Good news – Florida-based My eBanc is currently offering 4.08% APY on its SuperSaver Money Market Account.
Not-as-good news – A minimum $100k balance is required to earn the 4.08% APY.
As recently as mid-November, the SuperSaver MMA earned 2.48% APY on all balances, but at the beginning of December, My eBanc restructured the SuperSaver MMA, adding two rate tiers: balances up to $100k (2.48% APY) and balances above $100k (4.08% APY). The SuperSaver MMA continues to require a minimum $5k opening deposit.
|3.67*%||$100k||-||My eBanc||Super Saver Money Market Account|
|OTHER TIERS: 2.48% → Up to $100k|
The SuperSaver MMA landing page includes a lot of helpful, detailed information, including:
Below Minimum Balance Fee Waived: The account with an average daily balance of less than $5,000.00 during the statement cycle will be charged a Below Minimum Balance Fee of $15.00. However, the Below Minimum Balance Fee can also be waived if the primary account holder maintains aggregate deposits of $5,000.00 or more.
Mobile check deposits limits include (4) checks on any given day for a total not to exceed $5,000 per day, and ten (10) checks on any given month for a total not to exceed $15,000.
If a debit card is issued, the Advantage checking account will be the primary account and the SuperSaver Account can only be accessed via ATM withdrawals. For details on the transaction limitations see the regulatory limits section.
Closing Fee: $50.00 (This fee applies if you close your account within 6 months after opening).
What I couldn’t find on the landing page was provided by CSR in a Live Chat:
ACH TRANSFERS INITIATED BY MY eBANC – You can add an external account (checking or savings from another bank) and transfer via ACH from or to an external account up to $10,000.00 per day, and up to $30,000.00 per calendar month.
BENEFICIARIES – You may place up to 10 beneficiaries. SSNs are not required for beneficiaries. You can assign [percentages] as long as they total 100%. Example: 20%, 30%, and 50%.
WITHDRAWAL FEE – there is a $5 fee per transaction beyond the permitted six monthly transactions. We will close or reclassify your Account if these limits are exceeded in any 3 months during any 12 months.
Online Time Deposits (CDs)
My eBanc also raised the rates on most of its Online Time Deposits (OTD) this week. Following increases of 58 bps and 53 bps respectively, the 12-month OTD and the 18-month OTD currently both earn 4.71% APY and have the most competitive rates in the OTD product line. The minimum opening deposit is $5k, with no stated balance cap.
|4.71%||$5k||-||My eBanc||12 Month Online Time Deposit|
|4.71%||$5k||-||My eBanc||18 Month Online Time Deposit|
My eBanc also offers Jumbo OTDs, which require a $100k minimum deposit. The current rates for the Jumbo OTDs mirror those of the OTDs ($5k min), so opening a Jumbo OTD offers no rate advantage.
As stated in the Disclosures and Agreements document, the Early Withdrawal Penalty (EWP) reads as follows:
6 Month and 12 Month – Penalty will equal 3 months interest on the amount withdrawn.
18 Month and 24 Month – Penalty will equal 6 months interest on the amount withdrawn.
Partial withdrawals are allowed, as long as a minimum $5k balance is maintained. Should you close the OTD within six months of opening, there is a $50 early closure fee in addition to the EWP.
Funding and Other Particulars
The following information is from a Live Chat with CSR.
- Funding – ACH, wire ($15 fee), or check.
- Maturing Funds – ACH, wire ($30 fee), cashier’s check to the address on file.
- Interest – Can be added to OTD balance, credited to another My eBanc account, or by cashier’s check to the address on file.
- Grace Period – 10 calendar days before automatic renewal.
- Beneficiaries – Up to ten can be designated; percentages can be assigned; full legal name, DOB, and Social Security number required.
- Credit Check – Soft pull (Experian).
Headquartered in Coral Gables' Miracle Mile area, My eBanc offers its services and product line through its online banking platform to U.S. citizens/resident aliens, 18 years or older, who have a valid Social Security number.
Opening an Online Time Deposit and/or SuperSaver Money Market Account can only be opened online.
My eBanc has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 0.52% (excellent), based on June 30, 2022 data. In the past year, My eBanc has increased its total non-brokered deposits by $209.67 million, an excellent annual growth rate of 11.31%. Please refer to our financial overview of My eBanc (FDIC Certificate # 21265) for more details.
Established in 1973, My eBanc is a division of Bradesco BAC Florida Bank, which is part of the Bradesco Organization, the second largest financial conglomerate in Latin America. Located in Coral Gables, My eBanc is currently the 15th largest bank headquartered in Florida, with assets in excess of $2.9 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 SuperSaver Money Market Compares
When compared to nationally available Money Market Accounts and Savings Accounts tracked by DepositAccounts.com, the My eBanc SuperSaver Money Market APY currently ranks first regardless of minimum deposit requirements.
|APY||Account Name||Credit Union/Bank|
|4.08%||SuperSaver Money Market ($100k min)||My eBanc|
|4.05%||High-Yield Digital Savings (no min/no max)||Customers Bank|
|4.01%||Money Market Account ($1k min/$500k max)||Brilliant Bank|
|4.00%||High Yield Money Market ($1k min)||CFG Bank|
|4.00%||Money Market Deposit Account via SaveBetter ($1 min/no max)||Patriot Bank|
|4.00%||Money Market Deposit Account via SaveBetter ($1 min/no max)||American First Credit Union|
|3.91%||High Rate Savings Account (no min/no max)||UFB Direct|
How the 12-Month Online Time Deposit Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and have minimum deposit requirements of $10k or less, only one credit union has a higher rate than currently offered on the My eBanc 12-Month Online Time Deposit. The following table compares the 12-Month Online Time Deposit to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.
|APY||CD Term (Early Withdrawal Penalty)||Credit Union/Bank|
|4.85%||14-Month Special Share Certificate (EWP=90 days)||Spectra Credit Union|
|4.71%||12 Month Online Time Deposit (EWP=90 days)||My eBanc|
|4.65%||12-month CD (EWP=180 days)||CFG Bank|
|4.65%||12-month CD (EWP=180 days)||INSBANK Online|
|4.60%||1-Year Add-On CD (EWP=90 days)||Michigan State University Federal Credit Union|
|4.51%||12-Month Certificate (EWP=90 days)||Connexus Credit Union|
To look for the best CD rates, either nationwide or state-specific, please refer to our CD Rates Table page.
The above information and rates are accurate as of 12/3/2022.