Certificate of Deposit

My Banking Direct is a service of Flagstar Bank N.A., a long-established bank with roots dating back to 1859. We created My Banking Direct to offer higher savings rates by avoiding the overhead of local branches.

Yes! Every individual customer is insured by the FDIC to the full extent permissible by law. A depositor can have more than $250,000 at one insured bank and still be fully insured, provided the accounts meet certain requirements. Individual, joint, and retirement accounts are insured separately.

Certificates of deposit usually offer higher rates than regular savings accounts. When you open a CD, however, you do so for a specific amount of time, such as 5 months or 5 years. At the end of that period, your CD reaches maturity, and you can withdraw your funds or renew your CD to grow your savings even more.

CDs have a guaranteed fixed interest rate for the entire term, so you’ll know how much your CD will be worth at maturity. You can access your funds before the CD reaches maturity, but you will likely pay a fee to do so.

CDs are a low-risk way to save and an easy way to add balance to your financial portfolio. 

We will notify you before your certificate of deposit reaches maturity to let you know your options. Then, you decide whether to withdraw your savings or renew your CD so they can continue growing.

To renew your CD visit the CD page on My Banking Direct and select Renew CD. You will need to enter your CD account number, zip code and, last four digits or your Social Security or customer access number.

You can also call our Customer Contact Center at 1-866-285-1856.

In order to renew your account, the certificate of deposit must be within the grace period without penalty or during the post-maturity period. If your CD doesn't automatically mature into a post-maturity account, it will mature and automatically renew on the current renewal date and same term stated on the pre-renewal notice you receive in the mail.

You have several options for funding your new account. You can transfer funds from another bank account, including an existing My Banking Direct account.

You can also mail a check to us. Please include your new account number on the check and send it to:

MyBankingDirect A service of Flagstar Bank, N.A.

P.O. Box 190

Hicksville, NY 11801