Certificate of Deposit
Open a CD for a higher rate and peace of mind.
Rates as high as
4.75% APY1
Lock in a competitive, guaranteed CD rate
Our certificate of deposit hits the sweet spot of savings, offering a higher rate than traditional savings accounts without the risk associated with investments. With My Banking Direct, you can enjoy peace of mind from an FDIC-insured account and a rate that won’t fluctuate, so you’ll know exactly how much your CD will earn. When your CD matures, you can withdraw your funds or roll them into a new CD to grow your savings even more.
Bank with confidence. My Banking Direct is a service of Flagstar Bank N.A.
FDIC-insured up to at least $250,000 per depositor2
Just $2,500 to open an account
Locked-in interest rate
No fees if you hold your CD to maturity
Current CD offerings
Ready to open an account? Here’s what you’ll need.
It takes just a few minutes to open an account.
Make sure you have the following information for each account holder:
- Address
- Social Security number or tax identification number
- Driver’s license or other state-issued ID
See how a higher CD rate can grow your savings.
FAQs
My Banking Direct is a service of Flagstar Bank N.A., a long-established bank with roots dating back to 1859. We created My Banking Direct to offer higher savings rates by avoiding the overhead of local branches.
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.
Certificates of deposit usually offer higher rates than regular savings accounts. When you open a CD, however, you do so for a specific amount of time, such as 5 months or 5 years. At the end of that period, your CD reaches maturity, and you can withdraw your funds or renew your CD to grow your savings even more.
CDs have a guaranteed fixed interest rate for the entire term, so you’ll know how much your CD will be worth at maturity. You can access your funds before the CD reaches maturity, but you will likely pay a fee to do so.
CDs are a low-risk way to save and an easy way to add balance to your financial portfolio.
We will notify you before your certificate of deposit reaches maturity to let you know your options. Then, you decide whether to withdraw your savings or renew your CD so they can continue growing.
To renew your CD visit the CD page on My Banking Direct and select Renew CD. You will need to enter your CD account number, zip code and, last four digits or your Social Security or customer access number.
You can also call our Customer Contact Center at 1-866-285-1856.
In order to renew your account, the certificate of deposit must be within the grace period without penalty or during the post-maturity period. If your CD doesn't automatically mature into a post-maturity account, it will mature and automatically renew on the current renewal date and same term stated on the pre-renewal notice you receive in the mail.
You have several options for funding your new account. You can transfer funds from another bank account, including an existing My Banking Direct account.
You can also mail a check to us. Please include your new account number on the check and send it to:
MyBankingDirect A service of Flagstar Bank, N.A.
P.O. Box 190
Hicksville, NY 11801
More ways to make your money work harder
Why My Banking Direct?
My Banking Direct is a modern online bank backed by the strength and experience of one of the oldest banks in the US:
- Competitive rates, numerous banking solutions, and a superb online experience
- The security of FDIC-insurance up to at least $250,000 per depositor2
- The stability of a nationally chartered (registered) bank with $119.1 billion in assets as of June 30, 2024
- My Banking Direct is a service of Flagstar Bank, N.A.
1Annual Percentage Yield (APY). 4.75% APY 5-month CD is accurate as of 10/11/2024. The interest rate for the 5 month CD is 4.67%. 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.
2If you are a customer with deposit balances greater than $250,000 combined at My Banking Direct, a service of Flagstar Bank, N.A., and Flagstar Bank, your FDIC insurance coverage may be impacted. Visit fdic.gov/deposit for more information.