My eBanc 11-Month Flex Time Deposit New No-Penalty CD Rate Leader

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Deal Summary: 11-month Flex Time Deposit, 2.00% APY ($10k min/$100k max), 1.90% APY ($100k+), two penalty-free partial withdrawals permitted.

Availability: Internet bank

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.)

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.00*%$100k-My eBanc11 Month Online Flex Time Deposit
OTHER TIERS: 1.90% $10k - $100k
Rates as of November 14, 2019.

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 CSR confirmed that it takes seven days before the funds are actually withdrawn from the Flex TD.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 In addition to stating the amount to be withdrawn, you must provide the way funds are to be sent – by check or via ACH to an external account.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  • Dividends can be withdrawn monthly, quarterly, or semi-annually and can be distributed by check, internal transfer, or ACH to an external account.

Availability

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.

Bank Overview

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 RateLength of TermCredit Union/Bank
2.00% APY11-month Flex Time Deposit ($10k min/$100k max)My eBanc
1.90% APY11-month Flex Time Deposit ($100k+)My eBanc
1.90% APY11-month No Penalty CD ($500 min)Goldman Sachs Bank
1.90% APY13-month No-Penalty CD ($10k min)PurePoint Financial
1.90% APY11-month No Penalty CD ($25k min)Ally Bank
1.80% APYNo-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.

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

Comments
Hanck
Hanck   |     |   Comment #1
This is 11 month saving account with limited withdrawals and a rate guaranteed for 11 months, but 1.9% is a no go for many savers, you are losing at least 1/2% point from a regular 12mo CD at some other banks or CUs.
#2 - This comment has been removed for violating our comment policy.
Anonymous
Anonymous   |     |   Comment #3
This post made me look up the difference between a Bank and a Banc. Very interesting...
#7 - This comment has been removed for violating our comment policy.
Predatory Depositor
Predatory Depositor   |     |   Comment #4
Breaking News: PSECU just lowered their 36 month APY to 2.25% and 24 month APY to 2.00%.

So much for end of November!

I have a small IRA deposit in transit to them and I expect them to honor the rate I signed up for. We'll find out.

Had been planning a fairly large additional 36 month purchase for this coming week, but looks like the party is over. Oh well... saves me the work.
#5 - This comment has been removed for violating our comment policy.
Cracker
Cracker   |     |   Comment #6
I had a 12 month CD which matured on 11/8 at Live Oak Bank. Wouldn't you know they would choose that day to lower the interest rate from 2.3% to 2.15%. I missed the higher rate by ONE DAY.
111
111   |     |   Comment #8
The reference to Live Oak Bank reminded me that some folks here bought their 2.5% add-on 5-year CD about 55 - 56 months ago. (At that time 2.5% was not bad, especially as an add-on.) The bank's cap on that one is $250K, so anyone not at that cap who has a need to "bridge" liquid funds until next March could add those funds to their CD. I called recently, and Live Oak is aware this "vintage" of CD is an add-on (they've not offered many or any add-ons since then), and will honor the add-on provision.
My eBanc Ups Super Saver Money Market To 2.25% APY
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Availability: Nationwide, internet bank

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.

Super Saver MMA Details

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My eBanc Ups 12-month Online Time Deposit Rate
Deal Summary: Online Time Deposits: 6-months (1.85% APY), 12-months (2.25% APY), 18-months (2.45% APY), 24-months (2.60% APY), 36-months (2.60% APY), $5k minimum deposit.

Availability: Internet bank

My eBanc made a decisive move in the rates race yesterday, when it added between 10-25 bps to its Online Time Deposits (OTD). The minimum opening deposit is $5k, with no stated balance cap.

My eBanc also offers Jumbo OTDs, which require a $100k minimum deposit. The current rates for the Jumbo OTDs mirror those of the OTDs...

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Availability: Internet bank

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Four months after the Super Saver MMA was introduced, My eBanc added some restrictions that are still in effect.

  • Opening Deposit – while the stated...
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My eBanc Boosts 12-Month Jumbo Online Time Deposit
Deal Summary: 12-months Jumbo Online Time Deposit, 1.77% APY, $100k minimum deposit. 12-months Online Time Deposit, 1.70% APY, $1.5k minimum deposit.

Availability: Internet bank

My eBanc made its presence known in the rate race to the top yesterday, when it upped the rate on its 12-months Jumbo Online Time Deposit to 1.77% APY. The minimum opening deposit is $100k, with no stated balance cap.

Debuting in late 2013 with a modest 1.06% APY, the 12-months Jumbo Online Time Deposit has had nine rate increases in the...

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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.

On its face, the APY is not that noteworthy, but the two...

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