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Summary: My Banking Direct is an online division of Flagstar Bank, N.A., a New York-based regional bank. My Banking Direct offers a number of FDIC-insured deposit accounts and other banking services, including high-yield savings accounts, certificates of deposit (CDs), credit cards, and more.
My Banking Direct products and services
Here’s a look at My Banking Direct’s current account options:
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High-yield savings account: My Banking Direct’s high-yield savings account comes with an interest rate that’s more than 10 times the national average. The minimum deposit needed to open a new account is $500, though the minimum balance needed to earn interest is just $1.00. There are no monthly maintenance fees associated with this account. Interest is compounded and credited monthly.
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CDs: My Banking Direct currently offers just one CD option: A 5-month CD with a competitive interest rate. The minimum deposit required to open a CD is $2,500. Interest is compounded and credited quarterly, and the penalty for early withdrawals is 30 days’ worth of interest, earned or unearned.
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Direct checking: This fee-free checking account requires just $1.00 to get started. There are no overdraft fees or insufficient funds fees. Customers receive a My Banking Direct Visa debit card and access to more than 55,000 fee-free Allpoint and Presto! ATMs worldwide.
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Visa credit cards: Flagstar Personal Visa credit cards are also available to My Banking Direct customers. This includes a range of rewards, platinum, and secured credit cards.
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Prepaid benefits debit card: My Banking Direct also offers debit cards that make it easier to access state-issued payments, pay bills, and make purchases.
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Financial calculators: Customers can take advantage of My Banking Direct’s suite of financial calculators to help them make smarter decisions about their savings, financial goals, and more.
Read more: The 10 best high-yield savings accounts available today
My Banking Direct fees
Here’s a look at some of the fees you may be responsible for as a My Banking Direct customer:
My Banking Direct pros and cons
Here’s a closer look at the pros and cons of banking with My Banking Direct:
Pros:
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Competitive savings account interest rates: My Banking Direct currently offers a savings account rate that’s well above 4% APY — more than 10 times the national average rate for savings accounts.
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No account maintenance fees: My Banking Direct does not charge monthly maintenance fees for its accounts, allowing you to keep more of your earnings.
Cons:
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No physical branches: As an online bank, My Banking Direct does not offer any physical branches for customers to visit. This could be a drawback for those who prefer to do their banking in person.
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Limited CD terms: My Banking Direct only offers one CD term of five months. However, this account does offer a competitive interest rate.
Customer service and mobile banking experience
My Banking Direct customer service can be reached via telephone at 866-285-1856. Representatives are available:
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Monday through Friday from 8 a.m. to 8 p.m. ET
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Saturdays from 9 a.m. to 5 p.m. ET
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Sundays from 9 a.m. to 2 p.m. ET
Customers can also log into their online banking platform and send a secure message, or send a letter in the mail to the following address:
My Banking Direct
A service of Flagstar Bank, N.A.
P.O. Box 190
Hicksville, NY 11802
My Banking Direct also offers a mobile app on the App Store and Google Play, which has a rating of 4.7 and 4 stars, respectively. Customers can use the app to check account balances, pay bills, deposit checks, and more.
Frequently asked questions
Is My Banking Direct FDIC-insured?
Yes. My Banking Direct offers FDIC insurance up to the federal limit of $250,000 per depositor, per institution, per ownership category.
What is My Banking Direct’s routing number?
My Banking Direct’s routing number is 226071004.
How can I fund a new account with My Banking Direct?
To fund a new account, customers can either initiate an internal transfer from an existing My Banking Direct account, an ACH transfer from an external bank account, or mail a check.
