My Banking Direct: Savings Accounts & Rates

Savings rates updated: 10/1/2025

Mission statement: Banksparency aims to make My Banking Direct's savings accounts transparent and comparable to those of other banks. Learn more about Banksparency.

Note: Interest rates below are reported as APY, or Annual Percentage Yield

We earn a commission if you open an account through some links on this page.

Savings Overview

High Yield Savings Account: 4.30% APY(Rank 15 of the 20 Best Savings Rates)

Minimum Deposit: $500 | Online Only

Offered by the affiliated Flagstar Bank:

Flagstar Performance Savings: 4.00% APY(Rank 43 out of 83 tracked HYSAs)

Minimum Deposit: $1 | Online Only

National Savings Interest Rate: 0.4% (as of 9/15/2025)

Note: The FDIC tracks savings and CD rates nationally, but it does not report APY, only the average interest rate.

(Source: FDIC)

Bank Overview

Location: Hicksville, New York

Founded: 2005

Affiliation: My 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)

Access to Branches: None. You cannot make use of Flagstar Bank's branches.

Deposit Insurance: FDIC Cert # 32541

BBB Rating: A+ (Not BBB Accredited.)

App Store Rating: 4.7/5

Google Play Rating: 4.4/5

Website: Visit My Banking Direct

Our Take on My Banking Direct

Highlights

High Yield Savings Account offers a competitive APY of 4.30%.
No maintenance fees for the High Yield Savings Account.
A+ BBB rating indicates strong trustworthiness.
High App Store rating of 4.7 reflects customer satisfaction.

Considerations

Requires a minimum deposit of $500 to open the High Yield Savings Account.
No physical branches available for in-person banking.
Not BBB Accredited, which may concern some customers.
Direct deposit not required, but may limit some features.

Summary: My Banking Direct offers a High Yield Savings Account with a competitive 4.30% APY and no maintenance fees. However, it requires a $500 minimum deposit and lacks physical branches. The bank has an A+ BBB rating, although it is not BBB Accredited. Customers rate the app highly, with a 4.7 rating on the App Store. Overall, it's a solid option for online savers seeking high yields.

Savings Account: In-Depth View

Savings Account Offered by My Banking Direct

Feature	High Yield Savings Account
APY	4.30% (as of 10/1/2025)
APY Trend	Stable for the last quarter
Minimum Deposit	$500
Minimum Balance for APY	$1
FDIC-insured	Yes
Online Only	Yes
Bundled Account	No
Direct Deposit Required	No
Compound Frequency	N/A
Maintenance Fee	$0
Eligibility	United States
Sponsored Link
No deposit agreement summary available for this bank.

Calculate Savings for My Banking Direct

All calculations are based on APY.

Savings Product:

High Yield Savings Account (APY: 4.30%)

Initial Deposit:

Recurring Deposit Amount:

Deposit Frequency:

Duration:

Total savings breakdown:

Interest earned: $1,692.2 (10.78%)
Total contributions: $13,000 (82.84%)
Initial deposit: $1,000 (6.37%)

Your total balance

$15,692.20

Effective APY: 4.30% (based on your deposit and contributions)

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

Metric	High Yield Savings Account
Latest APY	4.30 %
Trend	Sideways
Slope (bps/mo)	-2.5
Rate Changes / Mo	0.42
Days Since Last Change	122
High (-9 m)	4.65 %
Low (-9 m)	4.30 %
Draw-down from High	-7.5 %
Volatility (CV)	0.017

APY Insights Glossary

Latest APY: Most recent advertised annual-percentage yield.
Trend: Direction over the last 9 months (regression slope).
Slope (bps/mo): Average monthly change; 10 bps = 0.10 pp.
Rate Changes / Mo: Typical number of APY moves per month.
Days Since Last Change: Recency of the latest APY adjustment.
High (-9 m): Highest APY in the last 289 days.
Low (-9 m): Lowest APY in the last 289 days.
Draw-down from High: How far today sits below the 9-month peak.
Volatility (CV): Coefficient of variation = stdev ÷ mean.

Why Track Savings-Account APYs?

See how quickly a bank reacts to Fed moves or competition.
Gauge “twitchiness” - frequent moves can annoy savers.
Spot if you're buying near a peak (draw-down) or riding a rise.
Slope (bps/mo) shows speed of change.
Volatility (CV) scales jumps by average level.

Compare My Banking Direct's Savings Account

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Salem Five Direct - 4.01% APY
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The State Exchange Bank - 4.11% APY
TIMBR - 4.40% APY
UFB Direct - 3.90-4.10% APY
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Valley Direct - 4.10% APY
Varo Bank - 2.50-5.00% APY
Wells Fargo - 0.05-2.51% APY
Western Alliance Bank - 4.10% APY
Zynlo Bank - 4.35% APY

Feature	My Banking Direct	Select a bank...
Product	High Yield Savings Account	N/A
APY	4.30% (as of 10/1/2025)	N/A
Bundled Account	No	N/A
FDIC-insured	Yes	N/A
Online Only	Yes	N/A
Compound Frequency	N/A	N/A
Minimum Deposit	$500	N/A
Minimum Balance for APY	$1	N/A
Maintenance Fee	$0	N/A
Direct Deposit Required	No	N/A

Alternatives to My Banking Direct

Banks with Higher/Similar Savings APY

Newtek Bank

Personal High Yield Savings: 4.35% APY

Minimum Deposit: $0

Online Only

Forbright Bank

Growth Savings: 4.25% APY

Minimum Deposit: $0

Online Only

Bright Savings: 3.65% APY

Minimum Deposit: $250

Eligible States: Limited (see details)

Sprout Savings: 3.65% APY

Minimum Deposit: $1

Eligible States: Limited (see details)

Presidential Bank

Advantage Savings: 4.50% APY

Bundled Savings & Checking Account

Minimum Deposit: $5,000

Direct Deposit: To earn the higher APY you need a monthly direct deposit into an Advantage Checking Account of $500.