You’re welcome, glad you enjoyed the video and found it informative! I agree, not much information on this bank, but hopefully this video can continue to be helpful for those looking for more info.
Thanks for taking your time doing research about this bank especially about high yield savings. Thanks for sharing the info with us. I learn alot about the HYS from this bank through you. I’ll open a HYS account with them today. Hopefully it doesn’t give me any troubles trying to open one.
You're welcome! I enjoy researching and learning about different finance related info and sharing it. Glad you found this video informative & helpful. I hope you don't have any troubles with opening an account either. 🏦
I actually got the flagstar 5.55% savings account 3 weeks ago and yes it did take longer to get "approved" for it about 1 week and it could of been because of the larger amount we tried to wire to the account possibly? Not really sure but so far so good with it.
Interesting, thanks for the comment. I'm sure others who see this will be at ease and find it helpful if it happens to them. It is possible it was due to the large amount of your wire transfer. Besides that, glad the account is good for you! That 5.55% APY is nice!
Yea that’s understandable. A very attractive APY, but the bank itself isn’t very well known so that can be off putting. I know that’s why some people are hesitant in regards to banking with them.
I am 90K at First Foundation Bank for 4.9%. I have been with First Foundation Bank for awhile. IDK I am just very skeptically of My Banking Direct b/c New York Community Bank is not doing well and was all over the news in a bad bad way recently..
Yea that’s definitely understandable, and it’s important to feel comfortable and secure with who is holding your money. New York Community Bank has done a lot of acquisitions, but them buying a failed bank last year is appearing troublesome and seeming to have a negative affect with recent downgrades. Having a high APY is great but I definitely don’t think it should be the only thing people consider when opening an account somewhere. One of the banks I have a savings account with isn’t in this top 10 list but I like its features and the bank itself a lot.
It seems that the procedure to close an account with My Banking Direct is a bit convoluted. Transfer limits so all funds can't be removed at once? You have to close the account in writing?
Yea that’s a good observation. That’s one thing with some online banks I’ve noticed. Instead of being able to close an account yourself, you sometimes have to call or write about it. Then prior to that the transfer limits can slow the pace of someone getting money out of the account.
Just found this video… should I make a checking account with this bank? I currently bank with Citibank but there’s no branches where I live. There’s several Flagstar branches where I live.. is it worth it?
Hey glad you found the video. Citibank is definitely a well established bank, and currently the fourth largest in the United States based on total assets. However, online bank accounts like those with My Banking Direct can be great depending on your wants & needs. From what I've seen in my research, their checking and savings accounts could be great options and work well together. It definitely could be something to consider especially if you wanted to take advantage of the high APY of their savings account. I would say you could keep your Citibank account open and also open one with My Banking Direct to check it out, and if you ended up not liking it you could go back to using the one with Citibank as your main.
Nope, for the My Banking Direct Savings Account the minimum amount to have earned the 5.55% APY is $1. I talk more about this in the APY & Interest Rate section in this video. However, the minimal initial deposit when opening an account is $500. Also new update, the APY for this account is no longer 5.55%, it was recently lowered to 5.45%.
From Checking myself it says 5.55%APY for 5 months and it says with balance of 25k, its very secretive of its actual APY for people under 25k or after the 5 months (Edit I was wrong this was Flagstar not My Banking Direct)
Hey there, that’s what Flagstar declares. My Banking Directs requirements are different although they are a division of Flagstar, so its kind of confusing with their savings accounts having similarities and differences. I talk more about this in the APY & Interest and About My Banking Direct sections. Hope that helps.
Not much info can be found on this bank. This video is fantastic and extremely informative! Thank you Arvin!
You’re welcome, glad you enjoyed the video and found it informative! I agree, not much information on this bank, but hopefully this video can continue to be helpful for those looking for more info.
Thanks for taking your time doing research about this bank especially about high yield savings. Thanks for sharing the info with us. I learn alot about the HYS from this bank through you. I’ll open a HYS account with them today. Hopefully it doesn’t give me any troubles trying to open one.
You're welcome! I enjoy researching and learning about different finance related info and sharing it. Glad you found this video informative & helpful. I hope you don't have any troubles with opening an account either. 🏦
I actually got the flagstar 5.55% savings account 3 weeks ago and yes it did take longer to get "approved" for it about 1 week and it could of been because of the larger amount we tried to wire to the account possibly? Not really sure but so far so good with it.
Interesting, thanks for the comment. I'm sure others who see this will be at ease and find it helpful if it happens to them. It is possible it was due to the large amount of your wire transfer. Besides that, glad the account is good for you! That 5.55% APY is nice!
Interested in this high APY but skeptical of the bank for some reason...😂
Yea that’s understandable. A very attractive APY, but the bank itself isn’t very well known so that can be off putting. I know that’s why some people are hesitant in regards to banking with them.
Thank you for this video. But definitely are you still with this high yield savings account?
You’re welcome for the video, thanks for watching & commenting! I haven’t used this account personally but I did a lot of research on it.
I am 90K at First Foundation Bank for 4.9%. I have been with First Foundation Bank for awhile. IDK I am just very skeptically of My Banking Direct b/c New York Community Bank is not doing well and was all over the news in a bad bad way recently..
Yea that’s definitely understandable, and it’s important to feel comfortable and secure with who is holding your money. New York Community Bank has done a lot of acquisitions, but them buying a failed bank last year is appearing troublesome and seeming to have a negative affect with recent downgrades.
Having a high APY is great but I definitely don’t think it should be the only thing people consider when opening an account somewhere. One of the banks I have a savings account with isn’t in this top 10 list but I like its features and the bank itself a lot.
And great job on accumulating a sizable amount of savings. You’re earning some very nice interest on that!
What calculator were you using in this video?
Hey great question, I used The Calculator Site APY Calculator tool. www.thecalculatorsite.com/finance/calculators/apy-calculator.php
It seems that the procedure to close an account with My Banking Direct is a bit convoluted. Transfer limits so all funds can't be removed at once? You have to close the account in writing?
Yea that’s a good observation. That’s one thing with some online banks I’ve noticed. Instead of being able to close an account yourself, you sometimes have to call or write about it. Then prior to that the transfer limits can slow the pace of someone getting money out of the account.
Just found this video… should I make a checking account with this bank? I currently bank with Citibank but there’s no branches where I live. There’s several Flagstar branches where I live.. is it worth it?
Hey glad you found the video. Citibank is definitely a well established bank, and currently the fourth largest in the United States based on total assets. However, online bank accounts like those with My Banking Direct can be great depending on your wants & needs. From what I've seen in my research, their checking and savings accounts could be great options and work well together. It definitely could be something to consider especially if you wanted to take advantage of the high APY of their savings account. I would say you could keep your Citibank account open and also open one with My Banking Direct to check it out, and if you ended up not liking it you could go back to using the one with Citibank as your main.
What website did you use to calculate the interest? Min 9:30
Hey great question, I use The Calculator Site APY Calculator tool. www.thecalculatorsite.com/finance/calculators/apy-calculator.php
is it true that you need to have 50k in the account to earn the 5.55%?
Nope, for the My Banking Direct Savings Account the minimum amount to have earned the 5.55% APY is $1. I talk more about this in the APY & Interest Rate section in this video. However, the minimal initial deposit when opening an account is $500.
Also new update, the APY for this account is no longer 5.55%, it was recently lowered to 5.45%.
From Checking myself it says 5.55%APY for 5 months and it says with balance of 25k, its very secretive of its actual APY for people under 25k or after the 5 months (Edit I was wrong this was Flagstar not My Banking Direct)
Hey there, that’s what Flagstar declares. My Banking Directs requirements are different although they are a division of Flagstar, so its kind of confusing with their savings accounts having similarities and differences. I talk more about this in the APY & Interest and About My Banking Direct sections. Hope that helps.
@FinancewithAvrin Your right thanks for clarifying and going over everything will definitely look at the other HYSA you reviewed
No problem, you’re welcome!
Can you talk with a representative of that bank?
Yea I can usually get in contact with financial institution representatives. What question did you have in mind for My Banking Direct?
New bank offer welcome bonus video daily update plz
Should be uploading one today! Also working on some that don't require direct deposits. 🏦