Two years ago, My e-Banc introduced its Super Saver Money Market Account (MMA), offering 1.11% APY on all balances. Following several rate increases and restructuring, the Super Saver MMA now has tiered APYs: 2.25% APY on balances of $100k and above, and 2.00% APY on balances below $100k.
|2.25*%||$100k||-||My eBanc||Super Saver Money Market Account|
|OTHER TIERS: 2.00% → Up to $100k|
Super Saver MMA Details
- Opening Deposit – a minimum of $5k.
- Check Writing – up to six checks per statement cycle.
- Debit Card – available if opened with an Advantage checking account, otherwise an ATM card will be issued.
- Monthly Fee – if the average daily balance should fall below $5k during a statement cycle, a $15 “Below Minimum Balance Fee” will be assessed. That fee can be waived if the account owner has aggregate deposits of $5k+.
- Early Closing Fee – there is a $50 fee if the account is closed within six months of opening.
- 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.”
Flex Time Deposit
My e-Banc has been offering the Flex Time Deposit for more than four years. While the name might be confusing, the Flex Time Deposit is a just CD with a very useful feature: two penalty-free partial withdrawals allowed any time during the term. The Flex Time Deposit has a term length of 11 months and earns 2.30% APY. The minimum opening deposit is $10k, with no stated balance cap.
As stated in the fine print on the Flex Term Deposit page,
A seven (7) day notice is required prior to any withdrawal. Early withdrawal penalties
will apply once the number of withdrawals without incurring penalty is exceeded.
According to CSR, the Early Withdrawal Penalty (following the two allowed penalty-free partial withdrawals) is three months interest.
eRelationship Savings Account
The latest addition to My eBanc’s product line is the eRelationship Savings Account, which offers tiered APYs of 2.40% ($100k and above) and 2.15% (less than $100k). The minimum opening deposit is $25k, which is the same average daily balance amount required to avoid the $15 Below Minimum Balance Fee.
|2.40*%||$100k||-||My eBanc||eRelationship Savings Account (Online only)|
|OTHER TIERS: 2.15% → Up to $100k|
The eRelationship Savings account can only be opened online by customers who have an existing Time Deposit (Online Time Deposit, Jumbo Online Time Deposit, or Flex Time Deposit) or will open a Time Deposit at the same time.
A debit card is available, but “will be set to ATM withdrawals only, with no Point of Sale (POS) transactions." As described above, the same Early Closing and Withdrawal fees apply to the eRelationship Savings account.
My eBanc’s Advantage Checking account is an interest-bearing checking account, which earns 0.50% APY on all balances. The Advantage Checking account can be opened with a $5k minimum deposit, which is the same average daily balance amount required to avoid the $15 Below Minimum Balance Fee. There is unlimited free checking writing, with the first set of checks (50) provided without cost.
Headquartered in Coral Gables' Miracle Mile area, My e-Banc offers its services and extensive product line to anyone in the U.S. with a valid Social Security number through its online banking platform.
My eBanc’s online application is time sensitive, so I have not provided a direct link, but the application can be accessed by clicking on the Open My eBanc Account button that appears on almost every page of My eBanc’s website.
My eBanc has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.61% (excellent), based on December 31, 2018 data. In the past year, My eBanc has increased its total non-brokered deposits by $98.78 million, an excellent annual growth rate of 6.85%. Please refer to our financial overview of My e-Banc (FDIC Certificate # 21265) for more details.
Established in 1973, My eBanc is part of The Pellas Group based in Nicaragua. Located in Coral Gables, My eBanc is the eleventh largest bank headquartered in Florida, with assets in excess of $2.2 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 Super Saver MMA Compares
When compared to the Money Market Accounts tracked by DepositAccounts.com that are available nationwide, My eBanc’s Super Saver Money Market Account APY currently ranks eighth, regardless of minimum balance requirements.
|Interest Rate||Account Name||Credit Union/Bank|
|2.50% APY||High Yield Money Market (no min/$2m max)||Western State Bank|
|2.45% APY||UFB Premium Money Market ($25k min/no max)||Sallie Mae Bank|
|2.40% APY||PurelyMoneyMarket ($25k min/$500k max)||BankPurely|
|2.25% APY||Super Saver MMA ($25k min/no max)||My eBanc|
To search for Money Market rates, both nationwide and state specific, please refer to the Money Market Rates Table page.
How the Flex Time Deposit Compares
As I’ve stated in previous blog posts, no-penalty CDs are not that common and the longer the term, the more competitive the CD. When compared to other nationally available no-penalty CDs, My eBanc's 11-month Flex Time Deposit APY offers a lower APY, a shorter term length, and a higher minimum deposit. On the plus side, the Flex Time Deposit offers two penalty-free partial withdrawals.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.60% APY||13-Month No-Penalty CD ($10k min)||PurePoint Financial|
|2.35% APY||13-Month No-Penalty CD ($500 min)||Goldman Sachs Bank|
|2.30% APY||11-Month Flex Time Deposit ($10k min)||My eBanc|
|2.30% APY||No-Penalty 11-Month CD ($25k min)||Ally Bank|
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
The above rates are accurate as of 3/8/2019.