My eBanc 6-Month and 12-Month Jumbo CDs Are Near Rate-Leaders
About three months ago, My eBanc lowered the minimum opening deposit for Jumbo Online Time Deposits (OTDs) from $100k to $50k, making the Jumbo OTDs more competitive and more accessible. Following the recent trend of falling rates, the 6-month and 12-month OTD APYs have been lowered in the past six weeks, but still offer competitive rates and are ranked near the top of their respective term-length categories.
In addition to the lowered rates, My eBanc has also narrowed the gap between the Jumbo OTD and OTD APYs. In December, the 6-month and 12-month OTD had rates 37 bps and 27 bps lower than the Jumbo OTD, respectively; as of this writing, the difference has shrunk to 2 bps and 4 bps.
Early Withdrawal Penalty
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6 Month and 12 Month – Penalty will equal 3 months interest on the amount withdrawn.
Partial withdrawals are allowed, if a minimum $50k balance is maintained. Should you close a Jumbo OTD within six months of opening, there is a $50 early closure fee (in addition to the stated EWP).
Availability
Headquartered in the Coral Gables Miracle Mile area, My eBanc is an online division of Florida-based Bradesco Bank. My eBanc offers its services and product line through its online banking platform to U.S. citizen and resident aliens, 18 years or older, who have a valid Social Security number and a current U.S. address.
As the name suggests, all Jumbo Online Time Deposits can only be opened online.
Account Opening
Funding and Other Details
The following information is from the Disclosures and Agreements document and a conversation with CSR.
- Funding – ACH, wire ($15 fee), check, or internal transfer.
- Ownership – Individual, joint, or trust.
- Interest – Compounded daily and credited at maturity.*
- Maturing Funds – ACH, wire ($40 fee), cashier’s check to the address on file, or internal transfer to a My eBanc liquid account.
- Beneficiaries – Up to 10 and percentages can be assigned, Social Security numbers are required, along with full legal name and DOB.
- Grace Period –10 calendar days before automatic renewal.
- Credit Check – ChexSystems.
*According to the Disclosures and Agreements document,
Interest is accrued daily and will be credited to the account on maturity. Deliverance of interest will be based on customer’s request (added to the account balance, mail, or credit to another account).
The “Interest Distribution and Payment Method” form is part of the online application, allowing you state your preference when opening an OTD.
Bank Overview
My eBanc has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.71% (excellent), based on September 30, 2023 data. In the past year, My eBanc has increased its total non-brokered deposits by $345.46 million, an excellent annual growth rate of 16.9%. 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 Bank (previously known as BAC Florida Bank), which is part of the Bradesco Organization, the second largest financial conglomerate in Latin America. Bradesco Bank is currently the twelfth largest bank headquartered in Florida, with assets in excess of $3.7 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 6-Month Jumbo 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 $50k or less, one bank and one credit union have higher rates than currently offered on the My eBanc 6-month Jumbo Online Time Deposit. The following table compares the 6-month Jumbo Online Time Deposit to the four highest-rate similar length-of-term CDs from banks/credit unions with nationwide market areas.
How the 12-Month Jumbo 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 $50k or less, one bank has a higher rate than currently offered on the My eBanc 12-month Jumbo Online Time Deposit. The following table compares the 12-month Jumbo Online Time Deposit to the four highest-rate similar length-of-term CDs from banks/credit unions with nationwide market areas.
The above information and rates are accurate as of 3/11/2024.
To look for the best CD rates, either nationwide or state-specific, please refer to our CD Rates Table page.
