Carver Bank vs. My Banking Direct
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Carver BankHigh Yield Savings Jan 7, 2026 | My Banking DirectHigh Yield Savings Account Jan 7, 2026 |
|---|---|---|
| APY | 4.00% | 4.02% |
Est. Earnings | $5,000+$200 $10,000+$400 $25,000+$1,000 | $5,000+$201 $10,000+$402 $25,000+$1,005 |
Min Deposit | $5,000 | $500 |
Snapshot view. Rates subject to change. | ||
| Features | FDIC InsuredMod. MinimumGreat iOS AppGreat Android AppZelle® Supported | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppZelle® Supported |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.21% APY.
Comparison Analysis
Comparing Carver Bank vs. My Banking Direct
As of Carver Bank offers an APY of 4.00% for its High Yield Savings account, with a minimum balance of $5,000, compared to My Banking Direct's 4.02% APY for its High Yield Savings Account, with a minimum balance of $1.
My Banking Direct pays $2 more than Carver Bank on a $10,000 balance after one year. Carver Bank pays $400, while My Banking Direct pays $402 - an APY advantage for My Banking Direct.
Why Carver Bank?
No distinct advantages found vs My Banking Direct.
Why My Banking Direct?
No distinct advantages found vs Carver Bank.
Shared Benefits
Over a 1-year period, My Banking Direct's High Yield Savings Account pays $2 more interest on a $10,000 balance than Carver Bank's High Yield Savings.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Executive Summary as of
Carver Bank offers a High Yield Savings account with an APY of 4.00%, requiring a minimum deposit and balance of $5,000, and is online-only. In comparison, My Banking Direct provides a High Yield Savings Account with a slightly higher APY of 4.02%, requiring a much lower minimum deposit of $500 and a minimum balance of just $1, also online-only. Both accounts have no maintenance fees, making them accessible options for savers.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Carver Bank vs. My Banking Direct Savings Calculator
You earn $2 more with My Banking Direct than Carver Bank on a $10,000 initial deposit for 1 year*.
*This calculation assumes that APYs remain unchanged for 1 year, and takes into account known promo rate periods, but does not factor in bonuses. You can see how often these banks have changed their rates in the Compare Savings Rates Over Time section below.
Carver Bank
High Yield Savings
Savings Breakdown
- Interest Earned+$400.00(3.8%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,400.00
My Banking Direct
High Yield Savings Account
Savings Breakdown
- Interest Earned+$402.00(3.9%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,402.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Carver Bank | My Banking Direct |
|---|---|---|
| APY | 4.00% Verified: 1/7/2026 Stable (90d) | 4.02% Verified: 1/7/2026 ↘︎ 0.18%90d Change |
| Product Name | High Yield Savings | High Yield Savings Account |
| Minimum Deposit | $5,000 | $500 |
| Min. Balance for APY | $5,000 | $1 |
| Monthly Fee | $0, of minimum balance requirement met. Otherwise $6. | $0 |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | iOS4.7 Android4.5 | iOS4.7 Android4.3 |
| Zelle® Support | Available Full native integration in digital banking. | Available Uses Flagstar/NYCB parent infrastructure. |
| BBB Rating | A+ | F |
| Next Steps | Visit SiteVerify at Carver Bank Non-sponsored link to official site | Visit SiteVerify at My Banking Direct Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Carver Bank | My Banking Direct |
|---|---|---|
| High Yield Savings | High Yield Savings Account | |
Current APY | 4.00% | 4.02% |
Trend | Stable | Stable |
Velocity (bps/mo) | -1.0 | -4.0 |
Days Since Change | 309 | 53 |
11-Month High | 4.25% | 4.45% |
11-Month Low | 4.00% | 4.02% |
Adjustments / Mo | 0.09 | 0.44 |
Volatility Score | 0.017 | 0.035 |
How to read these metrics(Click to expand)
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High Rates (With Checking Bundle)
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