My Banking Direct review
Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026
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Our verdict
My Banking Direct suits savers who can commit funds for a fixed term and value a competitive headline return. The fixed-rate CD pays 4% for 8, with a minimum deposit of $500.
Key facts
- Best for
- US savers seeking fixed-rate returns for a defined term.
- Headline rate
- 4%↗
- Rate type
- Fixed↗
- Term
- 8 months↗
- Minimum deposit
- $500↗
- Deposit protection
- FDIC up to USD 250,000↗
- Access terms
- 8-month CD term↗
- Account kind
- Fixed↗
- Legal entity
- Flagstar Bank, N.A.↗
- Headquarters
- United States↗
- Support channels
- Phone, Help-centre↗
- Pricing model
- Fixed rate
- Official website
- mybankingdirect.com
Pros and cons
Pros
- The fixed-rate CD pays a headline rate of 4%.
- The term is 8, allowing savers to plan around a defined commitment.
- Deposits have stated protection of FDIC up to USD 250,000.
- Flagstar Bank, N.A. is the listed legal entity.
Cons
- The account requires a minimum deposit of $500.
- The fixed rate locks the return at 4% for 8.
- Support runs on phone and help centre only.
Who it suits
- US savers who can leave funds tied up for 8.
- Customers comfortable choosing a fixed-rate CD with a minimum deposit of $500.
- Savers who put importance on stated protection of FDIC up to USD 250,000.
Who should look elsewhere
- Wise offers a headline rate of 3.29%, which may suit savers prioritising return.
- bunq offers a headline rate of 3.01%, but its account structure may appeal to different savers.
- Finteres offers a headline rate of 0% to 36%, making it another option for term-based savers.
Rates and terms
My Banking Direct offers a fixed-rate CD with a headline rate of 4%. The account lasts 8, giving the return a defined term. A minimum deposit of $500 is required to open the account.
Safety of your money
The stated deposit protection for the fixed-rate CD is FDIC up to USD 250,000. The account is offered by Flagstar Bank, N.A., and the listed regulator for the US is FDIC. Protection is therefore tied to the stated limit rather than an unlimited deposit.
How My Banking Direct compares
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Where My Banking Direct is available
- Available
- United States
- Licence in United States
- FDIC, checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What rate does the fixed-rate CD pay?+
My Banking Direct pays a headline rate of 4%. The account has a fixed rate, so the stated return does not vary during the selected term.
How long must the money stay in the account?+
The CD has a term of 8. Savers should plan around that fixed commitment because the account is fixed rather than easy access.
How much is needed to open the account?+
The fixed-rate CD requires a minimum deposit of $500. This threshold should be considered alongside the 8 commitment before opening the account.
How is the deposit protected?+
The listed protection is FDIC up to USD 250,000. My Banking Direct names Flagstar Bank, N.A. as its legal entity, while FDIC is the listed regulator in the US.
What kind of savings account is offered?+
My Banking Direct offers a fixed account with a fixed-rate model. The CD has a headline rate of 4% and a term of 8.
How can customers get support?+
Support is available through phone and help centre. Customers can therefore use the listed phone support or help centre channels for account assistance.
Who operates the account?+
Flagstar Bank, N.A. is the listed legal entity for My Banking Direct. The service is based in the US, and FDIC is the listed regulator there.
Sources
- mybankingdirect.com checked September 26, 2026
Backs: Access terms, Account kind, Card type, Deposit protection, Headline rate, Legal entity, Minimum deposit, Pricing model, Rate type, Term, Licences
“4.00% APY is accurate as of 9/26/2026 and available as an 8-month term”
- mybankingdirect.com/bank/products/prepaid-benefits-debit-... checked September 26, 2026
Backs: Card network
“My Banking Direct Visa Debit Card”
- mybankingdirect.com/bank/support.html checked September 26, 2026
Backs: Headquarters, Support channels
“My Banking Direct, A service of Flagstar Bank, N.A., P.O. Box 190, Hicksville, NY 11802”
Compiled from 3 source pages, checked September 26, 2026. We did not open an account.