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

My Banking Direct offers you two funding options. You may either: Perform an internal transfer (if you already have an account with My Banking Direct) Perform an ACH (electronic transfer) from another financial institution

How does My Banking Direct protect 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. 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.

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Why My Banking Direct?

Q: How can I open an account with My Banking Direct?

It’s easy! When you find the account you like, select the Open account button on the page. Make sure you have certain information available, such as your current address, Social Security number, and driver’s license or state ID. If you plan to make a transfer to fund your new account, have your bank and account information handy, too. Customers living near any Flagstar Bank branch location may not be eligible for My Banking Direct products. Flagstar Bank product and service offerings can be located at flagstar.com. Already have a My Banking Direct or Flagstar account? Great! Sign into online banking and choose Open a New Account. Then, we’ll fill out most of the application for you.

Why My Banking Direct?

Grow your savings with confidence

My Banking Direct offers secure and competitive solutions to help you save smarter and grow your money faster.

A service of Flagstar Bank, N.A.

My Banking Direct is a service of one of the country’s oldest regional banks with $97.6 billion in assets as of March 31, 2025.

Secure digital banking

You can bank with confidence because your My Banking Direct account is backed by the stability of a trusted regional bank.

Competitive savings solutions

We offer competitive rates on CD and high yield savings solutions backed by FDIC insurance

My Banking Direct FAQs

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

My Banking Direct offers high yield savings and certificate of deposit products to meet your financial goals. To view the products offered by My Banking Direct, please click on the products tab and select the type of account that you are interested in.

It’s easy! When you find the account you like, select the Open account button on the page. Make sure you have certain information available, such as your current address, Social Security number, and driver’s license or state ID. If you plan to make a transfer to fund your new account, have your bank and account information handy, too.

Customers living near any Flagstar Bank branch location may not be eligible for My Banking Direct products. Flagstar Bank product and service offerings can be located at flagstar.com.

Already have a My Banking Direct or Flagstar account? Great! Sign into online banking and choose Open a New Account. Then, we’ll fill out most of the application for you.

To open an account with My Banking Direct, you will need:

To be 18 years of age 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 you are transferring money from another financial institution to fund your new account.
Joint account holders should be available to validate their personal information.
Your home address (Customers living near any Flagstar Bank branch location may not be eligible for MyBankingDirect products. Flagstar Bank products and services can be located at flagstar.com.)

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

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

No. My Banking Direct is able to offer higher rates by being an online-only bank. You can manage your account anytime on our website or mobile app. However, you can use Flagstar ATMs to manage your account. There are no fees for My Banking Direct customers to use Flagstar ATMs.

More FAQs

Your security is our top priority

We use advanced encryption and multifactor authentication, including biometrics, to protect your personal and financial data at every step.

Advanced authentication

Stay secure with multifactor authentication and biometric login

Real-time account alerts

Stay in the know with transaction alerts, payment reminders, and more

FDIC-insured

Your deposits are secure, insured up to $250,000 per depositor¹

Security 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 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.

We do everything we can to make your online and mobile experience as secure as possible. Each transaction is equipped with high-tech protection allowing you to bank with peace of mind.

When you log in using your mobile device, you are logging in with the same multilayer security that is used as if you logged on from your desktop computer. We confirm your credentials along with the device you are using.

With Account Alerts, you can stay up to date with what’s happening in your account—to the degree that you want. You can receive alerts for every transaction or just one alert when your savings account reaches a specific amount. It’s a service with many options to choose from, and you can change your alerts anytime.

Multifactor authentication is a security method that requires you to provide additional information to access an online account or system, such as a password combined with a code sent to your phone.

Biometric security is a way of authenticating your identity by using your unique characteristics, such as fingerprints or facial features, to access your account.

Please call us at 866-285-1856

Higher interest, greater growth— start saving smarter today!

Open a High Yield Savings Account at 4.30%APY² and enjoy higher returns without losing access to your money.

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

With a 4.25%APY³, you'll earn more compared to a traditional savings account while still benefiting the stability of FDIC insurance.¹

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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.

¹Visit fdic.gov for more information about FDIC insurance coverage.

²The Annual Percentage Yield (APY) is accurate as of 7/2/2025 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.

³Annual Percentage Yield (APY). 4.25% APY 6-month CD is accurate as of 7/2/2025. 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.

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