My Banking Direct is a service of Flagstar Bank which is a subsidiary of New York Community Bank, based out of Hicksville, New York.

New York Community Bank was founded in 1859 and is one of the largest regional banks in the country with over $90 billion in assets at the end of 2022.

Flagstar Bank has 395 branches across 9 states mostly in the midwest and the east coast.

My Banking Direct is an FDIC-insured, online bank with no physical branches and a handful of competitive deposit accounts available to consumers across the country.

My Banking Direct offers the following fixed and variable rate deposit accounts:

• High Yield Savings Account – Currently yielding 4.38% APY (annual percentage yield) and is among the rate leaders nationwide for savings accounts.
• CDs (Certificates of Deposit) – Only 2 terms available. Minimum deposit requirement of $500.
• Direct Checking – Comes with free debit card and access to 55k ATMs via Allpoint and Presto. $1.00 minimum to open.

To see if My Banking Direct and their deposit accounts are right for you, continue reading our review below.

High Yield Savings Account

My Banking Direct’s High Yield Savings Account requires a minimum deposit of $500 to open. There are no monthly maintenance fees to worry about and the account earns the advertised APY on all balances of $1.00 or more.

The account is set up as a tiered-rate account, however, all tiers pay the same interest rate as of the time of this writing. You can see the tiers and the APY in the table below.

High Yield Savings Rates

Balance	APY
$1.00 – $9,999.99	4.38%
$10k – $49,999.99	4.38%
$50k +	4.38%

To put this yield into perspective, the average yield for a savings account and a money market account sit at just 0.35% and 0.48% APY, respectively, according to FDIC data.

That said, the top yields from online banks and nationally available credit unions are now inching over the 4.25% APY mark with My Banking Direct among the rate leaders.

Compounding and Crediting Interest

Interest is calculated on a simple interest basis using the daily balance method. Interest payments are credited back to your account monthly. You can learn more in My Banking Direct’s Truth in Savings disclosure forms (view PDF here).

Certificates of Deposit

As noted, My Banking Direct offers just 2 CDs at the moment. The terms are either 12 months or 24 months and require a minimum deposit of $500 to open.

CD Rates

CD Terms	APY
12 months	3.50%
24 months	3.75%

To give these yields some context, the current national average for a 12 month CD and a 24 month CD sit at just 1.36% and 1.28% APY, respectively, according to FDIC data. However, top yields from online banks and a handful of credit unions are now over 5.00% and 4.75% APY, for the same respective terms.

📌 Special Feature: Unlike most CD accounts, My Banking Direct allows you to make additional deposits to the 12 month CD during its term. This does not apply to the 24 month CD.

Grace Period and Early Withdrawal Fees

The grace period is the brief window of time (usually 7 or 10 days) upon your CD’s maturity in which you can close out your CD or modify it before it automatically renews into a new CD account with the same term and the going interest rate.

Unlike most banks, however, My Banking Direct’s CDs do not automatically renew unless you specify otherwise upon applying for and opening the CD. In the case that you do specify that you’d like it to automatically renew, then you will be given a 7 day grace period upon maturity in which you may modify it or close it out before it auto-renews.

If you do not make this specification on the front end of the CD, then 30 days prior to your CD’s maturity, My Banking Direct will send you a maturity notice. Upon the maturity of your CD, your funds will sit in a “Post Maturity Account” until you transfer or withdraw them.

If you need access to the funds in your My Banking Direct CD prior to its maturity, you will face an early withdrawal fee.

The early withdrawal fee for both the 12 month and the 24 month CDs are:

• 180 days’ daily compound interest on the principal amount withdrawn.

You can learn more by reading My Banking Direct’s Truth-in-Savings disclosure forms for their CDs here.

Direct Checking with Debit Card

My Banking Direct’s Direct Checking account comes with a minimum deposit requirement of just $1.00 to open it.

There are no monthly maintenance fees or service fees of any kind plus no overdraft or insufficient funds fees.

You’ll also get a free debit card which can be used for free at over 55,000 ATM locations via Allpoint and Presto‘s network of ATMs.

Another perk of using your My Banking Direct debit card for purchases is the rewards you can earn. Once you’ve requested and activated your debit card, you’re automatically enrolled in the rewards program.

With the rewards program you’ll receive $20 cash deposited to your Direct Checking account for every 2,000 rewards points you earn. You can earn up to 50,000 points per year ($500 cash in your account) plus the points don’t expire, they just carry over to the next year.

Below is an example of qualifying transactions, the points you’d earn and the cash it’s worth.

Expenditure Category	Max Points in 1 Year	Dollar Value
Daycare	480	$4.80
Dinner out	1,440	$14.40
Entertainment	480	$4.80
Gas	720	$7.20
Groceries	720	$7.20
Home Improvements	240	$2.40
Prescriptions	240	$2.40
Vacation	120	$1.20

You can learn more about their rewards program here.

Some negative aspects of the Direct Checking account are:

• Outside of network ATMs may charge you for usage
• Outgoing wires are not permitted

Luana Savings Bank, founded in 1908 and based out of Northeastern Iowa, is the 9th largest bank in Iowa with just over $2 billion in assets.

They have 6 locations with their flagship branch being in Luana, Iowa. The other 5 branches are located in the following cities (all within the state of Iowa):

• Ossian
• New Hampton
• Polk City
• Clive
• Norwalk

They offer a wide range of services including:

• Deposit Accounts – CDs (certificates of deposit), checking accounts, money market accounts, savings accounts, IRAs (individual retirement accounts) and HSAs (Health Savings Accounts).
• Personal and Business Loans – personal loans, mortgage loans and refinance, real estate, auto, commercial, agricultural, and debt consolidation.

The also offer additional services such as:

• crop insurance
• bookkeeping
• community involvement

For the purpose of this review, we will focus on Luana Savings Bank’s deposit accounts – namely their competitive CD rates and money market account.

Despite Luana Savings Bank’s small regional footprint, their CDs and money market accounts can be opened online by consumers in all 50 states.

Luana Savings Bank is member FDIC and all deposits are federally insured up to the applicable limits.

Luana Savings Bank CD Rates + Account Details

Luana Savings Bank offers 15 CDs with terms ranging from 3 months to 8 years. Of the 13, 2 are promotional CDs that come with their most competitive yields as well as a minimum deposit requirement of $5,000. Their standard CDs only require a minimum deposit of $2,000, however, slightly higher rates apply to deposits of $100,000 or more. See table below for details.

(Promotional) CD Rates

CD Term	APY
11 month	4.51%
17 month	4.81%

To put these offers into perspective, the current national average for 12 month CDs sits at just 1.21% APY according to FDIC data.

That said, top yields from online banks and nationally available credit unions are now topping 4.50% APY following the FED’s latest rate hike of 0.25% on February 1st, 2023.

The 11 month CD renews into a standard 12 month CD upon maturity and the 17 month CD will renew into an 18 month CD if nothing is done during the 10 day grace period following your CD’s maturity. You can read more about the grace period below.

(Standard) CD Rates

CD Term	Min. Deposit	APY
3 months	$2,000	3.44%
3 months	$100,000	3.55%
6 months	$2,000	3.68%
6 months	$100,000	3.79%
12 months	$2,000	3.84%
12 months	$100,000	3.94%
18 months	$2,000	3.99%
18 months	$100,000	4.09%
24 months	$2,000	4.24%
24 months	$100,000	4.35%
30 months	$2,000	4.24%
30 months	$100,000	4.35%
36 months	$2,000	4.19%
36 months	$100,000	4.30%
42 month step up*	$2,000	3.99%
42 month step up*	$100,000	4.09%
48 months	$2,000	3.63%
48 months	$100,000	3.73%
5 years	$2,000	3.12%
5 years	$100,000	3.23%
6 years	$2,000	2.92%
6 years	$100,000	3.02%
7 years	$2,000	2.72%
7 years	$100,000	2.83%
8 years	$2,000	2.52%
8 years	$100,000	2.62%

To put these yields into further perspective, the current national average for a 24 month CD and a 60 month CD both sit at 1.21% APY according to the FDIC.

Compounding and Crediting Interest

With Luana Savings Bank, interest is both compounded and credited back to your CD on a semi-annual basis.

Many banks offer a more competitive compounding schedule featuring daily compounding interest that is credited back to the account monthly.

Grace Period and Early Withdrawal Fees

Luana Savings Bank CD’s come with a 10 calendar day grace period in which you may close out your CD or change its term or dollar amount. If nothing is done during this 10 day window your CD will automatically renew for the same term and the going APY at that time.

📌 Please Note: Luana will send you a notice 10 days prior to your CD’s maturity to remind you of its upcoming end date.

If you need access to the funds in your CD prior to its maturity, you will incur an early withdrawal fee.

We spoke to a customer service representative from the main branch in Luana to better understand the early withdrawal fee.

Here’s what we learned:

• Luana just changed their early withdrawal fee structure in the second half of 2022.
• Luana Savings Bank now allows for both full and partial withdrawals of your CD (with penalty fees).
• To calculate your early withdrawal fee , multiply the amount you need to withdraw by half of your CD’s interest rate.

So for example, if you have $100k in a 12 month CD earning 3.94% APY and you need to take out $5,000, first divide the interest rate in half which would be 1.97%, then apply that rate to the $5,000 which would come out to $98.50.

Money Market Account

Luana Savings Bank’s money market account is their other competitive deposit account. Unlike their CDs, the money market account comes with a variable interest rate that can change at any time.

It has a minimum deposit requirement of $2,500 and requires you to maintain that balance to avoid a $10 monthly fee.

Higher balances tend to pay higher yields. See the table below.

Balance	APY
$0 – $49,999.99	2.63%
$50,000 – $99,999.99	2.73%
$100,000 – $249,999.99	2.84%
$250,000 – $749,999.99	2.94%
$750,000 and above	3.04%

To put these yields into perspective, the current national average for money market accounts sit at just 0.44% APY according to the FDIC, however top rates from online banks are now inching over the 4.00% APY mark on all balances.

How to Open an Account

You can apply online to open any of the accounts listed in this review. The application process (found here) can be completed in minutes and only requires your personal information. You’ll need to following information handy to complete the process:

• Email
• Phone
• Address
• Social Security Number
• Driver’s License

Once you’ve completed your application and submitted it, Luana Savings Bank will reach out to you within 2-3 business days with your options to fund the CD. You can make an electronic transfer or mail a physical check.

If you’re going to make a transfer, you’ll want to have the following information available.

• Current bank or credit union’s routing number
• Current bank account number where funds will be transferred from

Ivy Bank is a one hundred percent digital bank launched by Cambridge Savings Bank back in the summer of 2021.

Cambridge Savings Bank, founded in 1834, is one of the oldest and largest community banks in Massachusetts with over $5.3 billion in assets.

Ivy Bank offers just 5 deposit accounts per the time of this writing but many of them come with highly competitive APYs (annual percentage yields).

They have 3 fixed-rate CDs (certificates of deposit) with 1, 3 and 5 year terms and 2 variable-rate savings accounts. One is a standard high yield savings account and the other is an indexed savings account that is indexed to the one month treasury yield.

Ivy bank is federally insured by the FDIC through their parent company Cambridge Savings Bank and all consumer deposits are insured up to the applicable limits.

📌 Please Note: Ivy Bank and Cambridge Savings Bank are treated as the same entity by the FDIC, so the $250,000 deposit insurance is applied cumulatively to all accounts held at either bank per individual.

To see if Ivy Bank’s deposit accounts are right for you, continue reading our review below.

Ivy Bank CD Rates + Account Details

Ivy Bank only offers 3 CDs at this time. Their terms are 1 year, 3 years and 5 years. You can open any Ivy Bank CD with a minimum deposit of $1,000.

CD Term	APY
1 year	4.85%
3 years	3.25%
5 years	2.60%

To put these yields into perspective, the current national average for 1 year and 5 year CDs sits at 1.28% and 1.21% APY, respectively, according to FDIC data.

Ivy Bank’s 1 year CD is currently the rate leader nationwide with an APY of 4.85%. The best yields from competing online banks are now inching over the 4.50% APY mark.

Compounding and Crediting Interest

Interest on all Ivy Bank CDs is compounded and credited back to the account monthly. Ivy Bank does, however, give you the option to have your interest paid to another Ivy Bank account if you’d prefer. This is ideal for those who would like to use interest payments for living expenses.

Grace Period and Early Withdrawal Fees

Upon the maturity of your Ivy Bank CD, you will have a 10 calendar day grace period in which you may close out your CD or modify it. If nothing is done during this grace period and you haven’t provided them notice to close your CD, then it will automatically renew with the same term and the going APY at that time.

If you need access to the funds in your CD prior to its maturity you will have to pay an early withdrawal fee. Ivy Bank’s early withdrawal fees are as follows:

CD Term	Early Withdrawal Fee
1 year	90 days’ simple interest on amount withdrawn
3 years	180 days’ simple interest on amount withdrawn
5 years	270 days’ simple interest on amount withdrawn

Ivy Bank Savings Accounts

Ivy Bank offers 2 savings accounts. Both are federally insured by the FDIC up to the applicable limits and both require a minimum opening balance of $2,500.

The 2 savings accounts offered are:

1. High Yield Savings Account
2. Index Savings Account

High Yield Saving Account

The high yield savings account can be opened online in minutes. The rate is also highly competitive. See table below.

Balance	APY
$0 – $2,499.99	0.05%
$2,500 +	4.25%

To put this yield into context, the current national average is just 0.33% APY according to FDIC data, however, the best yields offered from online banks and credit unions with nationwide acceptance are now topping 4.00% APY with Ivy Bank being among the rate leaders.

There is a maximum balance allowance of $1,000,000 on this account.

Index Savings Account

The Index Savings Account is a unique offer. It’s an FDIC-insured online savings account that has its rate pegged to the 1 month treasury bill. At the beginning of each calendar month, Ivy Bank resets the rate based on the Treasury’s Daily Yield Curve Rates.

Per Ivy Bank, the “interest rate is determined by the 1 Month Treasury Yield as published by the U.S. Department of the Treasury’s Daily Treasury Yield Curve Rates at the close of business on the 15th day of each calendar month.” If the 15th is a weekend or holiday, they’ll move the date to the next immediate business day. You can learn more in their Truth-in-Savings disclosures.

Index Savings Account Rate

Balance	APY
$0 – $2,499.99	0.05%
$2,500	4.03%

As with the high yield savings account, there is a maximum balance allowance of $1,000,000 on this account.

To put this yield into context, the national average for a money market account sits at just 0.44% APY according to FDIC data, however the top yields for online money market accounts are now inching over the 4.00% APY mark as they are with some online savings accounts.

Money Management Features

Ivy Bank has some noteworthy money management tools and features that are available to anyone who has a deposit account open with them.

These features go far beyond just insights into your Ivy Bank account. You can aggregate all of your personal financial data to get a holistic picture of your spending and your net worth.

You can link all of your investment and bank accounts as well as any credit cards, auto loans, personal loans and mortgages that you may have. This allows their software to provide you with visualizations of how you’re spending your money and how your net worth is changing over time.

You can also go beyond the visual tools aggregating your personal finance information. You can also take action on this data by setting up budgets by spending category and allocate a certain percentage of your income to it. You’ll be able to manage any loans or mortgages you have, see what’s left to pay and monitor payment dates.

To get started, just login to your account via online banking or download their IOS app or Android app.

Customer Sentiment and User Reviews

Ivy Bank fairs about average on 3rd party review sites with most star ratings sitting around 3 out of 5.

Their apps receive better ratings and reviews with their IOS app sitting at a 4.7 star rating out of 5 based on 46 consumer ratings and their Google Play app sitting at a 3.8 stars out of 5 based on 23 consumer reviews.

The biggest consumer complaints we found revolved around a slow customer service center and undisclosed transfer limitations.

See the following consumer review below:

Fee Schedule

Depending on what actions you take with your Ivy Bank account(s) you may encounter various fees from time to time. Below is their fee schedule outlining all the possible fees you may come across as an account holder.

Type	Fee
Monthly Maintenance (HYSA and Index Savings)	$0
Outgoing Wire	$25/ea
Incoming Wire	$0
Copy of any Doc	$3.00
Deposited Item Returned Unpaid	$7.10
Levy Processing	$35
Insufficient/Uncollected Funds	$25
Research (per hour w statement copies)	$25
Stop Payment	$30
Treasurer’s Check	$6.00