My Banking Direct Review
My Banking Direct gives you the chance to grow your savings with high APYs that come with their banking products. New York Community Bank boasts $59.5 billion in total assets and its subsidiary, My Banking Direct, was specifically created to offer higher APYs. High-Yield Savings AccountThe high-yield savings account offered by My Banking Direct comes with an impressive APY. As of September 2022, My Banking Direct's high-yield savings account offers a 2.20% APY. In order to open the account, you'll need at least $500. But you won't run into any monthly maintenance fees when you work with this account. If you need to talk to a human banker, you'll need to call Monday through Friday between 8 a.m. and 8 p.m. EST, Saturday between 9 a.m. and 5 p.m. EST, or Sunday between 9 a.m. and 2 p.m. EST. Additionally, you can reach out via a secure email in your My Banking Direct account. How Does My Banking Direct Compare?The APYs offered for both the high-yield savings account and certificate of deposit are relatively high. If you are on the hunt for a stellar CD rate, Barclays Bank has My Banking Direct beat with an APY of 2.70% on a 12-month CD. HeaderRatingTop APY2.75%5.00%2.70%Monthly Fees$0$0$0Minimum Deposit$1$0$1FDIC InsuredCellCell OPEN ACCOUNT OPEN ACCOUNT How Do I Open An Account?If you are ready to move forward with My Banking Direct, you'll need to select the Apply Now button for the appropriate account. Be ready to provide the following information:Social Security NumberGovernment-issued IDCurrent bank account detailsAfter you've opened the account, you'll be asked to verify trial deposits before finalizing your first transfer of funds.