My Banking Direct vs. Wealthfront
Comparing My Banking Direct and Wealthfront for high-yield savings: My Banking Direct's High Yield Savings Account pays 4.02% APY while Wealthfront's Cash Account pays 3.95% APY (including a 3-month 0.65% promo boost).
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? My Banking Direct pays $56 more than Wealthfront annually ($402 vs $346).
Choose My Banking Direct if getting the best rate matters most, you want a no-strings-attached account, you want to avoid a promo rate with a scheduled drop, or you want Zelle for quick transfers. Choose Wealthfront if you're an Android user.
Important Considerations
The key difference? Wealthfront's 3.95% rate includes a promotional bonus for the first 3 months, after which it reverts to the standard rate (currently 3.30%). My Banking Direct's 4.02% rate has no scheduled drop, though all rates are subject to change.
| Metric | My Banking DirectHigh Yield Savings Account Feb 21, 2026 | WealthfrontCash Account Feb 21, 2026 |
|---|---|---|
| APY | 4.02% | 3.30% - 3.95% |
Est. Earnings | $5,000+$201 $10,000+$402 $25,000+$1,005 | $5,000+$173 $10,000+$346 $25,000+$866 |
Min Deposit | $500 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | - | Wealthfront is not a bank but a financial services company. It is FDIC-insured through its many partner banks. New clients get an APY of 3.95% for 3 months, after which the 3.30% APY applies. See terms at Wealthfront. |
| Features | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppZelle® SupportedRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppDaily CompoundingRate Changes Often |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.15% APY.
Comparison Analysis
Comparing My Banking Direct vs. Wealthfront
Executive Summary
My Banking Direct offers a High Yield Savings Account with a competitive APY of 4.02%, making it the winner in this comparison. This account requires a minimum deposit of $500 and has no maintenance fees. In contrast, Wealthfront's Cash Account provides an initial APY of 3.95% for new clients for three months, after which the rate drops to 3.30%. While both accounts are online-only and FDIC-insured, My Banking Direct's account yields a higher return, especially for larger deposits.
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?
- ✓Fast transfers via Zelle®
Why Wealthfront?
- ✓Higher rated Android app (4.9 vs 4.3)
— Key Feature Differences —
Better Returns at $10,000
My Banking DirectMy Banking Direct's High Yield Savings Account earns more on smaller deposits (approx. $402 vs $346/yr).
Better Returns at $25,000
My Banking DirectMy Banking Direct's High Yield Savings Account pulls ahead with larger amounts (approx. $1005 vs $866/yr).
Shared Benefits
Over a 1-year period, My Banking Direct's High Yield Savings Account pays $56 more interest on a $10,000 balance than Wealthfront's Cash Account.
*This comparison accounts for Wealthfront's introductory promotional rate, yet My Banking Direct's standard rate still yields a higher 1-year return.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
My Banking Direct vs. Wealthfront Savings Calculator
You earn $54.5 more with My Banking Direct than Wealthfront 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
Wealthfront
Cash Account
Promo Rate: 3.95% for 3 months, then 3.30%.
Savings Breakdown
- Interest Earned+$347.50(3.4%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,347.50
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 $345 per year in interest.
Both My Banking Direct and Wealthfront dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | My Banking Direct | Wealthfront |
|---|---|---|
| APY | 4.02% Verified: 2/21/2026 Stable (90d) | 3.95% Range: 3.30% - 3.95% Verified: 2/21/2026 ↘︎ 0.20%90d Change |
| Product Name | High Yield Savings Account | Cash Account |
| Minimum Deposit | $500 | $0 |
| Min. Balance for APY | $1 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | N/A | Daily |
| 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 | Yes |
| Zelle® Support | Available Uses Flagstar/NYCB parent infrastructure. | Not Supported |
| BBB Rating | Not Rated | F |
| Important Notes | - | Wealthfront is not a bank but a financial services company. It is FDIC-insured through its many partner banks. New clients get an APY of 3.95% for 3 months, after which the 3.30% APY applies. See terms at Wealthfront. |
| Next Steps | Visit SiteVerify at My Banking Direct Non-sponsored link to official site | Visit SiteVerify at Wealthfront Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | My Banking Direct | Wealthfront |
|---|---|---|
| High Yield Savings Account | Cash Account | |
Current APY | 4.02% | 3.95% |
Trend | Stable | Stable |
Velocity (bps/mo) | -0.3 | -8.6 |
Days Since Change | 98 | 22 |
3-Month High | 4.11% | 4.15% |
3-Month Low | 4.02% | 3.90% |
Adjustments / Mo | 0.30 | 0.60 |
Volatility Score | 0.003 | 0.028 |
How to read these metrics(Click to expand)
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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 Openbank | 4.09% | $500 |
| 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 Wells Fargo | 0.05% | $25 |