Summary: My Banking Direct is an online division of Flagstar Bank, N.A., a New York-based regional bank. My Banking Direct offers a number of FDIC-insured deposit accounts and other banking services, including high-yield savings accounts, certificates of deposit (CDs), credit cards, and more.

My Banking Direct’s high-yield savings account pays an impressive rate of 4.3% APY — more than 10 times the national average. Interest is compounded and credited monthly.

The minimum deposit needed to open a new account is $500, while the minimum balance needed to earn interest is just $1.00. There are no monthly maintenance fees associated with this account.

Read more: The 10 best high-yield savings accounts available today

My Banking Direct currently offers just one CD option: A 6-month CD with a competitive interest rate. The minimum deposit required to open a CD is $2,500. Interest is compounded and credited quarterly, and the penalty for early withdrawals is 30 days’ worth of interest, earned or unearned.

My Banking Direct also offers debit cards that make it easier to access state-issued payments, pay bills, and make purchases using those funds.

Customers can take advantage of My Banking Direct’s suite of financial calculators to help them make smarter decisions about their savings, financial goals, and more.

Here’s a look at some of the fees you may be responsible for as a My Banking Direct customer:

Here’s a closer look at the pros and cons of banking with My Banking Direct:

Pros:

• Competitive savings account interest rates: My Banking Direct currently offers a savings account rate that’s well above 4% APY — more than 10 times the national average rate for savings accounts.

• No account maintenance fees: My Banking Direct does not charge monthly maintenance fees for its accounts, allowing you to keep more of your earnings.

Cons:

• No physical branches: As an online bank, My Banking Direct does not offer any physical branches for customers to visit. This could be a drawback for those who prefer to do their banking in person.

• Limited CD terms: My Banking Direct only offers one CD term of six months. However, this account does offer a competitive interest rate.

Customer service and mobile banking experience

My Banking Direct customer service can be reached via telephone at 866-285-1856. Representatives are available Monday through Friday from 8:00 a.m. to 10:00 p.m. ET, and Saturday to Sunday from 8:00 a.m. to 5:00 p.m. ET

Customers can also log into their online banking platform and send a secure message, or send a letter in the mail to the following address:

My Banking Direct

A service of Flagstar Bank, N.A.

P.O. Box 190

Hicksville, NY 11802

My Banking Direct also offers a mobile app on the App Store and Google Play, which has a rating of 4.7 and 4.2 stars, respectively. Customers can use the app to check account balances, pay bills, deposit checks, and more.

Yes. My Banking Direct offers FDIC insurance up to the federal limit of $250,000 per depositor, per institution, per ownership category.

My Banking Direct’s routing number is 226071004.

To fund a new account, customers can either initiate an internal transfer from an existing My Banking Direct account, an ACH transfer from an external bank account, or mail a check.