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[DEAD] MyBankingDirect MMkt Acct 3.4% APY, Min $5k, $25 bonus Archived From: Finance

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alert mods    
   posted: Jul. 5, 2005 @ 3:12p

This is probably warm at best:

MyBankingDirect.com money market account (LINK).

3.40% APY, guaranteed until Oct 2005
$5000 to open
$25 bonus if $5000 is maintained for 3 months
More account conditions HERE.

Disclosure: I do not have any experience with them.
Edit: Add link to account conditions.


   posted: Jul. 5, 2005 @ 3:12p

Minimum $5K

Tiered account
$5K and below earns 2.50%
Balances above 5K earn 3.4%


3 ATM fee refunds

Message edited by: ramganesh on 2005-07-05 17:22:25
alert mods    
   posted: Jul. 5, 2005 @ 5:18p

thanks OP - I just went there looking for a CD and stumbled upon it...came here to post


alert mods    
   posted: Jul. 5, 2005 @ 11:37p

It seems fine.
But I can't find the Schedule of Fees on their website.
Especially I want to know whether there is a early closing fee!



alert mods    
   posted: Jul. 7, 2005 @ 9:31a

$20.00 fee to close account not open 180 days.


alert mods    
   posted: Jul. 10, 2005 @ 6:39p

Does anyone know anything about this bank?


alert mods    
   posted: Jul. 10, 2005 @ 6:44p

mybankindirect is New York Community Bank. I did not deal with them yet but below is the info from the fdic web site :

Yes, New York Community Bank has been FDIC insured since 07/01/1943.

The certificate number is 16022

The main office is located at:
615 MERRICK AVENUE
WESTBURY , NY 11590
NASSAU county

It was established on 01/01/1859


alert mods    
   posted: Jul. 11, 2005 @ 1:38a

I used to work for these people. They are notorious for dropping their rates after a few months. With a CD obviously this is not a problem, but I would think twice about opening a money market with them.


alert mods    
   posted: Jul. 11, 2005 @ 8:49a

Thanks for the response. I took a chance and mailed an application and deposit. We'll see how it goes!


alert mods    
   posted: Jul. 11, 2005 @ 9:20a

Why this when presidential pays 3.75% ?


alert mods    
   posted: Jul. 11, 2005 @ 10:17a

Well, its a bit of a gamble, but IF:
opened with $5,000,
3.40%APY not dropped for 6-months,
$25.00 bonus paid at 90 days,

resulting APY 4.42%


alert mods    
   posted: Jul. 11, 2005 @ 11:30a

https://form.mybankingdirect.com/Application/Disclosures/Schedule%20of%20Fees.pdf

https://form.mybankingdirect.com/Application/Disclosures/Privacy.pdf

https://form.mybankingdirect.com/Application/Disclosures/General%20Information.pdf

https://form.mybankingdirect.com/Application/Disclosures/Terms%20&%20Conditions.pdf

https://form.mybankingdirect.com/Application/Disclosures/Product%20Disclosure%20(Earn%20More%20Money%20Market).pdf


alert mods    
   posted: Jul. 15, 2005 @ 4:52p

I'm taking a chance and giving this bank a try. Anyone willing to go with me?


alert mods    
   posted: Jul. 17, 2005 @ 7:09p

Surely someone else is willing to give this bank a try.


alert mods    
   posted: Aug. 1, 2005 @ 2:25p

im gonna wait and see


alert mods    
   posted: Aug. 1, 2005 @ 3:26p

New yield is 3.55%, guaranteed until October 2005.

EDIT: link


alert mods    
   posted: Aug. 1, 2005 @ 7:39p

iLoveTahoe said:New yield is 3.55%, guaranteed until October 2005.


No big deal since it is only 2 months and then they may drop to 1% but you are stuck for 3 months to get a bonus and for 6 months to avoid account closing fee.


alert mods    
   posted: Aug. 2, 2005 @ 3:25p

..unless, of course, you got in back when guaranteed rate was >=3.4%, + $25 bonus...like I did


alert mods    
   posted: Aug. 2, 2005 @ 3:56p

Finally, someone did go with me!


alert mods    
   posted: Aug. 16, 2005 @ 10:15a

Already 3.75% for some time.

Does MyBankingDirect do a HARD credit check on you for opening a money market account?

Thanks.


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