High Yield Savings Account
You’ve discovered a great way to build your financial future. Nicely done.
5.35% APY1
Expect more from your savings account.
Your savings is your financial future. It should do more than collect dust—and it can. With a High Yield Savings Account, your money will be too busy growing to get stale. Open a high interest savings account today to earn a higher interest rate without sacrificing access to your money. Reach your goals faster. Save for your dream vacation faster. Buy your first home, vacation home, or forever home faster. All because you expect more.

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

Online and mobile banking

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

Set up automatic deposits to grow your savings even more

No monthly account fees

Mobile check deposit

Just $500 to open an account

Easy access to your funds

Bank whenever, wherever with our mobile app.*
Keep track of your savings and checking accounts on your schedule. My Banking Direct is a service of Flagstar Bank N.A., whose parent company is New York Community Bancorp (NYCB), so our customers use NYCB Mobile to tap into the convenience of mobile banking.
- Instant balance
- Fingerprint and FaceID security
- Mobile alerts and notifications
- Bill pay
- Zelle®****
- Mobile check deposit
Download the latest version of NYCB Mobile for banking that keeps up with you.
Ready to open a high interest savings 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
High Yield Savings FAQs
My Banking Direct is a service of Flagstar Bank N.A., whose parent company is New York Community Bancorp, 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.
You have several options for funding your new account. You can transfer funds from another bank account, including an existing My Banking Direct account.
Mail a check to us at:
MyBankingDirect A service of Flagstar Bank, N.A.
P.O. Box 190
Hicksville, NY 11801
Our routing number is 226071004.
Protecting your financial and personal information is a top priority. Here are a few ways we keep your information safe.
- We use Transport Layer Security protocol and data encryption to secure your information and prevent unauthorized parties from obtaining it as it travels online.
- When you log into your My Banking Direct account and are inactive for a certain period, we will automatically sign you out of your session.
- Our employees take regular online courses to learn the latest hacker tricks and scams and what everyone at the bank can do to protect our customers.
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 depositor
- The stability of a nationally chartered (registered) bank with $111.2 billion in assets as of September 30, 2023
- MBD is a service of Flagstar Bank, N.A, whose parent company is New York Community Bancorp (NYCB)
1The Annual Percentage Yield (APY) is accurate as of 11/15/2023 and is subject to change without notice. The My Banking Direct High Yield Savings is a tiered rate account. The minimum balance to open the account and obtain the APY is $500. If your daily balance is $50,000 or more, the APY is 5.35% and interest rate is 5.22%. If your daily balance is between $10,000.00 and $49,999.99, the APY is 5.35% and interest rate is 5.22%. If your daily balance is between $1.00 and $9,999.99, the APY is 5.35% and interest rate is 5.22%. 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.
*Not all online features may be available through the mobile app. Standard messaging and data rates may apply.
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.
****Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license. Transactions typically occur in minutes when the recipient’s email address or U.S. mobile number is already enrolled with Zelle. Must have a bank account in the U.S. to use Zelle. Data charges may apply. Check with your mobile phone carrier for details. In order to send payment requests or split payment requests to a U.S. mobile number, the mobile number must already be enrolled in Zelle.