MBD Money Market
Earn More. Save More
1.85% APY*
for balances $25,000 and over
1.50% APY*
for balances $5,000 to $24,999.99
0.25% APY*
for balances below $5,000
- Only $2,500 to open
- No monthly account maintenance fees
- Check writing capabilities1
- NYCB Mobile Deposit2
- Full Account Details
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
Save more with Sweep
Sweep Functionality3 - At your option, you can select the balance you want to maintain in your My Banking Direct Checking account, and our sweep service will automatically transfer or "sweep" the funds that are over that pre-selected balance amount from your checking account, into your My Banking Direct Money Market account each day.
* The Annual Percentage Yield (APY) is accurate as of September 18, 2019 and is subject to change without notice. The My Banking Direct Money Market Checking is a tiered rate account. If your daily balance is $25,000.00 or more, the APY is 1.85% and the interest rate is 1.83%. If your daily balance is between $5,000 and $24,999.99, the APY is 1.50% and the interest rate is 1.49%. If your daily balance is below $5,000.00, the APY and interest rate is 0.25%. We reserve the right to change the rate at any time without notice. Fees could reduce earnings. NYCB reserves the right to cancel or modify this offer at any time without notice.
This account is subject to certain transaction limitations. Please refer to the All About Your Accounts disclosure for details.
1 To order checks for your My Banking Direct Money Market Account, log in NYCB Online once your account is opened, select the account services tab and click on the "Order Checks" link.
2 NYCB Mobile is available for those enrolled in NYCB Online, however not all online features may be available through the mobile app. Standard messaging and data rates may apply.
3 Funds over your pre-selected balance amount in your My Banking Direct Checking account at the end of each business day will automatically sweep (transfer) to a higher yield account of your choice such as the My Banking Direct Money Market Checking account. Prior to selecting the balance amount to be retained in the My Banking Direct Checking account, be careful to ensure that enough money is available in the account at all times to cover the items that you write and/or authorize. To transfer funds back to your checking account, you must sign on to NYCB Online and make the transfer manually (subject to certain restrictions). Should the sweep cause insufficient funds for inclearing items (checks, ACH debits, etc.), you are responsible for all possible fees. The sweep service will remain in effect until changed or terminated. You or the Bank may terminate the sweep service upon written notice of termination to the other party. To change or terminate the service, sign on to NYCB Online, select "Messages" in the right border of the page to send a secure message. Please allow three business days for the change or termination to be processed.
