EBSB Direct Adds Nationally Available Savings Account, 2.50% APY

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UPDATE: 11/2/2018 - No longer available

Deal Summary: High-Yield Statement Savings, 2.50% APY on balances between $5k and $1m, $50 minimum opening deposit, new money

Availability: Nationwide (internet bank)

EBSB Direct has unveiled the latest addition to its product line: a High-Yield Statement Savings (HYSS) account, which earns 2.50% APY on balances between $5k and $1m. Balances greater than $1m earn 0.25% APY, with balances below $5k earning no interest.

According to the promotion page, new money is required to open an HYSS and “existing customers must deposit additional money from another financial institution.” In regards to the myriad of Money Market accounts offered by EBSB Direct in the past, existing customers had to deposit a minimum of $10k of new funds to qualify for the stated APY. Neither the promotion page or the Agreements and Disclosure mentions a minimum dollar amount for new funds for the HYSS, but both documents state the minimum opening deposit is only $50.

Here’s a scenario I thought of: if I have $100k in an EBSB Direct 15-month CD (currently earning 2.50% APY) that is maturing in the near future, I could open an HYSS with $50 of new money, and then transfer the CD funds upon maturity into the HYSS. Rather clever, if I say so myself, but I ran it by CSR to see what the reaction would be. CSR agreed with me that the wording about the new money requirement is vague at best, and without specific dollar limitations spelled out, my scenario would work.

That exchange with CSR made me wonder how EBSB Direct enforces new money requirements when they aren't spelled out. To quote Captain Barbossa in The Pirates of the Caribbean,

The code is more what you’d call “guidelines” than actual rules.

Thanks to DA reader, scottj, for his Forum post about this new product at EBSB Direct.

DIF Deposit Insurance

EBSB Direct offers more protection for large deposits through its Depositors Insurance Fund (DIF) membership. The DIF is a private, industry-sponsored insurance fund that insures all deposits above Federal Deposit Insurance Corporation (FDIC) limits at Massachusetts-chartered savings banks. The DIF has been insuring deposits since 1934.

As stated on EBSB Direct's About Us page,

As a member of both the Federal Deposit Insurance Corporation (FDIC) and the Deposit
Insurance Fund of Massachusetts (DIF), all of your deposits are insured in full. That means that every dollar you have on deposit with East Boston Savings Bank is fully insured without limit.

Availability

Headquartered in Boston, EBSB Direct (a subsidiary of East Boston Savings Bank) has no brick-and-mortar branches and operates only as an internet bank. While U.S. resident aliens were able to open an account online in the past, the promotion page reads,

You must be a U.S. Citizen to open this account.

Opening and funding a High-Yield Statement Savings account must be done online.

The brick-and-mortar East Boston Savings Bank is also offering the High-Yield Statement Savings, earning the same 2.50% APY. According to the first page of the Bank’s online application,

If you are not an existing customer of East Boston Savings Bank you must be a U.S. Citizen and reside in Massachusetts, New Hampshire or Rhode Island to open an account with us.

Note: when you click on the “Open Account” button on the EBSB Direct High-Yield Statement Savings promotion page, it goes to an online application that displays the East Boston Savings Bank logo. This has been an issue in the past and, in my opinion, EBSB Direct and East Boston Savings Bank are doing themselves a disservice by not delineating the two online applications and dispelling any confusion.

Based on comments made by DA readers in the Forum yesterday, I’m not the only one with concerns.

RZ – Application rejected based on product not offered in my state (WA)

RZ – The bank just called me to inform that the reason my application was rejected because I entered via their main web portal as opposed to ebsbdirect.com. If you click on that way there should be no problems setting up the account.

RZ – May be a simple application but I was just rejected again despite having an old account which still allows me to log in! Will have to straighten it out with a CSR tomorrow but it is often frustrating to say the least in dealing with these online banks.

FYI – RZ’s three comments were made within a six-hour window.

unmesh – I’m in CA and already have an account with them but I too got the “product is not offered in your state” message while applying.

One of my staff contacted the Bank in hopes of making sense of the online application situation, but nothing was actually resolved. The conversation ended with a Bank employee yelling at the staffer, “I’m having a problem with you,” because the staffer continued to press for a better explanation as to why a supposedly nationwide online application was rejecting applications with “product not offered in your state.”

Caveat emptor.

Bank Overview

As an internet division of East Boston Savings Bank, EBSB Direct operates under the Bank’s FDIC Certificate and shares its financial history.

EBSB Direct/East Boston Savings Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.15% (excellent) based on June 30, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $885.4 million, an excellent annual growth rate of 28.66%. Please refer to our financial overview of EBSB Direct/East Boston Savings Bank (FDIC Certificate # 33510) for more details.

While EBSB Direct was established in 2009, East Boston Savings Bank (founded in 1849) can trace its beginning to the Noddle’s Island area, a center of commerce highlighted by shipbuilding, carpentry, sugar-refining and iron foundries. Those early merchants and world-famous shipbuilders were the leaders in the formation of East Boston Savings Bank.

On January 17, 1849, the first official business day of the Bank, 57 people deposited $2,999 at the Bank’s Maverick Square Office. The next day, the Bank’s Board of Investment voted to purchase 15 shares of stock in the Merchant’s Bank of Boston and so began over 16 decades of growth, prosperity and prudent asset management for the merchants and residents of East Boston.

169 years later, following growth in size and scope (including a merger with Mt. Washington Cooperative Bank in 2010 and Meetinghouse Bank in late 2017), East Boston Savings Bank is the sixth largest bank in Massachusetts, holding assets in excess of $5.6 billion.

How the High-Yield Statement Savings Compares

When compared to the 215 Savings Accounts tracked by DepositAccounts.com that are nationally available, EBSB Direct's High-Yield Statement Savings APY currently ranks first, regardless of minimum balance requirements.

The above rates are accurate as of 10/5/2018.

Looking for the best Savings Account rates, both nationwide and state specific? Please refer to our Savings Account Rates page.

Related Pages: Boston savings accounts, savings accounts, nationwide deals, Internet banks

Comments
scottj
scottj   |     |   Comment #1
EBSB is local to me and have been using for a number of years. Every time they offer one of these new higher rates accounts I have opened and funded with money from an existing account there and has never been an issue
Plagiarized
Plagiarized   |     |   Comment #67
VIA BLADE
**New Account Creation Update with Tips and Tricks!**

As stated previously - if you are out of state (they are in Boston) you definitely need to begin your enrollment process on this page: www.ebsbdirect.com - utilize another page and you'll have issues.

I found the enrollment info/questions fairly standard. Yes, you'll need to pick a profession and include your last employer even if you're retired (as I did..) but not a big deal. Yes, you'll need to pick your annual income range and net worth from a drop down box of choices which is odd but simply pick the range you want - no one says it has to be accurate. When I finished the online application it did two things - provided me with my new account number (and sent me a confirm email) and showed me a red error message as well stating my online enrollment was not successful. What they are stating here is you have successfully created an account but are not yet setup to access it online. Because of this - when you try to login later it will say it needs to text you a security code to proceed and show you phone numbers that are not yours when it should just say it does not recognize your login name. Very bad messaging on their end with this issue which I advised them of earlier today during a phone call. If you run into this issue - look to the bottom left of the login screen (where you are typing what you think is your login name) and select the "Sign Up" link under the "Not yet enrolled?" heading. This will allow you to setup online access for the new account number you created earlier. Once you complete this process you'll be able to access your new savings account. All in all - very confusing and non-intuitive online process in desperate need of improvement but manageable once you learn a few tricks which I did by trial and error and by speaking with a helpful CSR. I tried to coax any inside info from the phone agent regarding what they may have heard about the duration of the 2.5% rate but they had none to offer. And yes, their phones are slammed with this new offer as expected but the wait time this morning was not bad. Now... let's see how easy the ACH funding process will be! I'll actually be surprised if it works the first time.
TXO
TXO   |     |   Comment #100
Awesome advice, thanks!
klink
klink   |     |   Comment #91
scottj.......One with experience, when using EBSB on-line ACH transfer system to and from a linked account at a different bank/credit union, how long does it take EBSB to pull funds and push funds from the date requested? Example: DSD when initiated thru them withdraws the funds for deposit the day after initiated. It takes 1-2 days to push the funds back. The rest of the disclosures have pretty much been answered here on the forum and I hate reading disclosures (but I know I should). Anyway thanks for a response.
Mikey1
Mikey1   |     |   Comment #154
I recently wanted to bring funds in from another bank to EBSB. On the EBSB website I initiated the deposit. On the next business day the funds were withdrawn from the other bank with the deposit posting at EBSB in the late afternoon as included in my balance, but not available (which is pretty standard). They allow sizable ACH transfers which is much appreciated.
browser
browser   |     |   Comment #153
Thanks for posting!
deplorable 1
deplorable 1   |     |   Comment #2
I had no problem with the online application and was approved instantly. There was a page of questions asking you to detail exactly how you would be using the account. Just waiting for the trial deposits to post to finish the account activation process.
Rancid
Rancid   |     |   Comment #6
So have your gm notes ever been the top yielder for over a week?
deplorable 1
deplorable 1   |     |   Comment #9
They have had the top since inception. The APY is 2.531% and before that it was 2.28%. They have consistently beat all other teaser rates from all savings and MMA's for the $50,000 tier level. Still when a FDIC insured account comes along with close to the same rate I'll just leave $50,000 in there and move the rest to safety.
Rancid
Rancid   |     |   Comment #14
Oh right, 2.53 versus 2.50, 2.28 versus 2.25.

Big bucks.
deplorable 1
deplorable 1   |     |   Comment #23
Maybe not big bucks but still the rate leader and no need to switch accounts unless you are looking for the safety of the FDIC/NCUA.
Rancid
Rancid   |     |   Comment #27
Rate leader does not mean what you think it means.

There is always a higher yielding option.

Rate leader means leading in its class. Unsecured notes from a large industrial company are not comparable to diversified money markets and certainly not comparable to government insured accounts.
Att
Att   |     |   Comment #57
Again deplorable these are notes which are unsecured debt not savings accounts.
ra88
ra88   |     |   Comment #53
On $250,000:
.03 = $75 / year
.25 = $625 /year
common cents
common cents   |     |   Comment #63
Thanks ra88

ON $1 billion for 100 years:

.03 =
.25 =

???
ra88
ra88   |     |   Comment #79
Hey cc -- the greater the $ amount, the more inventive to chase rates. If liquidity isn't necessary, people who want to avoid the nuisance of opening new bank accounts might consider short-term zero coupon treasuries, which (unlike CDs) are exempt from state tax.
Att
Att   |     |   Comment #3
Going to open and start moving funds from Northern.
Rancid
Rancid   |     |   Comment #7
A real wake up call!!
deplorable 1
deplorable 1   |     |   Comment #4
I read in the terms that this account has unlimited linking of external accounts for ACH as well. I just need to find out what their ACH limits are. I'll post back on here when I find out.
Judge Kavanaugh
Judge Kavanaugh   |     |   Comment #11
I just called them, it's 6 max/month and limit of $150k outbound per day. And I think it was $500k inbound.
deplorable 1
deplorable 1   |     |   Comment #22
Thanks those limits look good!
Crybaby Supreme Court Justice Kavanaugh
Crybaby Supreme Court Justice Kavanaugh   |     |   Comment #76
Chump change.
#77 - This comment has been removed for violating our comment policy.
Tess
Tess   |     |   Comment #5
Anyone know if they do a hard pull or soft pull?
deplorable 1
deplorable 1   |     |   Comment #10
No hard pull.
Anon123
Anon123   |     |   Comment #21
CSR says Chex used.
jjflyman
jjflyman   |     |   Comment #13
Sorry for a stupid question, but what is hard vs soft pull?
Blade
Blade   |     |   Comment #18
"Hard pull" = they ping one of the big 3 credit reporting agencies which, if done too often, can impact your overall score. Also a problem if you've frozen the big 3 after the Equifax breach. "Soft Pull" = basic Checkx type of report that does not impact your score or try to utilize info from the big 3 agencies. Hope this helps.
Ann
Ann   |     |   Comment #35
They do "try to utilize info from the big 3 agencies", they just don't report to the credit agencies that you've applied for credit. Otherwise it would not be a 'pull' (retrieval of your credit report) at all. ;-)
Panatropic
Panatropic   |     |   Comment #8
I had them in the past and was very glad to leave. Their CSRs were nasty, unhelpful and wouldn't do what they promised. With this announcement I was tempted for a minute, but no, it's not worth it to have to deal with them again.
RZ
RZ   |     |   Comment #38
Not my experience, I only left them because their rates were lagging. Spoke to JW today who was a gentleman and facilitated my application which often gets snagged because WA puts a * in you lic# if you have no middle name.
Ann
Ann   |     |   Comment #87
What an odd policy, RZ! I hadn't heard of any state doing that.
Att
Att   |     |   Comment #12
On deposit agreement Page 8 :FEES AND CHARGES. The following fees and charges may be assessed against your account:
Monthly maintenance fee $8.00
Fee for each transfer in excess of six during statement cycle $15.
jjflyman
jjflyman   |     |   Comment #15
yeah, I see that now. Burred pretty deep in their 25 page discloser PDF
I already don't trust them
Blade
Blade   |     |   Comment #16
Att - page 8 is for their MM account. Page 7 is for the high yield savings and does not include that monthly fee.
Att
Att   |     |   Comment #34
Thanks The agreement is a bit confusing
RZ
RZ   |     |   Comment #39
Previously had a MMA and was never accessed a fee.
Att
Att   |     |   Comment #84
#39 Said "may" be assessed" so looks like they weren't taking advantage of assessing the fee.
Anon123
Anon123   |     |   Comment #17
Does the deposit agreement say how to avoid the $8 maintenance fee?
Blade
Blade   |     |   Comment #20
There is no $8 fee on their high yield savings account - previous poster was reading info for their money market terms.
111
111   |     |   Comment #19
I suspect there's no rate guarantee as with Northern Direct (till 6/30/19) because Ken almost always mentions this if there is. But just to be complete - have any CSRs that anyone talked with (or communicated with electronically), mentioned any kind of rate guarantee?
Blade
Blade   |     |   Comment #24
Can't find anything stating a time period guarantee with the rate which is usually something banks market heavily if they have one. There is a $25 fee if you choose to close the account within 180 days if they do drop the rate or you could leave the $50 min. at 0% interest and wait out the 180 to avoid the fee. The lack of a locked rate period appears to be about the only real risk on this one to me and "risk" is probably too strong a term.
Anon123
Anon123   |     |   Comment #31
CSR says no rate guarantee.
RZ
RZ   |     |   Comment #40
No guarantee but previously rather than lower the rate they came out with a new "special" requiring you to reapply to get the higher rate.
TXO
TXO   |     |   Comment #25
Not available for those in TX
TXO
TXO   |     |   Comment #26
Sorry, it works through their EBSB Direct site
solarado
solarado   |     |   Comment #28
I'm still working through the process after applying yesterday. The trial deposits to my funding account have come through, which allowed me to go to the next verification step. I now have an account number, but not yet online access. I selected a username and password, but the authentication step offered to contact me at 2 phone numbers which are not mine. I called a CSR, and they said it takes 24 hours to get online access, so I'll try tomorrow. Good luck to all of us trying to take advantage of this stellar (for now) interest rate!
Anon123
Anon123   |     |   Comment #29
That happened to me as well. I spoke with CSR and she walked me thru the online access. On the sign-in page, on the left highlighted in blue says "sign up." Proceed from there. It should work.
Blade
Blade   |     |   Comment #36
Same experience - made it all the way through new account setup and received an account number and confirmation email from them. Was attempting to fund my new account with an external ACH transfer and figured I better make sure I can actually log into the new account first. Entered the login name I created during account setup and they wanted to text me a security code but showed me two phone numbers that were incorrect. Called them and CSR was able to find my newly created account and confirmed my correct phone number and login name. Advised me their system was slow to create new online login accounts and give it an hour. Gave it 90 minutes with the same result. Will try again in the morning. Great rate - truly annoying account creation process! They could definitely learn something by studying how Citizen Access Bank creates their new accounts online which to date has been my best experience.
solarado
solarado   |     |   Comment #37
Based on your experience, Blade, I tried again to set up online access after a couple hours -- and it works! I have an zero balance, my funding transfer hasn't occurred yet, the account info box lists a 0.00% interest rate, and I haven't yet discovered how to link other accounts, but at least I'm in. Baby steps in the right direction!
cowboy
cowboy   |     |   Comment #30
ATTN: Northern Direct.......Did you see this?? My patience will be very limited.
Mikey1
Mikey1   |     |   Comment #32
Yes, WAIT to see if Northern Direct matches this rate in the near future. You may not need this account at all.
Att
Att   |     |   Comment #33
I don't think Northern will match. The current rate for new accounts at Northern is 1.51%. People that opened a Northern account a few months ago get the 2.26% guaranteed till 6/2019.
RZ
RZ   |     |   Comment #41
Watch Salem Five now at 2.05% who is their local competitor. I take advantage of these MA banks when they are rate leaders due to the additional DIF insurance.
Dead Brain
Dead Brain   |     |   Comment #42
Will do!

Thanks for the heads up!
RJM
RJM   |     |   Comment #47
Yes, I agree it's unlikely Northern Direct offers a better rate for the reasons you stated.

By the first of the year, the 2.26% grandfathered rate will not be very good by comparison.

But, you never know. Hard to predict any banks cash requirements.
gregk
gregk   |     |   Comment #48
Northern likely raised all the funds it wanted with the 2.25% offer, and so dropped the rate subsequently to an uncompetitive 1.51%. However if depositors start leaving in droves for greener pastures, you might see Northern up their rate substantially to stem the outflow.
Att
Att   |     |   Comment #56
With savings accounts it's easy to switch your money to a new leader. I will transfer most of my funds from Northern to this account but still keep it open. Ken does all the research for me so I can get the best rates.

Also, most high rate savings accounts are with banks( .vs credit unions) and in most cases the accounts are easy to open. I find it more difficult to open accounts with credit unions.
Rozzie
Rozzie   |     |   Comment #43
I just tried to open at a branch in Boston and they told me it won't be available in branch until October 9.
!!!
!!!   |     |   Comment #44
Went from 0.88% to 2.50%.
Wonder how long it'll take for it to plunge back down?
scottj
scottj   |     |   Comment #46
We are in a rising rate environment so that is not going to happen. What is much more likely to happen is some bank offers a slightly better rate very soon and most of the people who just opened this account will move most of their money out to it. Always find it funny when people here complain about banks, we are not the customers banks want. We make them no money and have no loyalty to them even if they offer great service
DCGuy
DCGuy   |     |   Comment #49
The new online savings account is just about the same as the MM account, except that you can order checks for a fee to use for the MM account as well as order a debit card. The minimum and maximum balance amounts between them to earn the highest rate is different though. You probably could open another account with the bank and move your money over from the MM account.
DCGuy
DCGuy   |     |   Comment #70
The other bank competitors in the state (Salem Five, Bank5Connect, and United Bank (MA/CT)) have rates of 2.05%, 2.05%, and 2.10% respectively for their savings and money market accounts. Does this trigger a massive transfer over to EBSB Direct? Reminds me of a swarm of bees that target one person then the swarm leaves and targets another person. Some banks with low reserves don't like to attract these kind of bees.
Ann
Ann   |     |   Comment #88
"We make them no money"

Not by paying interest on loans/credit cards, but the bank uses your deposits to allow them to loan out more money to those other customers.
scottj
scottj   |     |   Comment #94
Ok we make them very little money. A bank could never survive on the margins they make with our money. They can borrow from the Fed at a rate lower than what they are paying on this account
pj long
pj long   |     |   Comment #95
scottj what do you think you are trying to say?

The discount rate is higher than 2.5%, and in any case, this is the highest rate in the US for savings account.

Most banks pay far less for consumer savings accounts, which means the cost of borrowing directly from the Fed is even more expensive relative to borrowing from hapless consumers.

The comments on this site are bewildering, based on something other than basic facts.
MoneyLuver
MoneyLuver   |     |   Comment #58
Asked a service agent about this and they said they haven't dropped the rates on any of their products all year long
DCGuy
DCGuy   |     |   Comment #71
For nearly a year, my account rate was stuck at 0.92% as they began to offer newer products with higher rates. They changed my rate at the end of last year to match their current offered rate without any request on my part. Perhaps it was an account type consolidation effort at the bank?
RJM
RJM   |     |   Comment #45
Nice rate. Very little free cash means no reason to open the account right now.

Hope others join the 2.50%+ party.

Love it when banks & credit unions compete for our money!

Wish a few would do rate matching. Long overdue.
HankL
HankL   |     |   Comment #50
I tried to complete a joint application, but am unable to do so because the system repeatedly kicks out an error message with respect to my joint applicant's employment industry. I tried various industries but the system refuses to allow me to continue. I spoke with a CSR, who thought that perhaps I was timed out and needed to repeat the application (note: you cannot save your application and return later.) I just sped through another application but got hung up again at the same place, co-applicant's employment industry. Anybody else have a similar experience, please advise. Thank you in advance for your assistance.
DCGuy
DCGuy   |     |   Comment #51
Make sure the occupation that was entered is a job position in the industry that is selected.
Ann
Ann   |     |   Comment #89
Job title should have nothing to do with the industry selected... there are accountants who work for companies in every industry, not just financial services companies; there are information technology people who work for companies in every industry, not just computer services companies; etc.
Att
Att   |     |   Comment #52
I had the same problem. Just kept trying with different industries till on worked. Forgot the one I used.
scottj
scottj   |     |   Comment #54
What drives me nuts is I'm retired so click that option, then it still makes me fill occupation info? For this one I used Entertainer as Industry and Clown as Occupation. It's not that far off
deplorable 1
deplorable 1   |     |   Comment #64
Use the homemaker option no BS required. Yeah I tried the retired approach as well.
Nothing
Nothing   |     |   Comment #66
Private investor
Ann
Ann   |     |   Comment #90
Not that it should matter anyway, but when I did a similar page of questions for another bank/CU recently, theirs specifically said they wanted to know about your last job prior to retirement if you selected 'retired'.
Sperry8
Sperry8   |     |   Comment #55
Has anyone outside Massachusetts, New Hampshire or Rhode Island been able to open an account?
MoneyLuver
MoneyLuver   |     |   Comment #59
Yes I opened an account yesterday, FL here
Att
Att   |     |   Comment #60
I live in NY no problem.
Sperry8
Sperry8   |     |   Comment #73
Perfect - I'm in FL too. Will start the process. Thanks!
slimjimmy51
slimjimmy51   |     |   Comment #61
I was all set to open an account with EBSB to get the 2.50% savings rate. During the application process this bank wants to know my annual income and my total net worth. NO BANK ever asked me for that information before. I got stopped right there, there is no reason in hell for giving that information out. Won’t be using this bank until they drop those requirements from the application.
deplorable 1
deplorable 1   |     |   Comment #65
They just do that so they can market investments to you. No big deal really.
!!!
!!!   |     |   Comment #75
It's a big deal if it's a mandatory requirement. Optional, OK. Mandatory, sleazy.
Advice or Slim
Advice or Slim   |     |   Comment #86
Lie. Just plug in some numbers.
Blade
Blade   |     |   Comment #62
**New Account Creation Update with Tips and Tricks!**

As stated previously - if you are out of state (they are in Boston) you definitely need to begin your enrollment process on this page: www.ebsbdirect.com - utilize another page and you'll have issues.

I found the enrollment info/questions fairly standard. Yes, you'll need to pick a profession and include your last employer even if you're retired (as I did..) but not a big deal. Yes, you'll need to pick your annual income range and net worth from a drop down box of choices which is odd but simply pick the range you want - no one says it has to be accurate. When I finished the online application it did two things - provided me with my new account number (and sent me a confirm email) and showed me a red error message as well stating my online enrollment was not successful. What they are stating here is you have successfully created an account but are not yet setup to access it online. Because of this - when you try to login later it will say it needs to text you a security code to proceed and show you phone numbers that are not yours when it should just say it does not recognize your login name. Very bad messaging on their end with this issue which I advised them of earlier today during a phone call. If you run into this issue - look to the bottom left of the login screen (where you are typing what you think is your login name) and select the "Sign Up" link under the "Not yet enrolled?" heading. This will allow you to setup online access for the new account number you created earlier. Once you complete this process you'll be able to access your new savings account. All in all - very confusing and non-intuitive online process in desperate need of improvement but manageable once you learn a few tricks which I did by trial and error and by speaking with a helpful CSR. I tried to coax any inside info from the phone agent regarding what they may have heard about the duration of the 2.5% rate but they had none to offer. And yes, their phones are slammed with this new offer as expected but the wait time this morning was not bad. Now... let's see how easy the ACH funding process will be! I'll actually be surprised if it works the first time.
!!!
!!!   |     |   Comment #74
Asking for information like profession, annual income range and net worth as a REQUIRED FIELD is a red flag.
To set-up a savings account? Give me a break! These guys have crossed the line with this sort of garbage.
scottj
scottj   |     |   Comment #78
Red Flag for what? That they are going to steal your money? Put whatever you want in those fields as they mean nothing. Have some fun and make yourself a billionaire.
beth
beth   |     |   Comment #85
Just went through the account opening process and received a confirmation number not an account number... or is this the account number? I also received a verification code for the ACH verification deposits. I didn't get an red error message.
make more money
make more money   |     |   Comment #106
i got the same thing wasnt sure so i tried signing up again for online banking and put the confirmation number when they asked for account number now im waiting for reply. doubt itll work but no patience for csr wait
abcd1234
abcd1234   |     |   Comment #104
Is a cellphone required? I notice the bank wants to text codes for security purposes.
ring ring
ring ring   |     |   Comment #105
no just use home phone
luvmycat
luvmycat   |     |   Comment #68
Any place to add beneficiaries?
Blade
Blade   |     |   Comment #69
I don't recall any beneficiary options during account setup but they may have it available after the account is active - not sure. I was able to successfully add my wife on as a joint account holder during setup.
DCGuy
DCGuy   |     |   Comment #72
I recently requested to add a beneficiary to my MM account. A CSR responded by secure messaging that a form will be sent to me to complete and return. After several weeks passed, I got no form. I did notice that the recent bank statement registration was changed to include the beneficiary that I was going to add (I provided the name of the beneficiary through secure messaging). I guess they were able to directly update it without needing to send the form.
dailybrowsing
dailybrowsing   |     |   Comment #108
Just the name of Beneficiaries not address, phone # nor their SS?
Thanks
dailybrowsing
dailybrowsing   |     |   Comment #126
They asked for DOB, no form needs to fill out if you requested in secure PM.
TrueAnon
TrueAnon   |     |   Comment #80
If they pull a bait and switch by lowering the rate anybody know if the $25 closing fee can be avoided by just leaving in $1 in for the 180 day period to keep the account active?
Vic
Vic   |     |   Comment #81
According to CSR, yes. However, a sticky issue is when an account is determined to be abandoned as there's a $50 fee to "process" that.
scottj
scottj   |     |   Comment #83
That is standard for most banks that have to turn your account over to State. If you were to get hit with that then it's your own fault since after that 6 month period just transfer money out and close it. Just need to send a quick message to close, or even if you don't close and allow it to go abandoned if you only have a $1 in it that is all they can take for that fee.
scottj
scottj   |     |   Comment #82
There is no minimum required to avoid fees on the High Yield Savings Account. I have had accounts here for over 10 years and have never seen them do a "bait and switch". What they do often though is offer a new account at a better rate. But once you have an account here the process to open a new one at the better rate is very easy and takes about 2 minutes. New account is suppose to be funded by new money but they have never enforced that on the 4 or so times I have done that.
deplorable 1
deplorable 1   |     |   Comment #92
I'm still waiting for the trial deposits to Northern to show up so I can set this account up. Anyone else having issues?
klink
klink   |     |   Comment #93
Long weekend. Was advised that it would be 2-4 days.
Att
Att   |     |   Comment #98
Opened account Friday the trial deposits were at Chase Saturday. Just waiting for money from Northern Direct to Chase. Initiated the pull from Chase. Doesn't Northern have a 5k limit on outgoing transfers unless you are opening with 5k.
NewAccountApp
NewAccountApp   |     |   Comment #99
Opened account Friday. Received trial deposits Tue Morning and was able to open my account and setup online access using the suggestions provided by Blade. Thank you all for all the wonderful information!
weiss800
weiss800   |     |   Comment #96
Just set up account. Had to do it twice, as when I went back to get the routing number the system threw me out. Write it down when it first comes up. I agree that some of the questions seem overly inquisitive, but for an extra two minutes of giving useless information, I'll take a liquid 2.5%! Also, please note that when you go to set up the online access, you may have to shrink the size of your screen to see the continue/submit button. Trial deposits are going out and waiting to confirm and fund.
sister sledge
sister sledge   |     |   Comment #97
Preach Weiss800!!!
deplorable 1
deplorable 1   |     |   Comment #101
I was finally able to get online access today after the trial deposits posted. I forgot about Columbus day(indigenous peoples day for the libs). It took 2 tries to set it up however as the first attempt failed. I had to close it out clear the browsing data and click on the sign up link on the login page to set it up successfully. I transferred $5,000 from Northern for the initial deposit in order to earn interest.
#102 - This comment has been removed for violating our comment policy.
FrankSavage
FrankSavage   |     |   Comment #103
Does anyone happen to know which credit reporting agency EBSB direct uses to evaluate new account applications?
deplorable 1
deplorable 1   |     |   Comment #107
My initial $5,000 deposit went in and the interest rate populated as 2.47% which should equate to 2.50% APY if compounded daily. I have linked 3 accounts and it looks like more are possible so far this looks great! Same interface as Northern/Ally demand notes and probably many others. If there are any fees I may be unaware of please post. I signed up for online statements already just in case of a paper statement fee.
dailybrowsing
dailybrowsing   |     |   Comment #109
I do not see any option to link accounts. Where did you initiate to link accounts?
Thanks
NewAccountApp
NewAccountApp   |     |   Comment #110
I also do not see an option to link external accounts. In fact, the one I used for the initial deposit also doesn't show up anywhere. Please help. Thanks.
TXO
TXO   |     |   Comment #111
I wrote their customer service and was told that the external link option would appear under the "pay & transfer" tab in a couple of days.
deplorable 1
deplorable 1   |     |   Comment #112
Once your opening deposit shows up so will the funding account under the pay and transfer tab. At the bottom there will be a link to add a new external account. You will have to wait for the trial deposits before a new account will be linked.
NewAccountApp
NewAccountApp   |     |   Comment #114
Account opened Oct. 5. Trial deposits received/verified Oct. 9. Initial deposit received in EBSB account Oct. 10. All normal. However, I still do not see links for adding external accounts in the "pay and transfer tab" as of Oct. 12. Any suggestions?
deplorable 1
deplorable 1   |     |   Comment #117
Click on the "PAY AND TRANSFER" tab and then click on "MANAGE EXTERNAL TRANSFER ACCOUNTS" you should see your funding account on that page. At the bottom you should see a link that says "ADD AN EXTERNAL TRANSFER ACCOUNT". If none of this shows up I would give them a call. I have 3 accounts linked and active already.
NewAccountApp
NewAccountApp   |     |   Comment #127
I sent an online communication but didn't get any response. Called them up this morning and was assured it is done but no new links displayed under the "pay and transfer tab". Had to call them again and finally it has been sorted out and works now. I don't understand why it took such an effort and being on long holds with the customer service rep. Anyway, glad it has been resolved!
weiss800
weiss800   |     |   Comment #113
Update to Comment # 96 -- Trial deposits took normal amount of time, first deposit sent on 10/10, in account today -- all normal procedures. Also, I am located in NY and had no trouble setting up accounts.
DCGuy
DCGuy   |     |   Comment #115
I was able to open the savings account and finalized the trial deposits in 2 days. It has zero balance until the money is transferred. Applying was easy and quick. None of the weird questions that Discover Bank threw at me when I applied last month asking what was the year and make and license plate number of a car that I owned. The only odd glitch involved the occupation selection. I chose one of the items in the drop down box and it got flagged as invalid. I then updated the entry by manually entering the occupation and then that got accepted. For those who already are current customers, the process does ask for you the account number and last statement balance on the account.
Craig
Craig   |     |   Comment #116
Just opened the account today and set up in online banking...added some external transfers accounts which will do trial deposits and then i can make my fist deposit in...They told me you can beneficiaries (up to 4) on the signature card they mail you....

Question, when you set up an ACH transfer on their system to an external bank, does it immediately post or not until it actually arrives at EBSB? Once it arrives, is there any hold on the incoming funds? If so, how many days?
beth
beth   |     |   Comment #118
I filled out the application and submitted it 10/7. The funds transferred out of my funding account on 10/9 and was visible (but not available) in my EBSB account on 10/10. I would assume by Monday the funds will be listed as available and my funding account will be visible.
aris
aris   |     |   Comment #119
There is a holding period of 9 business days for deposits for new accounts (first 30 days).
beth
beth   |     |   Comment #139
Don't wait for the 9 days. I finally called early this morning (no waiting) and they put in "an order" to have my external account manually linked. The external link showed up about 4 hours later and I was able to transfer funds over and above my initial deposit.
Anon446
Anon446   |     |   Comment #120
My new EBSB savings account is funded as of 10/11/18.

Page one of the disclosure states that "external transfers" for new accounts become available for withdrawal after 9 business days. After the account has been open for 30 days, external transfers become available for withdrawal after 3 business days. However, I am uncertain if this applies to direct deposits as well. Are direct deposits subject to a hold?

Disclosure states there is an Abandoned Account Processing fee of $50. However, I see no mention of how they define an abandoned account. Does anyone know?
FrankSavage
FrankSavage   |     |   Comment #121
I think the answer to your first question can be found at the top of page 12 here: https://www.ebsbdirect.com/uploads/documents/agreements-and-disclosures
Craig
Craig   |     |   Comment #122
@FrankSavage: that section is referring to rules for funds availability of deposited CHECKs not ACH transfer from external accounts...Does anyone know if a hold is placed on incoming ACH transfers done using EBSB's transfer system? And when you set up the transfer, does it get posted right away?
Penny
Penny   |     |   Comment #124
From my reading it sure seems to me that it does apply to your question. If an ACH transfer is considered an electronic direct deposit, then funds are available as soon as it posts.
#150 - This comment has been removed for violating our comment policy.
Anon446
Anon446   |     |   Comment #125
Found the answer to my first question. There is a section in the disclosure called Same Day Availability. It states that direct deposits have no holds.
!!!
!!!   |     |   Comment #123
What kind of weird bank is this anyway?
One savings account, one money market account and one CD?
DCGuy
DCGuy   |     |   Comment #131
Some B & M banks have online bank division that only offer a smaller number of account types. East Boston Savings Bank (regular division) has checking accounts. They don't offer that for the online only division. Look over the entries for the Savings Account and Money Market accounts on this website and then look at the Checking Account entries. Many of those on the Savings and MM entries do not have one for Checking Accounts. And the rates between the B & M division and online only division may not match. Less flexibility on the online division means the website programmer has less to manage. Being a computer programmer myself for decades, I can understand creating an online setup like that.
DJA
DJA   |     |   Comment #128
I’m with United Bank and they just recently up’ed my APY from 1.95% to 2.10%. Do you think it is worth transferring to EBSB? I believe they’re both based in MA. The money I’m keeping in there is savings to buy a house; so the more interest paid, the better.
DCGuy
DCGuy   |     |   Comment #129
United Bank's HQ is in CT, not MA so there is no DIF insurance. If the savings account is just for a small down payment, I would not bother with moving the money. If you are paying for the cost of the house or nearly most of it, then moving to a higher APY would be better.
DJA
DJA   |     |   Comment #130
I like the idea that it is DIF insured so I'm leaning more towards transferring banks.

I went to https://www.ebsbdirect.com/ to see if I can open an account but it routed me to: Thank you for your interest in opening a new account.
Unfortunately, we cannot process your application. For assistance, please navigate to our public website and choose the option to Contact us.

I read that's the site to start from. Or am I wrong?
DCGuy
DCGuy   |     |   Comment #132
That is the correct URL to open an account with the online division. Did you go through the application input screens (personal information, ID verification, ACH transfer information, You probably received this when clicking on the OPEN ACCOUNT icon.
Thank you for your interest in opening a new account.

Unfortunately, we cannot process your application. For assistance, please navigate to our public website and choose the option to Contact us.

Apparently, they have shut down the application processing at this time.
DCGuy
DCGuy   |     |   Comment #133
Remember that EBSBDIRECT.com restricted the customer base to the New England states several years ago. Morrill and Janes Bank in the KS/MO area closed all outside region accounts when too many people flooded them with money. Banks do not want "rate chasing" customers. I don't blame them.
DJA
DJA   |     |   Comment #134
Yeah I filled out the required information and it said it was saving my application then routed me to this:
Thank you for your interest in East Boston Savings Bank.
Unfortunately, we cannot process your application at this time. Please contact us for further information.
DJA
DJA   |     |   Comment #135
I'm from CA if that helps. I thought I read somewhere that CA residents were allowed to participate.
DCGuy
DCGuy   |     |   Comment #136
The application process is now back up again. May have been a temporary server issue.
DCGuy
DCGuy   |     |   Comment #137
I received the earlier message when just clicking on the APPLY ACCOUNT icon. Now, it seems to go to the application input menu. As far as I know, CA residents should be accepted.
DJA
DJA   |     |   Comment #138
Yeah I tried it again. It tells me it is saving my data then brings me to:
Thank you for your interest in East Boston Savings Bank.
Unfortunately, we cannot process your application at this time. Please contact us for further information.

They're closed since I'm on PST. I'll try calling Customer Service tomorrow.
Bowman
Bowman   |     |   Comment #140
I applied on Friday 10/12. My funds were received on Tues 10/16. I still do not have the ability to link any external accounts. I called today and was told I have to wait until Wed 10/31 before I will be allowed to link any accounts.
Ricochet
Ricochet   |     |   Comment #141
Read comments
# 117
#119
#139
Bowman
Bowman   |     |   Comment #142
Thanks, I did see these comments which is why I called. I asked about manually linking and the CSR said they couldn't do that.
TXO
TXO   |     |   Comment #143
I would call again and hopefully get someone more helpful. I called a couple of days ago to have the external link added to my account and it was after 24 hours.
Browser
Browser   |     |   Comment #146
Send them secured message from your account. They will then. Been there done that.
Anon446
Anon446   |     |   Comment #144
As of today, my new EBSB account is: funded with $5k, set up with a verified external transfer account, and the signature form is mailed back. I had to call EBSB to get the external transfer account manangement settings. Also, they explained to me the phone that the account is considered to be abandoned after 13 months of no transactions. But I still can't find that detail in disclosure. ???????
Browser
Browser   |     |   Comment #145
Where was you got the signature form that quick?
Thanks
Anon446
Anon446   |     |   Comment #147
I'm in New York. You have two weeks to mail the signature form back.
browser
browser   |     |   Comment #151
I received after came home from work. Mailed today. Thanks.
They are quick! I like their color envelope which could easily remember. Organized!
Am going stay with them for good if interest rate is compatible !
DJA
DJA   |     |   Comment #148
I've been trying to apply for awhile now and it keeps giving me this after I submit my application:

Thank you for your interest in East Boston Savings Bank.
Unfortunately, we cannot process your application at this time. Please contact us for further information.

Anyone know why? I'm applying from ebsbdirect.com. I'm also applying from CA if that makes a difference.
browser
browser   |     |   Comment #152
Give them a call to see. It could be from your credit records.
DCGuy
DCGuy   |     |   Comment #162
If you are still unable to open the account, I doubt that you will be able to later.
ratechaser77
ratechaser77   |     |   Comment #149
Remember that many banks consider those 2 trial deposit/withdrawals as 2 of your 6 withdrawal limits.
pwj7050
pwj7050   |     |   Comment #155
EBSB discontinued this offer today, 11/1/18 but those with existing accounts will still earn 2.50% APY.
Test3
Test3   |     |   Comment #156
Thanks, I see this in my account. Do you know how long this 2.50% rate lasts?
aris
aris   |     |   Comment #157
It seems that the High-Yield Statement Savings Account is no longer available. I don't see it in the website.
Test3
Test3   |     |   Comment #158
I sent them a message, will report back if they get back to me.
c_y
c_y   |     |   Comment #160
I just called them and they still accept a new application of High Yield Savings locally in their branches. It means that a local resident is MUST for a new application.

According to their CSR, there is no any impact to existing account owners of High Yield Savings so far.
deplorable 1
deplorable 1   |     |   Comment #161
Thanks for the data point. This clearly illustrates why it is best to move quickly on these deals. I have 6 Insight card 5% savings accounts that are still paying 5% and are now CLOSED to new applicants.
#159 - This comment has been removed for violating our comment policy.
gregk
gregk   |     |   Comment #163
This wasn't a guaranteed rate for a specified period (like Northern's 2.25% offer) was it? So iof the rate's been lowered for new applicants, just how long is the 2.50% rate effective for those with already existing accounts? Anyone know?
deplorable 1
deplorable 1   |     |   Comment #164
That's just it we don't know. I think it could end at any time as there was no rate guarantee. This is why I always keep a account open with another bank like AllAmerica/Redneck for example as they are consistently competitive.
c_y
c_y   |     |   Comment #165
No any bank can guarantees an interest rate forever and we need to watch for it frequently ourselves. In this environment of "rising rates", I guess that they won't reduce the interest rate, but they won't increase it either. After one or two more times of Fed rate hikes (early 2019), other banks will be able to beat their interest rate of 2.5%.
EBSB Direct Introduces 20-Month CD
Deal Summary: 20-month CD, 2.69% APY, $1k minimum deposit, limited-time offer

Availability: Nationwide (internet bank)

EBSB Direct’s ever-changing product line has introduced a new CD: a limited-time 20-month CD, earning 2.69% APY. (The 2.20% APY 14-month CD added in April is still available.) The 20-month CD can be opened with a minimum $1k deposit and there is no stated balance cap. The CD is only available as a personal account and no IRA is offered.

As stated in the Agreements and Disclosures...

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EBSB Direct Brings Back Money Market Special 3
Deal Summary: Money Market Special 3, 1.80% APY on balances between $10k and $2m, $2.5k (new money) minimum opening deposit.

Availability: Nationwide (internet bank)

EBSB Direct continually changes its product line - you never know what you're going to find. The newest offering is the re-appearance of the Money Market Special 3, which now earns 1.80% APY on balances between $10k and $2m. Balances of $2m+ earn 0.80% APY, while balances between $10 and $10k earn 0.50% APY.

According to the promotion page, the minimum opening...

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EBSB Direct Unveils 14-Month CD Special
Deal Summary: 14-month CD Special, 2.20% APY, $1k minimum deposit, limited-time offer. Direct Money Market Special, 1.57% APY on balances between $10k and $2m.

Availability: Nationwide (internet bank)

EBSB Direct’s product line is structured differently than that of most other banks: rather than maintaining a relatively consistent number and type of products, EBSB Direct chooses to run limited-time specials. It’s like that box of chocolates – you never know what you’re going to get.

When I wrote about EBSB Direct three months ago, the Bank was...

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Competitive Rates on Money Market and 30-Month CD at EBSB Direct
Deal Summary: Money Market Direct, 1.39% APY ($50k+), 0.20% APY ($5k-$50k), minimum $5k opening deposit of new money. 30-month CD, 2.21% APY, $1k minimum deposit, new money, limited-time offer.

Availability: Nationwide (internet bank)

From 2010 to 2016, EBSB Direct offered a Money Market account with rates that ranged from 0.80% APY to 1.30% APY. In May 2016, EBSB Direct introduced its Money Market Special 2 (1.08% APY, $10k+), while still maintaining the original Money Market (0.92% APY). In October 2016, EBSB Direct unveiled its Money Market...

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EBSB Direct Reopens Money Market Special 3
Deal Summary: Money Market Special 3, 1.25% APY ($10k min/$2m max), minimum $2.5k opening deposit of new money; 19-month CD, 1.61% APY, $1k minimum deposit of new money.

Availability: Nationwide (internet bank)

In October, EBSB Direct introduced its Money Market Special 3 (MMS3), the successor to its Money Market Special 2, which had been added to the product line in May. In the beginning of December, EBSB Direct stopped accepting applications for the MMS3. As of this week, the MMS3 is available again, with the same...

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