My Banking Direct Review: Checking and Savings

My Banking Direct’s savings account earns a stellar rate, and its checking and savings have no monthly fees.

Margarette Burnette is a NerdWallet authority on savings, who has been writing about bank accounts since before the Great Recession. Her work has been featured in The Associated Press , USA Today and other major newspapers. Before joining NerdWallet, Margarette was a freelance journalist with bylines in magazines such as Good Housekeeping, Black Enterprise and Parenting. She is based near Atlanta, Georgia.

Yuliya Goldshteyn
Assigning Editor | Banking

Yuliya Goldshteyn is a former banking editor at NerdWallet. She previously worked as an editor, a writer and a research analyst in industries ranging from health care to market research. She earned a bachelor's degree in history from the University of California, Berkeley and a master's degree in social sciences from the University of Chicago, with a focus on Soviet cultural history. She is based in Portland, Oregon.

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Overall institution rating

NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.

My Banking Direct’s online High Yield Savings Account offers a stellar rate and does not charge monthly fees. The bank also has an online checking account with no monthly fees. If you don’t need to visit bank branches and prefer to do your banking online, this institution provides a solid option for checking and savings, all under one (virtual) roof.

My Banking Direct is an online-only brand of New York-based Flagstar Bank . While the brand is separate, your funds are federally insured through the same parent institution.

Best for: Customers who want high rates on savings, are looking for checking and savings with no monthly fees and who want to do their banking online.

» Want to compare other high savings rates? Check out NerdWallet's best high yield savings accounts

Full review

Savings

/5 NerdWallet rating

NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.

My Banking Direct’s savings account earns a stellar rate. In fact, it has one of the best yields around for savings. But you will need to deposit at least $500 to open an account. (There are other online banks that have competitive savings rates and no minimum deposit requirement.)

The minimum is not as strict after you open the account, however. Your daily balance can dip to as low as $1 and you’ll still earn the high rate. But it’s important to keep in mind that yields are variable and can change at any time. If you’re able to grow your account above the initial $500, you’ll give yourself the best chance to take advantage of the best rates for this account.

You can fund your savings account by initiating an electronic funds transfer or by mailing a check to the bank. After your account is established, you can set up direct deposit and submit mobile check deposits online. For withdrawals, you can access your money via funds transfer, and you can send money to friends and family with Zelle . Also, checking accounts at My Banking Direct come with debit cards. So if you open a checking account, you can link your checking and savings and then withdraw cash using your debit card.

How does My Banking Direct compare?

NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.

NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.

SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

With $0 min. balance for APY

With $5,000 min. balance for APY

Earn up to $300 with direct deposit. Terms apply.

at SoFi Bank, N.A.

Methodology

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

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About the author

Margarette Burnette is a NerdWallet authority on savings. Her work has been featured in USA Today and The Associated Press.Read more

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