Compound Interest Calculator
Savings Account from My Banking Direct, a division of New York Community Bank with 4.30% APY and $1 minimum deposit



Use or Change These Amounts and Rates

The product Savings Account from My Banking Direct, a division of New York Community Bank with 4.30% APY and $1 minimum deposit 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 $30,470. The interest earned would be $10,470 and the tax amount on the interest earned would be approximately $3,141.

Please note that this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account.

The Results for My Banking Direct, a division of New York Community Bank

Savings Boost of
$7,011 over 10 years
Cash Savings $20,000
Average Interest Earned $318

 
My Banking Direct, a division of New York Community Bank Interest Earned $7,329

 

 

See comparison detail table

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.

Comparison Detail Table Close X

Average Rate Scenario

Rate:
0.23%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 45 32
2 20,045 45 32
3 20,090 45 32
4 20,135 45 32
5 20,181 45 32
6 20,226 46 32
7 20,272 46 32
8 20,317 46 32
9 20,363 46 32
10 20,409 46 32
TOTAL: $455 $318

My Banking Direct, a division of New York Community Bank Scenario

Rate:
4.30%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 860 602
2 20,860 897 628
3 21,757 936 655
4 22,693 976 683
5 23,668 1,018 712
6 24,686 1,061 743
7 25,748 1,107 775
8 26,855 1,155 808
9 28,009 1,204 843
10 29,214 1,256 879
TOTAL: $10,470 $7,329

Take Action

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.


Recent Rate Changes



Date APY
June 21, 2025 4.30%
March 12, 2025 4.40%
January 11, 2025 4.45%
December 27, 2024 4.55%
December 19, 2024 4.65%
December 3, 2024 4.75%
November 7, 2024 4.85%
September 22, 2024 5.00%
August 31, 2024 5.25%
August 2, 2024 5.35%
July 22, 2024 5.45%
April 8, 2024 5.55%
November 8, 2023 5.35%
November 8, 2023 5.00%
August 20, 2023 5.00%


Featured CD Rates

ONLINE BANKS APY? MIN?

Last change: ↓0.50% on October 1, 2024.

Last change: ↑0.06% on June 24.

Last change: ↑0.20% on January 18.

Last change: ↑0.20% on April 9.

Last change: ↑0.34% on May 27.
Warning: Early Withdrawal Penalty is 180 days interest.



Customer Reviews for My Banking Direct, a division of New York Community Bank (37)


  • April 20, 2024 |

    Savings Rates

    Even staying well within FDIC limits, the frustration isn't worth your time! Dopey bank trying desperately to avoid govt closure.

  • April 8, 2024 |

    Savings Rates

    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.

  • November 17, 2023 |

    Savings Rates

    bank delayed credit date, you loose interest.

  • November 12, 2023 |

    Savings Rates

    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.

  • 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.


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