My eBanc Ups 12-month Online Time Deposit Rate
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 ($5k min), so opening a Jumbo OTD offers no rate advantage.
As stated in the Truth-In-Savings document, the Early Withdrawal Penalty 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6 Month and 12 Month – Penalty will equal 3 months interest on the amount withdrawn.
18 Month and 24 Month – Penalty will equal 6 months interest on the amount withdrawn.
36 Month – Penalty will equal 9 months interest on the amount withdrawn.
Availability
Headquartered in Coral Gables' Miracle Mile area, My eBanc offers its services and product line through its online banking platform to U.S. citizens and residents, 18 years or older, who have a valid Social Security number.
My eBanc’s online application is time sensitive, so I have not provided a direct link.
Bank Overview
As the online division of BAC Florida Bank, My eBanc operates under BAC Florida Bank’s FDIC Certificate and shares its financial history.
BAC Florida Bank/My eBanc has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.72% (excellent), based on December 31, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $142.02 million, an excellent annual growth rate of 10.92%. Please refer to our financial overview of BAC Florida Bank/My eBanc (FDIC Certificate # 21265) for more details.
Established in 1973, BAC Florida Bank is part of The Pellas Group, which is based in Nicaragua. Located in Coral Gables, BAC Florida Bank is the 11th largest bank headquartered in Florida, with assets in excess of $2.09 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 Online Time Deposits Compare
When compared to the 201 similar length-of-term CDs tracked by DepositAccounts.com, which are available nationwide and require a similar minimum deposit, My eBanc’s 12-months Online Time Deposit APY currently ranks first.
When compared to the 150 similar length-of-term CDs tracked by DepositAccounts.com, which are available nationwide and require a similar minimum deposit, My eBanc’s 18-months Online Time Deposit APY currently ranks second.
When compared to the 195 similar length-of-term CDs tracked by DepositAccounts.com, which are available nationwide and require a similar minimum deposit, My eBanc’s 24-months Online Time Deposit APY currently ranks first.
When compared to the 196 similar length-of-term CDs tracked by DepositAccounts.com, which are available nationwide and require a similar minimum deposit, My eBanc’s 36-months Online Time Deposit APY currently ranks second.
The above rates are accurate as of 4/12/2018.
Looking for the best CD rates, both nationwide and on your state? Please refer to our CD Rates Table page.
For a whole week, I think.
Why in God's name is this happening right before my largest CDs are ready to mature??