My Banking Direct vs. Openbank
Openbank edges out My Banking Direct slightly at 4.09% vs 4.02% APY. On a $10,000 balance, the difference is just $7 per year—so other factors may matter more.
The Bottom Line
The My Banking Direct and Openbank savings accounts are very similar. Choose My Banking Direct if mobile app quality matters, or you want Zelle for quick transfers.
| Metric | My Banking DirectHigh Yield Savings Account Feb 21, 2026 | OpenbankHigh-Yield Savings Account Feb 21, 2026 |
|---|---|---|
| APY | 4.02% | 4.09% |
Est. Earnings | $5,000+$201 $10,000+$402 $25,000+$1,005 | $5,000+$205 $10,000+$409 $25,000+$1,023 |
Min Deposit | $500 | $500 |
Snapshot view. Rates subject to change. | ||
| Features | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppZelle® SupportedRate Changes Often | FDIC InsuredLow MinimumsRate Changes Often |
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
Executive Summary
Openbank offers a High-Yield Savings Account with an APY of 4.09%, making it the winner in this comparison. My Banking Direct follows closely with its High Yield Savings Account, which has an APY of 4.02%. Both accounts require a minimum deposit of $500 and have no maintenance fees, with My Banking Direct having a minimum balance requirement of $1. Importantly, both banks operate online only and do not require direct deposit. Openbank's account compounds interest monthly, while My Banking Direct does not specify a compounding frequency. Both banks are FDIC insured.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why My Banking Direct?
- ✓Higher rated iOS app (4.7 vs 3.1)
- ✓Higher rated Android app (4.3 vs 2.6)
- ✓Fast transfers via Zelle®
Why Openbank?
No distinct advantages found vs My Banking Direct.
— Key Feature Differences —
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. 2.6)
Shared Benefits
Over a 1-year period, Openbank's High-Yield Savings Account pays $7 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.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
My Banking Direct vs. Openbank Savings Calculator
You earn $7 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+$409.00(3.9%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,409.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Still banking with Chase, Bank of America, or Wells Fargo?
On a $10,000 balance, you're missing out on at least $401 per year in interest.
Both My Banking Direct and Openbank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | My Banking Direct | Openbank |
|---|---|---|
| APY | 4.02% Verified: 2/21/2026 Stable (90d) | 4.09% Verified: 2/21/2026 ↘︎ 0.11%90d Change |
| Product Name | High Yield Savings Account | High-Yield Savings Account |
| Minimum Deposit | $500 | $500 |
| Min. Balance for APY | $1 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | N/A | Monthly |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | None. You cannot make use of Flagstar Bank's branches. | None |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Uses Flagstar/NYCB parent infrastructure. | Not Supported |
| BBB Rating | Not Rated | A- |
| 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% | 4.09% |
Trend | Stable | Stable |
Velocity (bps/mo) | -4.1 | -2.7 |
Days Since Change | 98 | 16 |
12-Month High | 4.45% | 4.75% |
12-Month Low | 4.02% | 4.09% |
Adjustments / Mo | 0.42 | 0.33 |
Volatility Score | 0.037 | 0.027 |
How to read these metrics(Click to expand)
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Comparing against Standard Savings
High Rates (With Checking Bundle)
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More Comparisons
Compare My Banking Direct's APY of 4.02% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| My Banking Direct vs Ally Bank | 3.20% | $0 |
| My Banking Direct vs American Express | 3.30% | $0 |
| My Banking Direct vs Axos Bank | 4.21% | $0 |
| My Banking Direct vs Bank of America | 0.01% | $100 |
| My Banking Direct vs Barclays | 3.85% | $0 |
| My Banking Direct vs Capital One | 3.30% | $0 |
| My Banking Direct vs Chase Bank | 0.01% | $0 |
| My Banking Direct vs Chime | 3.00% | $0 |
| My Banking Direct vs CIT Bank | 3.75% | $100 |
| My Banking Direct vs Citibank | 3.20% | $0 |
| My Banking Direct vs Discover Bank | 3.30% | $0 |
| My Banking Direct vs EverBank | 3.90% | $0 |
| My Banking Direct vs Marcus by Goldman Sachs | 3.65% | $0 |
| My Banking Direct vs Newtek Bank | 4.20% | $0.01 |
| My Banking Direct vs Pibank | 4.60% | $0 |
| My Banking Direct vs SoFi Bank | 4.00% | $0 |
| My Banking Direct vs Synchrony Bank | 3.50% | $0 |
| My Banking Direct vs Varo Bank | 5.00% | $0 |
| My Banking Direct vs Wealthfront | 3.95% | $0 |
| My Banking Direct vs Wells Fargo | 0.05% | $25 |