High Yield Savings Account
You’ve discovered a great way to build your financial future. Nicely done.
4.85% 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.
FDIC-insured up to at least $250,000 per depositor2
No monthly maintenance fees
Just $500 to open an account
Online and mobile banking with mobile check deposit*
Awarded June 2024
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., so our customers use Flagstar Mobile Banking 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 Flagstar Mobile Banking for banking that keeps up with you.
Easy to open online.
Easy to set up.
You can open an account anytime, day or night. It’s simple, secure, and takes just minutes. Get started with an initial deposit of $500.
Verify your identity.
We'll perform a quick security check to protect your information. You need to be at least 18 and provide your Social Security number.
Tell us about yourself.
Here’s where you enter your info, like name and address, any joint owners, and identification (e.g., driver’s license, state ID, or passport).
Make a deposit.
Add money with an online transfer (have the routing and account numbers for an existing account ready).
High Yield 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.
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 11802
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 depositor2
- The stability of a nationally chartered (registered) bank with $114.4 billion in assets as of September 30, 2024
- My Banking Direct is a service of Flagstar Bank, N.A.
1The Annual Percentage Yield (APY) is accurate as of 11/5/2024 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 4.85%. If your daily balance is between $10,000.00 and $49,999.99, the APY is 4.85% If your daily balance is between $1.00 and $9,999.99, the APY is 4.85%. 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.
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.
*Not 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.
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****Zelle® and the Zelle® related marks are wholly owned by Early Warning Services, LLC and are used herein under license.