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- My Banking Direct Bonus
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My Banking Direct is offering up to $150 in bonus money when you sign up for a new Checking account. Direct deposit will be one of the requirements for the maximum bonus amount. This offer is available nationwide because My Banking Direct offers online products, but it’s excluded from residents of AZ, FL, NY, NJ or OH who are not current My Banking Direct customers.
My Banking Direct is a service of New York Community Bank, which is a traditional, regional banking institution. My Banking Direct is the online division and was created to provide higher rates for Money Market and CD accounts.
We’ll review the bonus below.
My Banking Direct $150 Checking Bonus
- $150 bonus offer set to expire on 05/31/2017
- Available nationwide, but excludes AZ, FL, NY, NJ, OH
- Direct deposit is required for the maximum bonus (details below)
- Application will trigger a Soft Pull, which does not affect your credit
- You can’t fund the opening deposit with a credit card
- There’s an early account termination fee of $30 if you close within 180 days
- Minimum opening deposit of $1,500 required for the offer
- No Monthly Service Fees
How To Get The $150 Bonus
- Open a new My Banking Direct Checking account with a minimum of $1,500.
- All requirements must be met and all activities must post to the My Banking Direct Checking account within 90 days of account opening to qualify.
- Get $50 when you complete 6 debit card point of sale transactions of $10 or more.
- Get $50 when you set up and make 3 online bill payments of $10 or more for two consecutive months.
- Get $50 when you set up and receive qualifying direct deposits totaling $500 or more for two consecutive months. A qualifying direct deposit is a recurring direct deposit of a paycheck, pension, Social Security or other governmental benefit.
- Once each condition is met, each bonus will be credited to the My Banking Direct Checking account within 10 business days, and may be reportable to the Internal Revenue Service (IRS).
- Account must be opened with funds not currently on deposit with the Bank.
- Offer is not available to existing checking account owners or those whose accounts have been closed within 180 calendar days or closed with a negative balance.
- Bonuses only eligible on one checking account per household.
There are a number of steps to earn the entire $150 bonus, rather than just a direct deposit requirement like most bank bonuses. The good news about this offer is, people who don’t want to deal with direct deposit requirements can still earn up to $100 with the other qualifications.
My Banking Direct Money Market Rate
My Banking Direct is also making a splash with their Money Market account, offering a top tier rate. Compare it with all the top rates here.
- Current Rate:
- 1.15% APY for balances $5,000 and over
- 0.25% APY for balances below $5,000
- $2,500 to open
- No minimum balance required
- No monthly maintenance fees
- NYCB Online and NYCB Mobile (see the link about getting a $50 bonus when you download and activate NYCB Mobile) with mobile deposit
- View e-Statements and e-Documents
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