,000.00
Daily $50,000.00
Per Transfer $50,000.00
Monthly $200,000.00

This is for sending from My Banking Direct to external checking account.

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ngsm13

Joined May 2008

L6: Expert

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ngsm13

05-31-2024 at 04:31 AM.

It blows my mind that people use these random outdated banks they've never heard of...

Betterment has been around since 2009, and has a native online experience. They have a 5.5% intro APR, and 5.00% standard APR with NO MINIMUM balance and $2M FDIC Insurance. Not to mention quick ACH transfers (24H)...

Along with a comprehensive online interface, and one of the originators of Robo-advisor Retirement/Wealth Management....

Why use these shitty random banks?

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navi033

Joined Jan 2014

L3: Novice

151 Posts

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navi033

05-31-2024 at 05:03 AM.

Quote from rphmann

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

Same but I noticed it was a sum larger than 50k. For me

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Drummer_Dude

Joined Jun 2007

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Drummer_Dude

05-31-2024 at 06:35 AM.

Quote from ngsm13

How long does the "Intro" rate last? I'm already getting 5.0% at CIT Bank.

Edit - found it, Intro rate lasts for 3 months. https://www.betterment.com/affili...tner-offer

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Last edited by Drummer_Dude May 31, 2024 at 06:38 AM.

deelseaker

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deelseaker

05-31-2024 at 07:23 AM.

Quote from ngsm13

Wouldn't it be funny if your Betterment ends up putting a chunk of your money into *THIS* "sh!tty random outdated bank"?

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deelseaker

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deelseaker

06-03-2024 at 06:15 PM.

Just a heads-up: Scrutinize the transaction history on your accounts (specifically Checking accounts): I just discovered a $25 "Maintenance Service Charge" on my long-established checking account. I am yet to talk to customer service, but I can guarantee that there is no no legitimate reason for it.