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Mobile Banking at a Glance

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Grow your savings with confidence

Secure and competitive solutions to help you save smarter and grow your money faster.

High Yield Savings

Open a high-interest savings account today and enjoy higher returns—without losing access to your money.

Certificates of Deposit (CDs)

Enjoy the stability of an CD with a fixed rate that won’t change.

Prepaid Benefits Card

Easily receive and use your state-issued payments with our secure and hassle-free Prepaid Benefits Debit Card.

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Explore CDs

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Before you go

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Earn 4.40%APY¹ when you open a High Yield Savings Account

Open now

Earn 4.40%APY¹ when you open a High Yield Savings Account

Open now

Expect more from your savings account

Great rate

So you can watch your money grow faster

FDIC-insured

Your deposits are secure, insured up to $250,000 per depositor²

No monthly fees

Focus on building your savings, not paying fees

Watch your savings grow

Your financial future starts now. A High Yield Savings Account helps you earn more while keeping your money within reach. Whether you're planning for a big purchase, your next adventure, or long-term financial goals, expect more from your savings. Open an account today and start growing toward your dreams.

Requirements and fees

Just $500 to open an account
No monthly maintenance fees

Open now

Requirements and fees

Just $500 to open an account
No monthly maitenance fees

2024 Kiplinger’s Best High Yield Savings Accounts

Enjoy higher returns without losing access to your money

FDIC-insured up to at least $250,000 per depositor²

Save with confidence. My Banking Direct is a service of Flagstar Bank, N.A.

Secure online and mobile banking³

Requirements and fees

Just $500 to open an account
No monthly maintenance fees

Open now

High Yield Savings Account 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, provided the accounts meet certain requirements. Individual, joint, and retirement accounts are insured separately.

We created My Banking Direct as a digital-only banking platform to offer competitive saving rates to more people.

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. When a server and client communicate, TLS ensures that 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—This built-in feature automatically signs you out of a session if you are inactive for a predefined time. It is best if you sign out immediately after you finish your tasks.

Enjoy secure banking anytime, anywhere with our mobile app³

Use our secure mobile app to deposit checks,⁴ set alerts, check balances, and more. My Banking Direct, a service of Flagstar Bank, N.A., gives you the confidence to manage your money your way.

Person looking at mobile phone and smiling

Secure a competitive, guaranteed rate with a 6-Month CD

With a 4.50%APY⁵, you'll earn more compared to a traditional savings account while still benefiting the stability of FDIC insurance.²

Explore CDs

Easy to save. Easy to open.

Open an account anytime, day or night. It’s simple, secure, and takes just minutes. Get started now.

Open now

Product and service availability may vary by location and are subject to area restrictions. My Banking Direct products are available online only. Customers living near any Flagstar Bank branch location may not be eligible. Flagstar Bank product and service offerings can be located at flagstar.com.

¹The Annual Percentage Yield (APY) is accurate as of 4/29/2025 rates are variable and are subject to change without notice. The My Banking Direct High Yield Savings is a tiered rate account. The minimum balance to open the account is $500. If your daily balance is $50,000 or more, the APY is 4.40%. If your daily balance is between $10,000.00 and $49,999.99, the APY is 4.40% If your daily balance is between $1.00 and $9,999.99, the APY is 4.40%. My Banking Direct, a service of Flagstar Bank, N.A. reserve the right to change the rate at any time without notice. Fees could reduce earnings.

²Visit fdic.gov for more information about FDIC insurance coverage.

³Not all devices supported. Available for eligible personal and business deposit account customers only.

⁴Not all devices supported. Available for eligible personal and business checking and savings account customers only. Must be an active mobile banking user. Must be a customer for a minimum of two business days. Accounts must be in good standing.

⁵Annual Percentage Yield (APY). 4.50% APY 6-month CD is accurate as of 4/29/2025. The interest rate for the 6-month CD is 4.43%. The interest rate remains fixed until maturity. Fees could reduce earnings. A penalty may be imposed for early withdrawals. The minimum balance to open the account and obtain the APY is $2,500. My Banking Direct, a service of Flagstar Bank, N.A. reserves the right to cancel or modify this offer at any time without notice.

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