My Banking Direct: Savings Account & Rates
Mission: Banksparency aims to make My Banking Direct's savings account transparent and comparable to the market.
Savings Overview
High Yield Savings Account
| Min. Deposit | $500 |
| Min. Balance | $1 |
| Maintenance Fee | $0 |
Market Reality Check
This bank offers rates below the current top tier. The best rates we track are currently above 4.21% APY.
Also see affiliated bank: Flagstar Bank
View productsBank Overview
- HQ LocationHicksville, New York
- Founded2005
- AffiliationMy Banking Direct is a service of Flagstar Bank N.A. (subsidiary of Flagstar Financial, Inc., formerly New York Community Bancorp, Inc., dating back to 1859)
- Zelle® SupportAvailableUses Flagstar/NYCB parent infrastructure.
- Deposit InsuranceFDIC Insured(Cert: 32541)
Our Take on My Banking Direct
The Good
- Competitive 4.02% APY
- No monthly maintenance fees
- Highly rated mobile apps (iOS: 4.7, Android: 4.3)
Considerations
- No physical branch access (online only)
My Banking Direct offers a High Yield Savings Account with a competitive APY of 4.02%. This account has no monthly maintenance fees and does not require direct deposit or a checking account to open. Customers can enjoy highly rated mobile apps, with scores of 4.7 on iOS and 4.3 on Android. However, it is important to note that there is no physical branch access, as this is an online-only bank.
Top Market Contenders
Savings Account: In-Depth View
Savings Account Offered by My Banking Direct
| Feature | High Yield Savings Account |
|---|---|
APY | 4.02%Verified: 1/7/2026 |
APY Trend | Rate Adjusted -0.18% Since 90 days ago |
Min. Deposit | $500 |
Min. Balance | $1 |
Monthly Fee | $0 |
Direct Deposit | None |
Checking Bundle | No |
Branch Access | None |
Compounding | N/A |
FDIC Insured | Yes |
Eligibility | United States |
| Next Steps | - |
Calculate Savings for My Banking Direct
Savings Breakdown
- Interest Earned+$1,576.30(10.1%)
- Total Contributions$13,000
- Initial Deposit$1,000
Projected Balance
$15,576.30
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
My Banking Direct Savings Rates Over Time
Historical APY Insights
Last 12 Months| Metric | High Yield Savings Account |
|---|---|
Latest APY | 4.02% |
Trend | Sideways |
Slope (bps/mo) | -3.9 |
Rate Changes / Mo | 0.49 |
Days Since Last Change | 53 |
High (-12m) | 4.55% |
Low (-12m) | 4.02% |
Draw-down | -11.6% |
Volatility (CV) | 0.035 |
How to read these metrics▼
Trends & Velocity
- Trend
- The general direction of the rate over the analyzed period. Useful for spotting if a bank is currently aggressive or pulling back.
- Slope (bps/mo)
- Speed of change. A high positive number means they raise rates quickly. 10 bps = 0.10%.
- Rate Changes / Mo
- "Twitchiness." High frequency means the rate changes constantly; low frequency means it's stable.
Risk & Range
- High/Low
- The absolute ceiling and floor of the rate during the 365-day window.
- Volatility Score
- Lower is better for predictability. It indicates how wildly the rate swings relative to its average.
- Days Since Change
- If this number is high (e.g., >90), the rate is very sticky. If low, it changed recently.
Why track this? Understanding volatility helps you avoid "bait-and-switch" rates. A steady, rising slope is ideal; high volatility often signals a temporary teaser rate.
Compare with My Banking Direct
| Feature | Current View My Banking Direct | Empty Slot |
|---|---|---|
| Product | High Yield Savings Account | - |
APY | 4.02%Verified: 1/7/2026 | - |
APY Trend | Rate Adjusted -0.18% Since 90 days ago | - |
| Min. Deposit | $500 | - |
| Monthly Fee | $0 | - |
Direct Deposit | No | - |
Checking Bundle | No | - |
| Branch Access | None | - |
| Eligibility | United States | - |
Compounding | N/A | - |
FDIC Insured | Yes | - |
| Next Steps | - | - |
Bank-to-Bank Comparisons
Compare My Banking Direct's APY of 4.02% with other banks
Alternatives to My Banking Direct
Banks with Higher/Similar Savings APY
For a top list of the highest savings rates, see all HYSA top rates
GO2bank
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Minimum Deposit: $100
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SoFi Bank
SoFi Savings: 4.00% APY
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Colorado Federal Savings Bank
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MutualOne Bank
Mo Premium Savings: 4.07% APY
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Varo Bank
High-Yield Savings Account: 5.00% APY
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Minimum Deposit: $0
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Forbright Bank
Growth Savings: 4.00% APY
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Bright Savings: 3.65% APY
Minimum Deposit: $250
Eligible States: Limited (see details)
Sprout Savings: 3.65% APY
Minimum Deposit: $1
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Valley Direct
High-Yield Savings Account: 4.00% APY
Minimum Deposit: $1,000
Eligible States: Limited (see details)