Skip to main content
png

FDIC-Insured—Backed by the full faith and credit of the U.S. Government

Close

Before you go

You are about to leave MyBankingDirect.com and access a site administered by a third-party. The site you are going to may have different privacy and security policies. We recommend that you review these policies on the linked site. If you choose to proceed, a new browser window will open. To return to MyBankingDirect.com, close the new browser window.

Continue

Earn 4.30%APY1 when you open a High Yield Savings Account

Open now

Earn 4.30%APY1 when you open a High Yield Savings Account

Open now

Expect more from your savings account

Icon with percent sign with check mark

Great rate

So you can watch your money grow faster

Icon of shield with lock in it

FDIC-insured

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

Icon of calendar and slash through a dollar sign

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
Award

2024 Kiplinger’s Best High Yield Savings Accounts 

percent sign with check box

Enjoy higher returns without losing access to your money

Shield with dollar sign

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

Shield with checkmark

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

monitor and phone with dollar sign

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.

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 4.25%APY5, you'll earn more compared to a traditional savings account while still benefiting the stability of FDIC insurance.2

Explore CDs
Person with towel around there neck
Clicking finger

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 7/25/2025 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 4.30%. If your daily balance is between $10,000.00 and $49,999.99, the APY is 4.30% If your daily balance is between $1.00 and $9,999.99, the APY is 4.30%. 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). 4.25% APY 6-month CD is accurate as of 7/25/2025. The interest rate for the 6-month CD is 4.18%. 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.

Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Android, Google Play, and the Google Play logo are trademarks of Google Inc.

MBD logo

© 2025 MyBankingDirect, a service of Flagstar Bank, N.A.

Member FDIC

 Equal Housing Lender