Tuesday, 24 November 2020

Review of My Banking Direct’s Checking, CD, and Money Market Accounts

Review of My Banking Direct’s Checking, CD, and Money Market Accounts
07 Oct
5:12

My Banking Direct’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.25%

Savings

My Banking Direct My Banking Direct Money Market

2.50%

Ally Bank High Yield 12-Month CD

on Ally Bank’s secure website

2.15%

CD Rates

My Banking Direct 6 Month CD

2.50%

American Express National Bank 18 Month CD

on American Express National Bank’s secure website

2.45%

CD Rates

My Banking Direct 12 Month CD

1.90%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

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How My Banking Direct’s checking account compares

The My Banking Direct Checking account does offer a few nice features. Between free checks, ATM fee refunds, no minimum balance requirement and no monthly maintenance fee, you could do a lot worse than this account.

However, we aren’t crazy about the initial deposit requirement of at least $1,500. That’s on the high side for an online checking account. Also, the account doesn’t earn interest.

If you want a free online checking account, there are better checking account options that include all the perks available at My Banking Direct, along with a lower deposit requirement and a respectable interest rate.

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How My Banking Direct’s money market account compares

If you plan on keeping a large balance in your money market account, My Banking Direct is an excellent choice. The mid-range interest rate starting at $5,000 is well above average while the top rate starting at a balance of $25,000 is one of the best in the entire country.

For an account of less than $5,000, the My Banking Direct Money Market account is not nearly as impressive. The interest rate is far lower and you could even find online checking accounts paying more – and those accounts come without any withdrawal restrictions. While it’s nice that My Banking Direct will keep paying interest on small accounts and won’t charge a maintenance fee, if you’re going to put up with strict transfer/withdrawal restrictions, you want to be earning a decent interest rate.

Whether you want to open a large or small money market account, be sure to check out these other top money market options. They also offer fantastic interest rates and should be on your radar as you figure out where to put your savings.

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How My Banking Direct’s CDs compare

Though My Banking Direct does not offer much variety for its CDs, if one of its terms matches your savings timeline, then they are strongly worth considering. These CD rates match up well even against some of the best CDs in the country.

Its 1 year and 2 year CDs are excellent choices for smaller accounts since you can open and earn the full APY with a deposit as low as $500. Other high-paying CDs can have a much larger deposit requirement or will reduce their interest rate for smaller accounts.

But what’s good for a small deposit is a downside for larger accounts. Whether you deposit $1,000 or $100,000, you earn the exact same rate. My Banking Direct does not pay more for larger accounts.

If you are opening a large account or you want a CD term that isn’t available at My Banking Direct, these other tops CDs could be a better fit for your money.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

David Rodeck

David Rodeck |

David Rodeck is a writer at MagnifyMoney. You can email David here

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Source: https://www.magnifymoney.com/blog/reviews/my-banking-direct/

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