The product Savings Account from My Banking Direct, a division of New York Community Bank with 5.55% APY and a tax rate of 30 compounded annually, with an initial amount of $20,000, after 10 years would have grown your savings to approximately $34,325. The interest earned would be $14,325 and the tax amount on the interest earned would be approximately $4,298.
Please note that this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account
This analysis is for demonstrative purposes only and may change should certain assumptions prove incorrect. Savings rates may change and CD rates may not be renewable for the length of the term of the analysis. The difference between the bank rate entered and the average rate may not remain constant throughout the term.
| Rate: 0.22% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 43 | 30 |
| 2 | 20,043 | 43 | 30 |
| 3 | 20,086 | 43 | 30 |
| 4 | 20,129 | 43 | 30 |
| 5 | 20,173 | 43 | 30 |
| 6 | 20,216 | 43 | 30 |
| 7 | 20,259 | 44 | 30 |
| 8 | 20,303 | 44 | 31 |
| 9 | 20,347 | 44 | 31 |
| 10 | 20,390 | 44 | 31 |
| TOTAL: | $434 | $304 |
| Rate: 5.55% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 1,110 | 777 |
| 2 | 21,110 | 1,172 | 820 |
| 3 | 22,282 | 1,237 | 866 |
| 4 | 23,518 | 1,305 | 914 |
| 5 | 24,823 | 1,378 | 964 |
| 6 | 26,201 | 1,454 | 1,018 |
| 7 | 27,655 | 1,535 | 1,074 |
| 8 | 29,190 | 1,620 | 1,134 |
| 9 | 30,810 | 1,710 | 1,197 |
| 10 | 32,520 | 1,805 | 1,263 |
| TOTAL: | $14,325 | $10,028 |
The accounts below offer some of the best rates in the country can be opened online, and are available nationally. As the calculator shows, changing accounts to earn a higher interest rate can really add up over time.
| Date | APY |
|---|---|
| April 8, 2024 | 5.55% |
| November 8, 2023 | 5.35% |
| November 8, 2023 | 5.00% |
| August 20, 2023 | 5.00% |
| ONLINE BANKS | APY? | MIN? | ||
|---|---|---|---|---|
|
|
6.00% |
$5,000 |
Learn More | |
|
6 Month CD Special. Must be linked to a standard consumer or business checking account in which 12.6% of the total combined balance is maintained. Otherwise APY is 5.25%. |
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|
|
5.66% |
$25,000 |
Learn More | |
|
Last change: ↑0.46% on December 15, 2023. |
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|
|
5.60% |
$500 |
Learn More | |
|
Last change: ↑0.60% on April 19. |
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|
|
5.50% |
$500 |
Learn More | |
|
Last change: ↑0.20% on September 8, 2023. |
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|
|
5.50% |
$10,000 |
Learn More | |
|
Last change: ↓0.05% on March 15. |
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Customer Reviews for My Banking Direct, a division of New York Community Bank (37)
smithy1968
April 20, 2024 |
Even staying well within FDIC limits, the frustration isn't worth your time! Dopey bank trying desperately to avoid govt closure.
Is this review helpful? Yes:0 / No: 0
jaydub
April 8, 2024 |
Unclear whether this bank is a subsidiary of Flagstar or NYCB now. Under either circumstance, the bank is distressed. It is also a terrible bank. I would avoid. If you cannot avoid, stay well within FDIC limits.
Is this review helpful? Yes:0 / No: 0
Jack
November 17, 2023 |
bank delayed credit date, you loose interest.
Is this review helpful? Yes:0 / No: 0
Ripmo Girl
November 12, 2023 |
Seems like a great bank to work with if you want to spend hours on the phone with a rep trying to help them figure out why their website isn't showing proper debits, credits and balances.
Is this review helpful? Yes:0 / No: 0
Val - New York
October 27, 2023 |
I’ve had a significant funds in CD account of this bank that matured 4 days ago. On my request of transferring the final amount by ACH to my other bank account on maturity, I’ve had a response that the only option for me is to get the check in a mail (they perfectly were able to use ACH wile funding this very account initially, though!). I've finally get the check in three days and have deposited it into my savings account immediately. Now, I am waiting for the check to be cleared and it can take anywhere from one to three days from my bank. This means, My Banking Direct is using my money without paying me any interest for at least additional 5 business days while I am unable to invest these very funds on my own. I’ve had quite multiple experiences while investing with different banks and never have had this kind of frustration before. This bank is not that you want to invest with.
Is this review helpful? Yes:1 / No: 0
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