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EBSB Direct
0.92*%$50k$1mEBSB DirectEBSBdirect Money Market Account
Accounts mentioned in this post. Rates as of May 4, 2016.

Top Savings Account Rate for New England and New York State


EBSB Direct continues to offer a good deal on its high yield savings account for those with large balances. The savings account has a 1.30% APY on balances of $50K to $1M as of 4/10/2011. For balances of $5K to $50K, the rate goes down to 0.75% APY, and for balances under $5K, no interest is paid.

This rate has held since I reviewed EBSB Direct in December. Back at that time, a 1.30% APY was good but there were several banks offering higher rates. That's not the case any more as you can see in my latest weekly summary.

Many of the account details are listed in the bank's FAQs and in its disclosure. I have a list of the important features in my 2009 EBSB Direct savings account review. The account has many features that you would expect from an internet savings account.

New England and New York State Only

Back in 2009 the bank accepted new customers from any state. However, this changed last year. When I last contacted EBSB Direct in October, I was informed that they only accept new customers from New England and New York State.

Top 3-Year CD Rate

The bank also offers two online CDs. The best one is the 3-year CD which has a 2.25% APY as of 4/10/2011. For more details, please refer to my EBSB Direct CD review in December.

DIF Deposit Insurance Adds to FDIC

For those with large savings, you might be interested in the bank's DIF membership. Here's what is stated at EBSB Direct's About 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.

Note, DIF is a private deposit insurance fund and covers deposits over the FDIC limit.

Bank Overview

EBSB Direct is an online division of East Boston Savings Bank. The bank has an overall health score of 3 stars (out of 5) with a Texas Ratio of 25.87% (average) based on December 2010 data. Please refer to our financial overview of East Boston Savings Bank for more details. The bank has been a FDIC member since 1991 (FDIC Certificate # 33510).

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Related Pages: EBSB Direct, Boston, savings account, CD rates

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Anonymous   |     |   Comment #1
The rate guarantee of 1.3% until December 31, 2010 has held so far into 2011.  I switched my direct deposit pay over to EBSB back in October as the rates with my other accounts dropped over the past several months.
Anonymous   |     |   Comment #2
As of April 27, rate was down to 1.1% for at least $50K balance.
Anonymous   |     |   Comment #3
Rate reduced to 0.8% for at least $50K balance.
Anonymous   |     |   Comment #4
Savings account rate has gone down to 0.7% and 0.6% for most of 2012.  Just a few days ago, it showed 0.6% on their website.  Upon checking today, it was increased to 1.17% APY.  Almost doubled in the rate for some reason.  The CD rates have been drifting downward for a while.