My e-BAnC Adds Super Saver (1.11% APY) & Ups 12-Month CD Rates

POSTED ON BY

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.

Availability: Internet bank

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).

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.36%$100k-My e-BAnC by BAC Florida BankBAC Internet Time Deposit 12 Months Jumbo
1.35%$1,500-My e-BAnC by BAC Florida BankBAC Internet Time Deposit 12 Months
Accounts mentioned in this post. Rates as of February 25, 2017.

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.

New Products

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).

Super Saver

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.11%--My e-BAnC by BAC Florida BankSuper Saver
Accounts mentioned in this post. Rates as of February 25, 2017.

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

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.50%--My e-BAnC by BAC Florida BankAdvantage Checking
0.10%--My e-BAnC by BAC Florida BankPremier Checking
Accounts mentioned in this post. Rates as of February 25, 2017.

    Advantage Checking

    0.50% APY

    $2.5k minimum opening deposit

    No minimum balance requirement

    Waivable $15 monthly service fee*

    Premier Checking

    0.10% APY

    $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.

Availability

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.

Bank Overview

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 RateCD Length of TermCredit Union/Bank
1.42% APY12-month CD Special ($5k min)Connexus Credit Union
1.41% APY12-month Share Certificate ($1k min)Andrews Federal Credit Union
1.36% APY12-month Jumbo Time Deposit ($100k min) My e-BAnC by BAC Florida Bank
1.35% APY12-month Time Deposit ($1.5k min)My e-BAnC by BAC Florida Bank

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

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 RateAccount NameCredit Union/Bank
1.25% APYMega Money Market (no min/$35k max)All America Bank
1.11% APYSuper Saver (no min/no max)My e-BAnC by BAC Florida Bank
1.10% APYDimeDirect Money Market (no min/$500k max)Dime

To search for Money Market rates, both nationwide and state specific, please refer to the Money Market rates section of DepositAccounts.com or our new Rates Map page.

The above rates are accurate as of 2/25/2017.

Comments
My e-BAnC by BAC Florida Bank Increases Rates On 12-Month CD
Availability: Internet bank

A year ago this week, I reported that BAC Florida Bank had raised the rates on its 12-month Internet Time Deposit (CD) and 12-month Jumbo Internet Time Deposit.

Twelve months later, the Bank has a new name, My e-BAnC by BAC Florida Bank, and has once again raised the rates on its nationally available 12-month Internet CD (1.25% APY) and 12-month Jumbo Internet CD (1.30% APY).

In the past 15 months, both the 12-month Internet CD and 12-month Internet Jumbo CD have experienced eight rate hikes, resulting in increases...

Continue Reading
BAC Florida Bank Raises Rate On 12-month CD - Nationally Available

This week, BAC Florida Bank raised the rate on its nationally available, 12-month Internet Time Deposit (1.15% APY). The minimum opening deposit is $500, with no maximum balance cap. The Early Withdrawal Penalty (EWP) is three months interest.

This 12-month Internet Time Deposit (CD) is also offered as a Jumbo CD (1.17% APY) with a minimum opening deposit of $100K and no maximum balance cap. The EWP is also three months interest.

Availability

Headquartered in Coral Gables' Miracle Mile area, BAC Florida Bank...

Continue Reading
Top Internet Jumbo CD Rates at BAC Florida Bank

BAC Florida Bank is now offering several internet accounts, and the internet CDs have very competitive rates. The two best deals are a Jumbo 1-year CD with a 1.11% APY and a Jumbo 18-month CD with a 1.16% APY. Minimum deposit is $100,000. The yield for both terms is 1.06% for a $500 minimum deposit. These rates are listed at the bank’s Internet Jumbo Time Deposit page as of 5/22/2014.

BAC Florida also offers an internet checking account, savings account and money market account. However, these rates are not competitive...

Continue Reading