You worked hard for your money, but with traditional banks, the opportunities to put your money to work can be lackluster. With abysmal savings APYs, your savings won’t be able to earn higher rates. The good news is that not all banks let your savings sit in a forgotten corner. My Banking Direct gives you the chance to grow your savings with high APYs that come with their banking products.

As you shop around for the right account, explore all of the available rates. Depending on your needs, you might find a higher APY somewhere else. However, this a great place to start—if you want to make the most of your savings, My Banking Direct is worth a look. 

What Is My Banking Direct?

My Banking Direct is a service offered by New York Community Bank, which dates all the way back to 1859, so it’s safe to say it has an established history. 

New York Community Bank boasts $59.5 billion in total assets and its subsidiary, My Banking Direct, was specifically created to offer higher APYs. They do this by eliminating the overhead associated with maintaining bank branches. 

What Does It Offer?

My Banking Direct can help you take your savings to the next level. 

High-Yield Savings Account

The 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. 

Certificate of Deposit 

A certificate of deposit (CD) doesn’t offer as much flexibility as a high-yield savings account. But the high APYs available through My Banking Direct may be enticing for many long-term savers. 

For example, the 12-month CD is offering an APY of 2.50%. You can earn an even higher APY of 2.75% if you opt for the 24-month CD. In either case, you’ll need at least $500 to open a CD. 

One thing to note is the lack of an automatic renewal option. If you want to continue growing your savings, you can renew your CDs online. 

Direct Checking

The Direct Checking account isn’t interest-bearing. But you can enroll in a rewards program that deposits $20 into your account every time you accumulate 2,000 points. 

There’s no monthly service fee or overdraft fee associated with this account. And you’ll have access to over 55,000 fee-free Allpoint ATMs. 

Are There Any Fees?

There are no monthly fees to deal with. However, one fee to keep in mind is the early withdrawal penalty associated with the CD options. The money in your CD is locked up for the term. 

If you need to pull out funds early, you will pay an early withdrawal penalty. When possible, only commit funds to a CD if you don’t have plans for them over the term. 

How Do I Contact My Banking Direct?

If you need to get in touch with My Banking Direct, you can call 866-285-1856. There is an automated option around the clock. 

But 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. But it’s possible to find even higher APYs elsewhere. 

For example, Consumers Credit Union offers a high-yield savings account with an APY of up to 5.00% on up to $10,000. 

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.