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My Banking Direct

Popular Accounts at this Bank

1.15%Money MarketMy Banking Direct Money Market
1.31%1-year CD12 Month CD
1.51%2-year CD24 Month CD

Overview / Commentary
615 Merrick Avenue
Westbury, NY 11590

My Banking Direct is a service of New York Community Bank, a consumer-facing institution that offers personal and business banking products and services. New York Community Bank is a subsidiary of New York Community Bancorp, a bank holding company.

My Banking Direct was created by NYCB in order to offer higher annual percentage yields on Money Market and Certificate of Deposit (CD) accounts. By avoiding overhead costs created by branches, the bank can offer higher yields through its online platform. Money markets accounts offer interest rates that are usually among the best in the country and have an initial minimum deposit requirement. DepsositAccounts.com has recognized these Money Market accounts several times in the past. CDs also offer some of the best rates in the country.

My Banking Direct online banking offers a secure platform on which customers can check their account balances, transfer funds, and pay merchants and bills. The online account can also be linked to brokerage accounts to provide an easy way to fund accounts.

New York Community Bank is headquartered in Westbury, New York, and apart from its online bank, serves its customers through multiple branches located throughout the region. It was originally established in 1859.

Related Posts

My Banking Direct Money Market’s New Tiers And $50 Bonus - 3/22/2017

I mentioned this in the weekly rate survey, but I thought it would be useful to mention it in a quick forum post. My Banking Direct reduced the balance required to earn its top rate (currently 1.15% APY). The minimum is now $5k. It used to be $25k. The new tiers are: 1.15% APY for balances $5k and above 0.25% APY for balances below $5k I have more details of this account in this January blog post $50 Bonus My Banking Direct is offering a $50 bonus for new money market customers through April 15, 2017. To earn the $50 bonus you must deposit a minimum of $25,000 to a new Money Market Checking account, enroll in NYCB Online, download the NYCB Mobile App and log into your account on the NYCB Mobile App within 7 calendar days from account opening.

My Banking Direct Increases Money Market APY to 1.15% - 1/19/2017

My Banking Direct (New York Community Bank's internet branch) raised the rate tier on its Money Market Checking (1.15% APY, $25k+). Minimum opening deposit is $2.5k.

MyBankingDirect Increases Money Market Rate 1.15% - 1/18/2017

The Annual Percentage Yield is accurate as of January 18, 2017; and is subject to change without notice. The My Banking Direct Money Market Checking is a tiered rate account. If your daily balance is $25,000.00 or more, the APY is 1.15% and the interest rate is 1.14%. If your daily balance is between $5,000 and $24,999.99, the APY and interest rate is 0.75%. If your daily balance is below $5,000.00, the APY and interest rate is 0.25%. We reserve the right to change the rate at any time without notice. Fees could reduce earnings. Bank is not responsible for typographical errors. NYCB reserves the right to cancel or modify this offer at any time without notice This account is subject to certain transaction limitations. Please refer to the All About Your Accounts disclosure for details.

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I overall found my experience with My Banking Direct to be satisfactory. Signing up was easy, given the website's intuitive layout. It took me about 45 minutes, with a couple of minor problems along the way, to have me account set up. The one thing I don't enjoy about My Banking Direct were the fees, though fees are part of any banking experience. They are an online bank, so their website is better than most banks. I like them and will continue to use them.

Great savings

I currently have a savings account with MyBankingDirect. Direct deposit is set up to pull a specific amount from my paycheck every pay period. It makes saving a little bit easier because I don't have to manually transfer money from my check account to my savings account. The set up of the account was fairly easy. I've never had to use customer service because withdrawals have been seamless. I like being able to check my account and watch the interest growth. They do not have a very good mobile app/site option that I use. Not being able to check my account from my cell phone is probably the only complaint I have about the institution. All of the features within their desktop website are extremely easy to use.

They Could Do Things Better

Posted by: skynet | Feb 25, 2017

Although the bank currently has one of the more competitive savings rates (1.14% as of this post), I was disappointed with a few things...

First, the account opening process takes too long. Many online banks will have you up and running the day you sign up. Unfortunately, MYBankingDirect took over 1 week to get my account open, let alone funded. I think their back end process is manual. It took a few calls to the bank to make sure everything was moving along. When I asked when I would have internet access to my account, it was actually a few days after they told me I would have access. I wasn't too impressed. They didn't have their act together on the opening process.

Second, I noticed that my statement cycle was on the 20th of the month. I requested that it cycle at the end of the month and they wouldn't change it. They told me the product cycles on the 20th. In the age of computers, they should be able to accommodate such a simple request.

Third, and most importantly, external transfers to and from other banks that are initiated from the MyBankingDirect website take three business days to complete. So if you attempt to make a transfer on Monday, it won't appear until Thursday. This is ridiculous. Most other banks are able to effect a transfer in one day through the ACH system that all the banks use. That is, I request a transfer on Monday and I get it Tuesday. They are fully capable of doing this since the trial deposits they sent to verify my external account appeared in one day. I just think they are playing games and trying to make a little money on the float.

On the positive side, the online interface is stable, intuitive and informative. They also provide tools to categorize transactions and perform simple budgeting which you don't see with many online banks.

Bottom line, slow account opening process, inflexible customer service, slow external transfers, but competitive rate with a decent online banking experience.

My Online Application Lost !

I applied for their Money Market account at the end of January, sent the paper version also and have not gotten any information from them since then !

Called the CS twice. They recommended me to apply again. No way ! Just guessing where my personal information can be now. Stay away from them !



Health Grade Components

FDIC Certificate #16022
Year Established1859
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.03%
Return on Equity - YTD7.57%
Annual Interest Income$745.2MM
Assets and Liabilities
AssetsQ2 2017vs Q2 2016$44.76B$45.42B
LoansQ2 2017vs Q2 2016$36.41B$36.31B
DepositsQ2 2017vs Q2 2016$26.33B$26.65B
Equity CapitalQ2 2017vs Q2 2016$6.34B$5.71B
Loan Loss AllowanceQ2 2017vs Q2 2016$127.0MM$160.6MM
Unbacked Noncurrent LoansQ2 2017vs Q2 2016$153.9MM$162.7MM
Real Estate OwnedQ2 2017vs Q2 2016$9.6MM$12.8MM
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

My Banking Direct Money Market Rates

1.15%*$5k*-My Banking Direct Money Market
OTHER TIERS: 0.25% Up to $5k

My Banking Direct Checking Account Rates

0.02%$2,500-My Banking Direct Checking Account

My Banking Direct CD Rates

1.51%$500-24 Month CD
1.31%$500-12 Month CD
1.01%$2,500-6 Month CD

My Banking Direct is an Internet only bank and does not have branch locations. Its headquarters is located at 615 Merrick Avenue - Westbury, NY 11590