My Banking Direct High Yield Savings Account

My Banking Direct High Yield Savings Account Review

My Banking Direct High Yield Savings Account is offered by New York Community Bank, founded in 1859 and based in Westbury, NY. My Banking Direct High Yield Savings Account are available in 50 states (and Washington, DC).

Key Takeaways

• Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 2.85%, which is much higher than the average interest rate for a savings account.
• $500 minimum deposit. This is a typical minimum initial deposit, but there are accounts that require a smaller initial deposit or have no minimum.

My Banking Direct Savings Account Pros & Cons

Pros	Cons
Available in all 50 states. High variable APY.	No signup bonus. Does not offer mobile check deposits. Does not provide access to a nationwide ATM network. Does not come with a debit card

My Banking Direct Savings Account FAQ

Are savings accounts from New York Community Bank federally insured?

Yes, your New York Community Bank savings accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

Does New York Community Bank offer a signup bonus?

My Banking Direct Savings Account doesn't offer a signup bonus.

What is the minimum initial deposit for My Banking Direct Savings Account?

The minimum deposit to open a My Banking Direct Savings Account is $500.

My Banking Direct High Yield Savings Account Minimums

Description
Minimum Opening Deposit	$500

What APY does My Banking Direct High Yield Savings Account offer?

My Banking Direct Savings Account offers an APY of 2.85% (APY stands for annual percentage yield, rates may change). This is higher than the typical APY for online-only savings accounts, which is around 1% APY.

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does My Banking Direct Savings Account charge?

My Banking Direct Savings Account does not charge a monthly service fee. See the fee breakdown section below to view all fees.

Can you set up a direct deposit to My Banking Direct Savings Account?

Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.

What is the customer support email for My Banking Direct Savings Account?

The customer support email for My Banking Direct Savings Account is ContactUs@myNYCB.com.