Just as the nationally available CD rate leaders have been changing as rates have dropped, the hierarchy of no-penalty CDs has also been shifting. The current rate leader is My eBanc’s 11-month Flex Time Deposit, 2.00% APY ($10k-$100k) and 1.90% APY ($100k+). (Don't be confused by the unique name: the Flex Time Deposit is simply a no-penalty CD.)
|2.00*%||$100k||-||My eBanc||11 Month Online Flex Time Deposit|
|OTHER TIERS: 1.90% → $10k - $100k|
For those unpredictable moments in life, have your money available. My eBanc Flex TD allows you up to two withdrawals in a 11 month period without penalty, provided you notify us seven days in advance.
The APYs aren’t outstanding, but the two penalty-free partial withdrawals (allowed any time during the term) increase its competitiveness considerably. As one of my team noted, “The rates just dropped so they aren’t that great, but at least we shouldn't worry about a near-term rate cut.”
While the Flex TD landing page provides a good deal of information, there are a couple of items I had to clarify with CSR.
- Any withdrawal cannot result in a balance lower than the required minimum opening deposit. In other words, you must maintain a balance between $10k and $100k in order to earn the stated 2.00% APY. Should the balance exceed $100k, the rate will become 1.90% APY. A minimum $10k balance must be maintained for the Flex TD to remain open.
- The fine print reads, “A seven (7) day notice is required prior to any withdrawal.” CSR confirmed that it takes seven days before the funds are actually withdrawn from the Flex TD.
- To initiate an early withdrawal, you must contact My eBanc through their online banking messaging system. In addition to stating the amount to be withdrawn, you must provide the way funds are to be sent – by check or via ACH to an external account.
- The Early Withdrawal Penalty (following the two allowed penalty-free partial withdrawals) is three months interest.
- Dividends can be withdrawn monthly, quarterly, or semi-annually and can be distributed by check, internal transfer, or ACH to an external account.
Headquartered in Coral Gables' Miracle Mile area, My eBanc offers its services and extensive product line through its online banking platform to U.S. citizens and residents, 18 years or older, who possess a valid Social Security number.
Like all of My eBanc’s products, a Flex Time Deposit can only be opened online.
My eBanc has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.34% (excellent), based on June 30, 2019 data. In the past year, My eBanc has increased its total non-brokered deposits by $62.21 million, an excellent annual growth rate of 3.98%. Please refer to our financial overview of My eBanc (FDIC Certificate # 21265) for more details.
Established in 1973, My eBanc is part of The Pellas Group, which is based in Nicaragua. Located in Coral Gables, My eBanc is the twelfth largest bank headquartered in Florida, with assets in excess of $2.3 billion. While the majority of the Bank’s customers live abroad (mainly in Latin America), its product line and services are available to virtually all customers in the U.S.
How the Flex Time Deposit Compares
When compared to similar length-of-term No-Penalty CDs tracked by DepositAccounts.com, which are available nationwide, My eBanc’s 11-month Flex Time Deposit APY currently ranks first, regardless of minimum deposit requirements.
|Interest Rate||Length of Term||Credit Union/Bank|
|2.00% APY||11-month Flex Time Deposit ($10k min/$100k max)||My eBanc|
|1.90% APY||11-month Flex Time Deposit ($100k+)||My eBanc|
|1.90% APY||11-month No Penalty CD ($500 min)||Goldman Sachs Bank|
|1.90% APY||13-month No-Penalty CD ($10k min)||PurePoint Financial|
|1.90% APY||11-month No Penalty CD ($25k min)||Ally Bank|
|1.80% APY||No-Penalty 11-month CD ($1k min)||CIT Bank|
The above rates are accurate as of 11/9/2019.
To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.