Compound Interest Calculator
CD 2-year Account from My Banking Direct, a division of New York Community Bank with 3.85% APY and $500 minimum deposit

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

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.

bank delayed credit date, you loose interest.

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.

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.