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  1. Home
  2. Products
  3. High Yield Savings Account

High Yield Savings Account


Writing hand with profits
Build a solid financial future and start
earning 19× the national average1

High Yield Savings Account

Apply Now
  • $500.00 to open
  • NO monthly or maintenance fees
  • Interest earned on daily balances of $1 or more
  • Interest is credited monthly
  • NYCB Online
  • NYCB Mobile with mobile deposit
  • View e-Statements and e-Documents
  • Save more by setting up reoccurring deposits
  • (opens in new window)Full Account Details

High Yield Savings Account


Build a solid financial future and start earning 15× the national average1
  • $500.00 to open
  • NO monthly or maintenance fees
  • Interest earned on daily balances of $1 or more
  • Interest is credited monthly
  • NYCB Online
  • NYCB Mobile with mobile deposit
  • View e-Statements and e-Documents
  • Save more by setting up reoccurring deposits
  • (opens in new window)Full Account Details
Apply Now


Information needed to open your account

Before you begin, be sure to have the following information available to complete your account application.

  • Personal Information
  • Social Security Number or Tax Identification Number
  • Valid U.S. Address
  • Form of identification

Let's Get Started


Apply Now

Questions?

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You've got questions, we've got answers.

What is a high yield savings account?

It's an account with a higher interest rate than a traditional savings account. It works like a regular savings account; you'll still have access to your funds when needed, but you'll earn more interest on the money that’s sitting there. Plus, our high yield savings account is FDIC insured, meaning your money is safe and secure.

Building a cash reserve is more important than ever!

A high yield savings account is a perfect place to put money for an emergency fund, personal travel, a down payment on a house, or any expected or unexpected expense. Building cash reserves is more important than ever. A high yield savings account allows your cash to grow quickly while having easy access to it if an emergency should arise.


FAQs


Are my deposit accounts FDIC insured?

Yes! Every individual customer is insured by the FDIC to the full extent permissible by law. A depositor can have more than $250,000 at one insured bank and still be fully insured as long as the accounts meet certain requirements. Individual, joint, and retirement accounts are insured separately.


What will I need to open an account with My Banking Direct?

Here are five simple steps to accomplish this:

  • You need to be 18 or older
  • Your Social Security Number / Individual Taxpayer Identification Number
  • Government Issued Identification (e.g. Driver's License, State ID, or U.S. Passport)
  • Your routing and account number (if funding your new account(s) by electronic funds transfer from another financial institution)
  • Joint account holders should be available to validate their personal information

How can I fund a new account with My Banking Direct?

My Banking Direct offers you three funding options. You may either:


  • Perform an internal transfer (if you already have an account with My Banking Direct)
  • Mail a check
  • Perform an ACH (electronic transfer) from another financial institution

What is my ABA routing number?

The routing number for your account is 226071004.


How secure is my personal information?

We use several methods to ensure that your information is secure.

  • TLS—Transport Layer Security is a protocol that ensures privacy between communicating applications and their users on the Internet. Thanks to TLS, when a server and client communicate, no third party may eavesdrop or tamper with any message.
  • Encryption—encryption makes your information unreadable as it passes over the Internet.
  • Automatic Sign Out—Automatically signs you out of a session if you are inactive for a predefined time. We suggest you sign out immediately after finishing your tasks.

Have additional questions?
Visit our Customer Service page for more information.



Looking for even more ways to save?


Consider opening a My Banking Direct Certificate of Deposit. Save more. Earn more.


OPEN A CD TODAY

Why My Banking Direct?


My Banking Direct is a service of Flagstar Bank, N.A. and when looking for an experienced bank to start a relationship with, there is no need to look any further. New York Community Bancorp, Inc. is the parent company of Flagstar Bank, N.A., one of the largest regional banks in the country. The Company is headquartered in Hicksville, New York with regional headquarters in Troy, Michigan. Proforma, at September 30, 2022, the Company had $88.4 billion of assets, $66.0 billion of loans, deposits of $58.3 billion, and total stockholders’ equity of $9.3 billion. Our size and scale allow us to provide a wide range of digital and traditional products and services to consumers, small to mid-size businesses, and commercial clients, while adhering to strict regulatory requirements.

Contact Us Today


Forbes 2022, America’s Best Banks


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