My Banking Direct
Last Updated: 6/20/2025
Note: Interest rates below are reported as APY, or Annual Percentage YieldQuick Views
High Yield Savings Account: 4.30% APY(Rank 19 out of 74 tracked HYSAs)
National Savings Interest Rate: 0.42% (as of 5/19/2025)
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.
BBB Rating: A+ (Not BBB Accredited.)
App Store Rating: 4.7/5
Google Play Rating: 4.2/5
Website: Visit My Banking Direct
Our Take on My Banking Direct
Highlights
- Current APY of 4.30%, slightly down from 4.40% 30 days ago.
- No maintenance fees on the High Yield Savings Account.
- High BBB rating of A+ indicates trustworthiness.
- App Store rating of 4.7 suggests user satisfaction.
Considerations
- No branches available for in-person banking.
- Minimum deposit requirement of $500 for the High Yield Savings Account.
- Not BBB Accredited despite high rating.
- Direct deposit not required, which may limit some users.
Savings Account
Savings Account Offered by My Banking Direct
Feature | High Yield Savings Account |
---|---|
APY | 4.30% (as of 6/20/2025) |
APY Trend | -0.10% MoM |
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 |
No deposit agreement summary available for this bank. |
Calculate Savings for My Banking Direct
High Yield Savings Account (APY: 4.30%)
Total savings breakdown:
- Interest earned: $22 (4.21%)
- Total contributions: $0 (0.00%)
- Initial deposit: $500 (95.79%)
Your total balance
$522.00
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) | -3.2 |
Rate Changes / Mo | 0.65 |
Days Since Last Change | 20 |
High (-6 m) | 4.65 % |
Low (-6 m) | 4.30 % |
Draw-down from High | -7.5 % |
Volatility (CV) | 0.014 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 6 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 (-6 m)
- Highest APY in the last 186 days.
- Low (-6 m)
- Lowest APY in the last 186 days.
- Draw-down from High
- How far today sits below the 6-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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- Synchrony Bank - 3.80% APY
- TAB Bank - 4.26% APY
- TD Bank - 0.05-3.00% APY
- The State Exchange Bank - 1.90% APY
- TIMBR - 4.40% APY
- UFB Direct - 4.01-4.21% APY
- Upgrade - 4.02% APY
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- Varo Bank - 2.50-5.00% APY
- Western Alliance Bank - 4.30% 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 6/20/2025) | 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 |