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Updated: Jan 01, 2024

MyBankingDirect High Yield Savings Account 2024 Review

Our review of the MyBanking Direct High Yield Savings Account looks at its interest rates, fees, and account management tools available to customers.
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Editor's Rating
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MyBankingDirect offers a savings account with a highly competitive APY and no monthly account fees. Mobile banking makes it easy to manage your money on the go. 

Our Verdict

The MyBankingDirect High-Yield Savings Account is a standout for its generous APY and lack of monthly fees. You'll need at least $500 to open an account, which you can do online in just a few minutes. 

MyBankingDirect could be a good fit for people who:

  • Want a savings account that pays a top-notch rate
  • Don't want to pay a monthly maintenance fee to save
  • Are comfortable with online and mobile banking
  • Would like to earn the same APY across all balances

If you're looking for more checking accounts or CDs, you can open those here as well. MyBankingDirect also offers prepaid debit cards.

MyBankingDirect High Yield Savings Account Pros & Cons

Pros
  • Competitive APY that applies to all balances
  • No monthly service fee
  • Easy to open an account online
  • FDIC-insured up to the applicable limits
Cons
  • $500 minimum opening deposit requirement

Compare Savings Options

Be sure to check out these savings accounts worth considering:

Savings
Checking
CDs

Compared to Other Online Savings Accounts

Laurel Road High Yield Savings Account

The Laurel Road High Yield Savings Account combines an exceptional rate with no monthly maintenance fees. There's no minimum deposit requirement and the same rate applies across all balance tiers. Deposits are FDIC-insured. 

Read our review

Milli Savings Account

Milli is an app-based mobile savings account option. There are no fees and no minimums, and Milli pays savers an outstanding rate. The app also includes some built-in features to help you reach your savings goals automatically.  

Read our review

Valley Direct Savings Account

Valley Direct offers one of the best savings account rates online and you only need $1 to open an account. You can add to your savings with CD accounts and all of your deposits are FDIC-insured. 

Read our review

Forbright Bank Savings Account 

Forbright makes it easy to grow your savings while supporting a sustainable environment. You can earn a competitive rate, with the option to make up to seven ATM withdrawals per month. Saving with Forbright helps to support green initiatives that reduce carbon footprints. 

Read our review

Interest Rates

MyBankingDirect holds its own against other online savings accounts when it comes to rates. While it's not the highest savings account APY around, it's still one of the best you'll find. 

If you're looking for the best high-yield savings accounts, you can start with your current bank and then branch out to other banks. 

For example, online banks have a lot to offer. They can pay higher yields to savers and charge fewer fees to boot. 

Here are a few things to keep in mind as you compare rates. 

  • Some banks apply the APY to all balances, while others tier rates. 
  • You might need to meet a minimum deposit requirement or a minimum balance requirement to earn interest. 
  • Savings account rates aren't guaranteed and banks can raise or lower them at any time. 

Is interest the most important thing when choosing a savings account? It's definitely high on the list. 

But it's also a good idea to look at other factors, like fees and ATM access. 

Fees

Banking fees can nibble away at your savings. That's why online banks have an edge over traditional banks since they don't charge as many fees. 

MyBankingDirect doesn't charge a monthly maintenance fee. But there are some other fees to know. 

Other Service Fees - MyBankingDirect High Yield Savings Account

Type Fee
Monthly maintenance fee $0
Excess withdrawal fee $0
Cashier's checks $10
Early account closure fee $30
Stop payment $35
Insufficient funds fee $0
Overdraft fee $25
Dormant account fee $0
Incoming wire transfer fee $15

ATM Access

MyBankingDirect offers debit card access with its checking accounts. If you open a checking account and savings account here, you could link them together.

That would let you transfer funds between them. You could then use your debit card to withdraw cash at an ATM. 

ATM cards are usually the exception, not the rule, with savings accounts. After all, the point of putting money in a savings account is to save, not spend. 

But an ATM card is a feature you might appreciate having if you're concerned about being able to get cash when you need it. 

Account Management

MyBankingDirect is an online-only bank, so you won't be able to visit a branch. You can, however, use online and mobile banking to manage your money. 

When you log in to your account, you can do the following:

  • Check balances
  • Transfer funds between accounts
  • View statements
  • Deposit checks using mobile deposit
  • Review your spending history
  • Pay bills
  • Send money to friends and family using Zelle

The mobile app is safe and secure but you can set up fingerprint and FaceID if you'd like added security. 

FDIC Insurance

When opening a new savings account, it's important to make sure it's covered by FDIC insurance. The FDIC insures deposits against the possibility of a bank failure. 

While bank failures are rare, they can and do happen. Deposits held at MyBankingDirect are FDIC-insured, so your money is safe. 

What to Look for in a Savings Account

There are lots of savings accounts to choose from so it helps to shop around. You can check both traditional banks and online banks to see the options. 

Here are some things to consider as you weigh different savings accounts. 

  • Interest rate and APY
  • Minimum opening deposit requirements
  • Minimum balance requirements to earn interest or avoid a fee
  • Monthly service fees, if any
  • Other fees, such as excess withdrawal fees or wire transfer fees
  • Online and mobile banking features
  • ATM or debit card access
  • Branch banking access (if you'd prefer a traditional bank)
  • Savings features and money management tools
  • Deposit and withdrawal limits
  • Overdraft protection
  • Customer service and reputation
  • Overall user experience

Taking time to compare savings accounts at online banks and traditional banks can help you narrow down the choices. 

While you're shopping for savings accounts, you can also shop for other bank accounts. For example, you might want to open a checking account, CD account or money market account. 

Frequently Asked Questions

Is MyBankingDirect a legitimate bank?

MyBankingDirect is an online service of Flagstar Bank, N.A. It's a 100% legitimate banking operation offering FDIC-insured deposit accounts. 

Is a savings account or CD account better? 

Whether it makes sense to open a savings account or CD depends on your needs and goals. If you want convenient access to your money then you might choose a savings account. On the other hand, if you don't need the money you're planning to save right now you might want to compare CD rates

What other accounts does MyBankingDirect offer? 

MyBankingDirect also offers checking accounts, CD accounts and prepaid debit cards. You won't find money market accounts here, however.