My Banking Direct is an online-only financial institution that offers a handful of products, most notably a high-yield savings account with a generous APY of 3.55%.
It's part of Flagstar Bank, N.A., a regional bank with a significant retail presence in the Midwest and California. The parent company of both banks is New York Community Bancorp, which is headquartered in Hicksville, New York, and was founded in 1859.
