EBSB Direct continues to offer a good deal on its high yield savings account for those with large balances. The savings account has a 1.30% APY on balances of $50K to $1M as of 4/10/2011. For balances of $5K to $50K, the rate goes down to 0.75% APY, and for balances under $5K, no interest is paid.
This rate has held since I reviewed EBSB Direct in December. Back at that time, a 1.30% APY was good but there were several banks offering higher rates. That's not the case any more as you can see in my latest weekly summary.
Many of the account details are listed in the bank's FAQs and in its disclosure. I have a list of the important features in my 2009 EBSB Direct savings account review. The account has many features that you would expect from an internet savings account.
New England and New York State Only
Back in 2009 the bank accepted new customers from any state. However, this changed last year. When I last contacted EBSB Direct in October, I was informed that they only accept new customers from New England and New York State.
Top 3-Year CD Rate
The bank also offers two online CDs. The best one is the 3-year CD which has a 2.25% APY as of 4/10/2011. For more details, please refer to my EBSB Direct CD review in December.
DIF Deposit Insurance Adds to FDIC
For those with large savings, you might be interested in the bank's DIF membership. Here's what is stated at EBSB Direct's About page:
As a member of both the Federal Deposit Insurance Corporation (FDIC) and the Deposit Insurance Fund of Massachusetts (DIF), all of your deposits are insured in full. That means that every dollar you have on deposit with East Boston Savings Bank is fully insured without limit.
Note, DIF is a private deposit insurance fund and covers deposits over the FDIC limit.
EBSB Direct is an online division of East Boston Savings Bank. The bank has an overall health score of 3 stars (out of 5) with a Texas Ratio of 25.87% (average) based on December 2010 data. Please refer to our financial overview of East Boston Savings Bank for more details. The bank has been a FDIC member since 1991 (FDIC Certificate # 33510).