Dedicated to Deposits: Deals, Data, and Discussion
EBSB Direct1.00%$50k$1mEBSBdirect Money Market Account
Accounts mentioned in this post. Rates as of August 30, 2014

Top Money Market Account Rate at EBSB Direct - MA Only


EBSB Direct

EBSB Direct has recently increased the high-tier rate of its money market account to a very competitive level. It's now 1.17% APY for balances of $50K to $1 million. For balances between $5K and $50K, the rate is 0.25%. No interest is paid for balances under $5K. New money is required. These rates are listed at the EBSB Direct home page as of 3/4/2013. Thanks to DA member scottj who posted on this news in this forum thread.

One thing that has changed with EBSB Direct is that they are now only opening accounts for residents of Massachusetts. I was informed of this by a bank CSR today. The EBSB Direct webpage only says that "this account is only available through and in select markets only." In past years they had accepted customers from New England and New York.

If you are a MA resident, this is a good deal. However, there is no guarantee how long this will last. The CSR didn't provide any insights about how long this might last. Here's the rate history of the money market account over the last three years:

  • 02/01/2013: 1.17% APY
  • 01/12/2013: 0.60% APY
  • 09/13/2011: 0.80% APY
  • 04/29/2011: 1.10% APY
  • 10/04/2010: 1.30% APY

There's an online application, and the account can be funded with an ACH bank-to-bank transfer. Once the account is established, an unlimited number of links can be set up to your accounts at other banks. Refer to the bank's FAQs for more details.

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.

Bank Overview

EBSB Direct is an online division of East Boston Savings Bank. The bank has an overall health score of 4 stars (out of 5) with a Texas Ratio of 20.07% (average) based on September 2012 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).

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Related Pages: EBSB Direct, savings account, CD rates, Massachusetts

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Comment #1 by Anonymous posted on
I was surprised when the rate was increased to 1.17% in February.  It had hovered aounr 0.7% for most of 2012 and then dipped down to 0.6% at the start of 2013.  I switched my direct deposit over to the bank last month.

Comment #2 by Anonymous posted on
DIF?  Right.  We saw years ago that the state and private insurance funds for banks did not work.  They ran out of money, delayed paying out insurance claims, covered only principal and not interest, delayed even more, and went bankrupt without covering the deposits they had PROMISED to cover.  Boo.

Bottom line, the state insurance funds cannot or will not tax their local citizens to cover the shortfall in their bank insurance funds, so us depositors will not be made whole.  You can only rely on Federal bank insurance to cover your deposits in the event of

Comment #3 by scottj posted on
Rate lowered to 1%

Comment #4 by Anonymous posted on
The EBSBDIRECT.COM website redirects you to another site called  I could not find the link to the EBSB Direct bank and there is no indication that it was relocated to another webpage.

Comment #5 by scottj posted on
Yea I noticed that the other day, not sure if they ****ed up and let domain address expire? would be pretty bad if they did. I can still access my accounts through the site though 

Comment #6 by Anonymous posted on
The website is back up again.  I guess it must have expired and required them to renew the support contract?

Comment #7 by Anonymous posted on
The EBSBDIRECT.COM link again is redirected to

Comment #8 by scottj (anonymous) posted on
Mine has been going there all along, then today I tried the site on phone over my wifi and still got the Pauls cup using. Then shut off wifi and used cellular and ebsbdirect came up? I have cleared my cookies so guessing my router is stuck sending me? 

Comment #9 by Anonymous posted on
Now it brings up the EBSBDIRECT.COM site again.  I have only been accessing it through a laptop and clicking on refresh several times which does not change anything.  So it should not be a cookie issue for me.