My Banking Direct vs. Openbank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | My Banking DirectHigh Yield Savings Account Jan 7, 2026 | OpenbankHigh-Yield Savings Account Jan 7, 2026 |
|---|---|---|
| APY | 4.02% | 4.20% |
Est. Earnings | $5,000+$201 $10,000+$402 $25,000+$1,005 | $5,000+$210 $10,000+$420 $25,000+$1,050 |
Min Deposit | $500 | $500 |
Snapshot view. Rates subject to change. | ||
| Features | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppZelle® Supported | FDIC InsuredLow Minimums |
Prefer In-Person Banking?
Both of these banks are online-only. If you need physical branch access, check out our list of high-yield accounts with brick-and-mortar locations.
Comparison Analysis
Comparing My Banking Direct vs. Openbank
As of My Banking Direct offers an APY of 4.02% for its High Yield Savings Account, with a minimum balance of $1, compared to Openbank's 4.20% APY for its High-Yield Savings Account, with a minimum balance of $0.
Openbank pays $18 more than My Banking Direct on a $10,000 balance after one year. My Banking Direct pays $402, while Openbank pays $420 - an APY advantage for Openbank.
Why My Banking Direct?
- ✓Higher rated iOS app (4.7 vs 3.1)
- ✓Higher rated Android app (4.3 vs 2.9)
- ✓Fast transfers via Zelle®
Why Openbank?
- ✓Higher potential APY (4.20% vs 4.02%) on all balances
— Key Feature Differences —
Better Returns at $10,000
OpenbankOpenbank's High-Yield Savings Account earns more on smaller deposits (approx. $420 vs $402/yr).
Better Returns at $25,000
OpenbankOpenbank's High-Yield Savings Account pulls ahead with larger amounts (approx. $1050 vs $1005/yr).
Best Mobile App Experience
My Banking DirectMy Banking Direct offers an iOS app rated 4.7 (vs. 3.1) and Android app rated 4.3 (vs. 2.9)
Shared Benefits
Over a 1-year period, Openbank's High-Yield Savings Account pays $18 more interest on a $10,000 balance than My Banking Direct's High Yield Savings Account.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Executive Summary as of
Openbank offers a High-Yield Savings Account with an APY of 4.20%, making it the winner in this comparison. This account requires a minimum deposit of $500 and has no maintenance fees or minimum balance requirements. My Banking Direct's High Yield Savings Account follows closely with an APY of 4.02%, also requiring a minimum deposit of $500 but with a minimum balance of just $1. Both accounts are online-only and do not require direct deposit. Openbank's account provides better returns for larger deposits, while My Banking Direct is noted for its superior mobile app experience.
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
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My Banking Direct vs. Openbank Savings Calculator
You earn $18 more with Openbank than My Banking Direct 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.
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
Openbank
High-Yield Savings Account
Savings Breakdown
- Interest Earned+$420.00(4.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,420.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | My Banking Direct | Openbank |
|---|---|---|
| APY | 4.02% Verified: 1/7/2026 ↘︎ 0.18%90d Change | 4.20% Verified: 1/7/2026 Stable (90d) |
| Product Name | High Yield Savings Account | High-Yield Savings Account |
| Minimum Deposit | $500 | $500 |
| Min. Balance for APY | $1 | $0 |
| Monthly Fee | $0 | $0 |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | iOS4.7 Android4.3 | iOS3.1 Android2.9 |
| Zelle® Support | Available Uses Flagstar/NYCB parent infrastructure. | Not Supported |
| BBB Rating | F | Not Rated |
| Next Steps | Visit SiteVerify at My Banking Direct Non-sponsored link to official site | Visit SiteVerify at Openbank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | My Banking Direct | Openbank |
|---|---|---|
| High Yield Savings Account | High-Yield Savings Account | |
Current APY | 4.02% | 4.20% |
Trend | Stable | Stable |
Velocity (bps/mo) | -4.2 | -3.0 |
Days Since Change | 53 | 169 |
10-Month High | 4.45% | 4.75% |
10-Month Low | 4.02% | 4.20% |
Adjustments / Mo | 0.47 | 0.28 |
Volatility Score | 0.034 | 0.027 |
How to read these metrics(Click to expand)
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High Rates (With Checking Bundle)
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