New York Community Bank’s online arm is paying the nation’s highest interest rate

April 10, 2024


New York Community Bank, the regional lender that needed a $1 billion-plus lifeline last month, is offering the country’s highest interest rate for a savings account.

NYCB raised the annual percentage yield offered via its online arm, My Banking Direct, to 5.55%, higher than any other bank’s widely available account, according to Ken Tumin, an analyst who tracks rates for his website DepositAccounts.

The standout rate could be a sign that NYCB is facing funding pressure, Tumin said.

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