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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AWARD WINNING HIGH YIELD SAVINGS

Earn 4.11% APY¹ with a high yield savings account

2025 Kiplinger’s Best High Yield Savings Accounts

No monthly maintenance fees

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

Open now

Why should you choose this high yield savings account?

Competitive high yield savings rate

Earn 4.11% APY¹ on any balance amount.

Among the best high yield savings accounts

Named to Kiplinger’s 2025 list of Best High Yield Savings Accounts

No monthly maintenance fees

Focus on building your savings, not paying fees

What features are included in this account with high yield savings?

Secure online and mobile banking³ – check balances, set up account alerts, and deposit checks from your phone
No monthly maintenance fee – there is no minimum balance requirement to avoid a monthly maintenance fee
FDIC-insured – your deposits are insured up to $250,000 per depositor²
Save with confidence – My Banking Direct is a service of Flagstar Bank, N.A.
Access to funds – enjoy higher returns without losing access to your money
Low initial deposit – only $500 to open an account

How do you open a high yield savings account?

Step 1

Get started with just $500

Open an account in minutes with a $500 minimum deposit, a valid ID, and your SSN.

Step 2

Download our Mobile App

Download our Mobile App and enroll in
Online and Mobile Banking.

Enjoy secure banking anytime, anywhere with our mobile app³

Use our secure mobile app to deposit checks,⁴ set alerts, check balances, and more. Add this easy-to-use app to your Android or iPhone and manage your money on your schedule.⁵

4.7 out of 5 on the Apple App Store as of 10/1/2025

visit the following URL to download our app from the apple store: https://apps.apple.com/us/app/flagstar-mobile-banking/id972805390 or Visit the following URL to download our app the Android URL https://play.google.com/store/apps/details?id=com.mynycb.nycb&hl=en_US&gl=US

Scan this code with your phone’s camera to download our Mobile App.

High yield savings FAQs

A high yield savings account is a type of deposit account that pays a higher annual percentage yield (APY) than a standard savings account. It’s designed to help your savings earn more while keeping your funds protected and accessible anytime.

My Banking Direct High Yield Savings is a high yield savings account with a competitive rate on any balance amount.

The biggest difference is the interest rate. High yield savings accounts usually give you better returns, but you might need to meet certain balance or relationship requirements. Other than that, they function just like regular savings accounts — you can deposit, withdraw, and keep an eye on your money anytime using digital banking tools.

Yes. Your deposits are FDIC-insured up to $250,000 per depositor.²

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

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

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.

Lock in a Competitive, Guaranteed Rate with a CD

Earn up to 4.10%APY⁵—more than a traditional savings account—while enjoying the security 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 11/6/2025 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 4.11%. If your daily balance is between $10,000.00 and $49,999.99, the APY is 4.11% If your daily balance is between $1.00 and $9,999.99, the APY is 4.11%. 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). 4.10% APY 6-month CD is accurate as of 11/6/2025. The interest rate for the 6-month CD is 4.04%. Annual Percentage Yield (APY) 3.95% APY 12-month CD is accurate as of 11/6/2025. The interest rate for the 12-month CD is 3.87%. Annual Percentage Yield (APY) 3.90% APY 24-month CD is accurate as of 11/6/2025. The interest rate for the 24-month CD is 3.83%. 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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