Deal Summary: Super Saver, 1.11% APY, no minimum or maximum deposit; 12-month Jumbo Time Deposit, 1.36% APY, $100k minimum deposit; 12-month Time Deposit, 1.35% APY, $1.5k minimum deposit.
Earlier this month, My e-BAnC by BAC Florida Bank raised the rates on its nationally available 12-month Jumbo Time Deposit (1.36% APY, $100k min) and 12-month Time Deposit (1.35% APY, $1.5k min).
|1.36%||$100k||-||My e-BAnC by BAC Florida Bank||BAC Internet Time Deposit 12 Months Jumbo|
|1.35%||$1,500||-||My e-BAnC by BAC Florida Bank||BAC Internet Time Deposit 12 Months|
Since being added to the product line in December 2013, both the 12-month Time Deposit and the 12-month Jumbo Time Deposit have experienced 15 rate changes, resulting in increases of 40 and 30 basis points respectively.
According to CSR, the Early Withdrawal Penalty for either the 12-month Time Deposit or Jumbo Time Deposit is three months interest.
February has been a productive month for My e-BAnC by BAC Florida Bank with the introduction of its Super Saver (1.11% APY) account and two checking accounts, Advantage Checking (0.50% APY) and Premier Checking (0.10% APY).
The name of this account suggests a Savings account, but seems more like a Money Market Account, as it offers limited checking writing (six per statement cycle). The rate is quite competitive, and the lack of monthly fees or minimum balance required to earn the stated APY only adds to its appeal.
The Super Saver could be a convenient account to deposit funds from a maturing My e-BAnC by BAC Florida Bank Time Deposit. As DA reader, me1004, noted in his comments on a recent Third Federal S&L blog post, “you might find it difficult to close and get your money when it [CD] matures” if you don’t have an exit plan.
New Checking Accounts
|0.50%||-||-||My e-BAnC by BAC Florida Bank||Advantage Checking|
|0.10%||-||-||My e-BAnC by BAC Florida Bank||Premier Checking|
$2.5k minimum opening deposit
No minimum balance requirement
Waivable $15 monthly service fee*
$1k minimum opening deposit
No minimum balance requirement
No monthly service fee
*Monthly service fee waived with Direct Deposit or ACH (minimum $500 per month), one debit card transaction, and one automatic payment per month.
Headquartered in Coral Gables' Miracle Mile area, My e-BAnC by BAC Florida Bank offers its services and extensive product line to anyone in the U.S. through its online banking platform.
My e-BAnC by BAC Florida Bank’s online application to open a Time Deposit is time sensitive, so I have not provided a direct link.
My e-BAnC by BAC Florida Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 13.00% (above average), based on September 30, 2016 data. In the past year, My e-BAnC by BAC Florida Bank has increased its total non-brokered deposits by $192.13 million, an excellent annual growth rate of 14.06%. 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 in Nicaragua. Located in Coral Gables, My e-BAnC BAC Florida Bank is the 16th largest bank headquartered in Florida, with assets in excess of $1.9 billion. While the majority of My e-BAnC by BAC Florida 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 CDs Compare
When compared to the 195 similar length-of-term CDs tracked by DepositAccounts.com that are available nationally, My e-BAnC by BAC Florida Bank’s 12-year Jumbo Time Deposit and Time Deposit APYs currently rank third and fourth, respectively, regardless of minimum deposit.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|1.42% APY||12-month CD Special ($5k min)||Connexus Credit Union|
|1.41% APY||12-month Share Certificate ($1k min)||Andrews Federal Credit Union|
|1.36% APY||12-month Jumbo Time Deposit ($100k min)||My e-BAnC by BAC Florida Bank|
|1.35% APY||12-month Time Deposit ($1.5k min)||My e-BAnC by BAC Florida Bank|
How the Super Saver Compares
When compared to the 170 Money Market Accounts tracked by DepositAccounts.com that are available nationwide, My e-BAnC by BAC Florida Bank’s Super Saver APY currently ranks second.
|Interest Rate||Account Name||Credit Union/Bank|
|1.25% APY||Mega Money Market (no min/$35k max)||All America Bank|
|1.11% APY||Super Saver (no min/no max)||My e-BAnC by BAC Florida Bank|
|1.10% APY||DimeDirect Money Market (no min/$500k max)||Dime|
The above rates are accurate as of 2/25/2017.