High Yield Savings Account
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
- A form of identification
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.
A high yield savings account allows your cash to grow quickly while having easy access to it if an emergency should arise.
FAQs
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.
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
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
The routing number for your account is 226071004.
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.
Why My Banking Direct?
My Banking Directis 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. At March 31, 2023, the Company had $123.8 billion of assets, $83.3 billion of loans, deposits of $84.8 billion, and total stockholders’ equity of $10.8 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.