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)
Minimum Deposit: $500 | Online Only
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.
Summary: My Banking Direct offers a competitive High Yield Savings Account with a current APY of 4.30%. While it has no maintenance fees and a solid BBB rating of A+, it lacks branch access and requires a minimum deposit of $500. The bank's app ratings are favorable, but the absence of BBB accreditation may raise concerns for some customers. Overall, it’s a suitable option for those comfortable with online banking.
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
All calculations are based on APY.
High Yield Savings Account (APY: 4.30%)
Deposit Frequency:
Total savings breakdown:
- Interest earned: $22 (4.21%)
- Total contributions: $0 (0.00%)
- Initial deposit: $500 (95.79%)
Your total balance
$522.00
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) | -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.
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| 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 |