As the first anniversary of its Super Saver Money Market Account (MMA) approaches, My e-Banc has upped the rate to 1.50% APY on all balances. In the past 11 months, the Super Saver MMA has experienced three rate increases, adding a total of 70 bps.
Four months after the Super Saver MMA was introduced, My eBanc added some restrictions that are still in effect.
- Opening Deposit – while the stated APY applies to all balances, the Super Saver MMA now requires a minimum $5k opening deposit.
- 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.”
In addition to the new competitive rate, the Super Saver MMA is a convenient account for depositing funds from a maturing My eBanc Time Deposit (My eBanc's Time Deposits have a history of competitive rates.) As DA readers are well aware, it’s often much easier to deposit funds with an internet bank than withdrawing maturing funds. An exit plan is always a good idea.
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.
As My eBanc’s online application is time sensitive, so I have not provided a direct link, but the application can be accessed through the Super Saver Money Market Account promotion page.
My eBanc has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.72% (excellent), based on September 30, 2017 data. In the past year, My eBanc has increased its total non-brokered deposits by $174.16 million, an excellent annual growth rate of 13.28%. 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 twelfth 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 Super Saver MMA Compares
When compared to the 203 Money Market Accounts tracked by DepositAccounts.com that have similar minimum/maximum balance requirements and are available nationwide, My eBanc’s Super Saver MMA APY currently ranks second.
|Interest Rate||Account Name||Credit Union/Bank|
|1.51% APY||Money Market (no min/$250k max)||Northern Bank Direct|
|1.50% APY||Super Saver MMA (no min/no max)||My eBanc|
|1.45% APY||Money Market (no min/no max)||Sallie Mae Bank|
To search for Money Market rates, both nationwide and state specific, please refer to the Money Market Rates Table page.
The above rates are accurate as of 1/10/2018.