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Updated on Friday, October 5, 2018
My Banking Direct’s checking account
- Minimum opening deposit: $1,500
- Monthly account maintenance fee: None
- ATM fees: None
- ATM fee refunds: Up to $10 per month for balances up to $24,999.99 and unlimited refunds for balances of $25,000 or more.
- Overdraft fees: $36 per transaction, four overdraft charges per day maximum. However, the bank will not charge a fee if the account has only been overdrafted by $10 or less.
The My Banking Direct Checking account requires an initial deposit of at least $1,500. This account does not charge a monthly maintenance fee, even on small balances.
When you open this account, you get a free order of 50 checks. ATM withdrawals are free when you take money out of a New York Community Bank ATM. If you withdraw money from another ATM, My Banking Direct refunds up to $10 per month in fees if your balance is less than $25,000, and all ATM fees if your balance is above $25,000.
This account does not pay interest, but you may want to confirm with the bank in the event that changes.
How My Banking Direct’s checking account compares
The My Banking Direct Checking account does offer a few nice features. Between free checks, ATM fee refunds, no minimum balance requirement and no monthly maintenance fee, you could do a lot worse than this account.
However, we aren’t crazy about the initial deposit requirement of at least $1,500. That’s on the high side for an online checking account. Also, the account doesn’t earn interest.
If you want a free online checking account, there are better checking account options that include all the perks available at My Banking Direct, along with a lower deposit requirement and a respectable interest rate.
My Banking Direct’s money market account
Minimum Balance Amount
$5,000 - $24,999.99
$25,000 and up
- Minimum opening deposit: $2,500
- Monthly account maintenance fee: None
- ATM fees: None
- ATM fee refunds: Up to $10 per month for balances up to $24,999.99. Unlimited refunds for balances of at least $25,000.
- Overdraft fees: $36 per transaction, with four overdraft charges per day maximum. You won’t be charged a fee if the account has only been overdrafted by $10 or less, though.
It takes a minimum deposit of at least $2,500 to open a My Banking Direct money market account but after that there is no minimum balance requirement. The bank does not charge a monthly maintenance fee and will continue paying interest even if your balance falls below $2,500. However, this account offers a much higher interest rate when you have at least $5,000 in your account.
Since this is a money market account, it restricts how often you can access your money. You are only allowed to make six transfers or withdrawals out of this account per monthly statement cycle. You can transfer or withdraw money by writing checks, through online/phone transfers or by requesting a debit card for ATM access.
How My Banking Direct’s money market account compares
If you plan on keeping a large balance in your money market account, My Banking Direct is an excellent choice. The mid-range interest rate starting at $5,000 is well above average while the top rate starting at a balance of $25,000 is one of the best in the entire country.
For an account of less than $5,000, the My Banking Direct Money Market account is not nearly as impressive. The interest rate is far lower and you could even find online checking accounts paying more – and those accounts come without any withdrawal restrictions. While it’s nice that My Banking Direct will keep paying interest on small accounts and won’t charge a maintenance fee, if you’re going to put up with strict transfer/withdrawal restrictions, you want to be earning a decent interest rate.
Whether you want to open a large or small money market account, be sure to check out these other top money market options. They also offer fantastic interest rates and should be on your radar as you figure out where to put your savings.
My Banking Direct’s CD rates
- Minimum opening deposit: $500 for 12 and 24 months, $2,500 for 6 months.
- Minimum balance amount to earn APY: $500 for 12 and 24 months, $2,500 for 6 months.
- Early withdrawal penalty: 90 days interest for the 6 month CD, 180 days interest for the 12 month and 24 month CDs.
My Banking Direct only offers three CD terms: 6 months, 12 months and 24 months. All three terms offer highly competitive interest rates. Also, the minimum deposit requirements are quite low. While the 6 month CD requires at least $2,500, the other two options only require $500 and you earn the same interest rate even if you just make the minimum deposit.
These accounts do charge a sizable penalty on early withdrawals. The 6 month CD charges 90 days of interest for taking principal out early while the other two options charge 180 days of interest, wiping out a major share of your earnings.
How My Banking Direct’s CDs compare
Though My Banking Direct does not offer much variety for its CDs, if one of its terms matches your savings timeline, then they are strongly worth considering. These CD rates match up well even against some of the best CDs in the country.
Its 1 year and 2 year CDs are excellent choices for smaller accounts since you can open and earn the full APY with a deposit as low as $500. Other high-paying CDs can have a much larger deposit requirement or will reduce their interest rate for smaller accounts.
But what’s good for a small deposit is a downside for larger accounts. Whether you deposit $1,000 or $100,000, you earn the exact same rate. My Banking Direct does not pay more for larger accounts.
If you are opening a large account or you want a CD term that isn’t available at My Banking Direct, these other tops CDs could be a better fit for your money.
How to open My Banking Direct’s products
You can open My Banking Direct’s checking and money market accounts or CDs online through the bank’s website. While it offers customer service by phone to help with the application, you must apply for the account online. The application will ask you to submit your personal information, a form of ID and a way to fund the account, such as the routing information from another bank account.
Overall review of My Banking Direct’s products
There’s a lot to like about My Banking Direct. Its accounts are easy to understand, the website lets you sign up quickly from anywhere in the United States and none of its accounts charge a monthly maintenance fee. The interest rates on its CDs and money market accounts over $5,000 are also fantastic.
The CDs and money market account are the main accounts worth considering at My Banking Direct. While the checking account has a few nice features like ATM fee refunds and a free order of checks, it doesn’t stand up quite as well as the competition. It might be worth setting up a My Banking Direct checking account to transfer money between the other accounts, but it otherwise isn’t worth using.
The money market account is a terrific choice, but only for deposits over $5,000. Its CDs, meanwhile, are competitive across the board, though smaller deposits get more of a benefit. Both accounts have some downsides, so you should still compare them to what else is out there. But if you are looking for an online CD or large money market account, My Banking Direct should be on your list of candidates.