My e-BAnC's 12-Month Flex Time Deposit Has 2 Penalty-Free Withdrawals


Deal Summary: 12-months Flex Time Deposit, 1.40% APY, $10k minimum opening deposit, two penalty-free partial withdrawals permitted.

Availability: Internet bank

My e-BAnC by BAC Florida Bank (My e-BAnC) is ending the week by raising the rate on its 12-months Flex Time Deposit to 1.40% APY. (Don't be confused by the name: the Flex Time Deposit is a CD, plain and simple.) The minimum opening deposit is $10k, with no stated balance cap.

1.40%$10k-My e-BAnC by BAC Florida BankBAC Internet Flex Time Deposit 12 Months
Accounts mentioned in this post. Rates as of August 23, 2017.

On its face, the APY is not that noteworthy, but the two penalty-free partial withdrawals (allowed any time during the term) increase its competitiveness considerably.

The 12-months Flex Time Deposit has been part of the product line for almost three years. This week’s 70 bps increase is its first rate change, ever.

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.


Headquartered in Coral Gables' Miracle Mile area, My e-BAnC by BAC Florida Bank offers its services and extensive product line to U.S. citizens, permanent residents, and non-permanent residents, 18 years or older, through its online banking platform.

My e-BAnC’s online application is time sensitive, so I have not provided a direct link.

Bank Overview

My e-BAnC by BAC Florida Bank has an overall health grade of "A" at, with a Texas Ratio of 6.03% (excellent), based on March 31, 2017 data. In the past year, My e-BAnC has increased its total non-brokered deposits by $130.35 million, an excellent annual growth rate of 10.56%. Please refer to our financial overview of My e-BAnC by BAC Florida Bank (FDIC Certificate # 21265) for more details.

Established in 1973, My e-BAnC by BAC Florida Bank is part of The Pellas Group,which is based in Nicaragua. Located in Coral Gables, My e-BAnC is the 15th largest bank headquartered in Florida, with assets in excess of $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 Flex Time Deposit Compares

When compared to the similar length-of-term CDs tracked by, which require a minimum deposit of at least $10k and are available nationwide, My e-BAnC by BAC Florida Bank’s 12-months Flex Time Deposit APY is not that impressive, only ranking sixth. Its true value lies in the two penalty-free partial withdrawals.

Interest RateLength of TermCredit Union/Bank
1.65% APY12-month eSavings CD ($10k min/$250k max)Amboy Direct
1.60% APY12-month CD ($10k min/no max)BankDirect
1.50% APYNo-Penalty 11-month CD ($25k min/no max)Ally Bank
1.40% APY12-months Flex Time Deposit ($10k min/no max)My e-BAnC by BAC Florida Bank

The above rates are accurate as of 7/28/2017.

To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table, or our new Rates Map page.

Related Pages: Miami CD rates, 1-year CD rates, nationwide deals, Internet banks

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