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My eBanc Review of Checking, Money Market and CD Accounts

Posted August 23, 2018 5:11 p.m. EDT
Updated August 27, 2018 6:00 p.m. EDT

Year Established1973 Total Assets$2.2BLEARN MORE

My eBanc is an online-only bank, but it’s also backed by years of bricks-and-mortar experience. My eBanc is a division of BAC Florida Bank, an FDIC-insured, Florida chartered bank owned by Grupo Pellas, a business consortium which has operated for over 140 years in 10 countries.

My eBanc itself has existed for over 45 years and has received a 5-star rating by Bauer Financial Inc., one of the leading bank rating and research firms in the United States. The bank’s parent, BAC Florida Bank, does have one physical location in Coral Gables, Fla. that can be used by My eBanc customers. The bank prides itself on supporting local civic responsibility initiatives and contributing to the welfare of its local communities.

Operating as a virtual branch of BAC Florida Bank, My eBanc offers online time deposits, a checking account and a money market option.

My eBanc’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

1.50%

Savings

My eBanc Super Saver Money Market Account

1.85%

Goldman Sachs Bank USA High-yield Online Savings Account

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on Goldman Sachs Bank USA’s secure website

2.35%

CD Rates

My eBanc Online Time Deposit 12 Months

2.50%

Ally Bank High Yield 12-Month CD

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on Ally Bank’s secure website

2.75%

CD Rates

My eBanc Online Time Deposit 24 Months

2.70%

Synchrony Bank 36 Month CD

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on Synchrony Bank’s secure website

2.80%

CD Rates

My eBanc Online Time Deposit 36 Months

3.00%

Barclays 60 Month Online CD

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on Barclays’s secure website

In this review, we’ll cover:

My eBanc’s checking account

My eBanc’s money market account

My eBanc’s CD rates

Overall review of My eBanc’s banking products

My eBanc’s checking account

[MyeBancAdvantageCheckingAccount]Advantage Checking Account[/MyeBancAdvantageCheckingAccount]

My eBanc offers only one checking account, but it is fully featured and pays interest.

APY

Minimum Deposit to Open

0.50%

$5,000

  • Minimum opening deposit: $5,000
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: $15, waived with balance of $5,000 or more
  • ATM fee: $0
  • ATM fee refund: Unlimited fees are rebated every month
  • Overdraft fee: $15

The Advantage Checking account is the only checking option at My eBanc, and it can be a tough one for some customers to sign up for with its $5,000 minimum opening deposit. Although balances below $5,000 are allowed, they trigger a steep $15 monthly fee.

In exchange for these tough requirements, the Advantage Checking account offers extensive features and benefits, including:

  • Free online and mobile banking
  • Free mobile check deposit via the bank’s app
  • No charge for writing checks
  • No minimum balance to earn APY
  • Free money management tool
  • Free first set of 50 checks
  • Person-to-person transfers
  • Interbank transfers
  • Free telephone banking
  • Free online bill pay
  • Free e-statements

Another interesting feature offered with the Advantage Checking account is the CremeBrulee Savings App. Powered by third-party company Bazing, the CremeBrulee app offers real-time discounts at local stores where you are shopping, in addition to general deals across the U.S. For example, you might be near a restaurant and receive an offer for a free glass of wine if you purchase an entree. You can also upgrade to CremeBrulee Premium for $5 per month, which offers benefits including 24/7 roadside assistance, up to $800 in cell phone protection, up to $10,000 in travel insurance and up to $2,500 in personal ID theft protection. Terms and conditions may apply.

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How My eBanc’s checking account compares

The Advantage Checking account offers numerous free features and benefits, most of which are useful for typical checking customers. Access to the CremeBrulee Savings app is an interesting addition, but it will not appeal to all customers.

Access to the account is only via a large opening deposit. Balances below the minimum opening requirement still earn interest, but also face a steep monthly fee.

In terms of yield, the Advantage Checking account pays a generous rate as soon as the account is opened, with rates more than triple those of the average national checking account. However, larger deposits don’t earn a higher APY. Ultimately, the rate paid is far short of the best available online checking account rates.

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My eBanc’s money market account

[MyeBancSuperSaverMoneyMarketAccount]SuperSaver Money Market Account[/MyeBancSuperSaverMoneyMarketAccount]

A straightforward online money market account with high rates.

APY

Minimum Deposit to Open

1.50%

$5,000

  • Minimum opening deposit: $5,000
  • Monthly account maintenance fee: $15, waived with balance of $5,000 or more
  • ATM fee: $0
  • ATM fee refund: Unlimited fees are refunded every month
  • Overdraft fee: $15

The My eBanc SuperSaver Money Market Account has the same high minimum opening deposit as the bank’s Advantage Checking account, but it pays triple the APY. However, as a money market account, pre-authorized, telephone or online transfers are limited to six per month. Customers who exceed this transaction limit three times in any 12-month period will face account closure or reclassification. The bank will also assess a $10 fee for any excess withdrawals. Note that transfers made to pay loans at BAC Florida Bank or withdrawals made via mail, messenger, ATMs or in person are unlimited.

The money market account also comes with extensive additional features, including the following:

  • Unlimited deposits
  • Up to six checks per statement cycle
  • Debit card, if opened in conjunction with a checking account; otherwise, an ATM card
  • Free money management tool
  • Free e-statements
  • Person-to-person transfers
  • Interbank transfers
  • Free online and mobile banking
  • Free online bill pay
  • Free mobile check deposit

As with the bank’s Advantage Checking account, the SuperSaver Money Market Account offers access to the CremeBrulee Savings app.

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How My eBanc’s money market account compares

The My eBanc SuperSaver Money Market Account offers a number of mobile and online banking features that should appeal to customers who are comfortable with an online-only bank. The added feature of the CremeBrulee Savings app may or may not appeal to the majority of customers, but the standard version is free of charge and may provide benefits to shoppers looking for mobile discounts.

The account pays a flat rate across all balances, regardless of size. The APY is high, currently paying more than five times the national average. Although not the highest in the nation, the SuperSaver Money Market Account rate compares favorably with the nation’s top-paying money market accounts.

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My eBanc’s CD rates

[MyeBancOnlinetimedeposits]Online time deposits[/MyeBancOnlinetimedeposits]

Online time deposits are standard CDs for those with less than $100,000 to invest.

Term

APY

6 months

1.85%

12 months

2.35%

18 months

2.36%

24 months

2.75%

36 months

2.80%

  • Minimum opening deposit: $5,000
  • Minimum balance amount to earn APY: $5,000
  • Early withdrawal penalty: Three months of interest for maturities of six to 12 months, six months of interest for maturities of 18 to 24 months, nine months of interest for maturities of 24 to 36 months

The standard online time deposits at My eBanc come in a limited range of just five maturities. The minimum amount needed to open an online time deposit is $5,000, but rates are the same regardless of the size of the deposit. There are no maintenance fees for online time deposits, and the accounts come with mobile and online access.

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[MyeBancJumboonlinetimedeposits]Jumbo online time deposits[/MyeBancJumboonlinetimedeposits]

Jumbo online time deposits are standard jumbo CDs.

Term

APY

6 months

1.85%

12 months

2.35%

18 months

2.36%

24 months

2.75%

36 months

2.80%

  • Minimum opening deposit: $100,000
  • Minimum balance amount to earn APY: $100,000
  • Early withdrawal penalty: Three months of interest for maturities of six to 12 months, six months of interest for maturities of 18 to 24 months, nine months of interest for maturities of 24 to 36 months

Jumbo online time deposits at My eBanc are for larger deposits, but the rates are the same as with ordinary online time deposits. These accounts also carry no maintenance fees and provide mobile and online banking services.

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[MyeBancFlextimedeposits]Flex time deposits[/MyeBancFlextimedeposits]

Flex time deposits pay a lower rate but offer additional access to funds.

Term

APY

12 months

1.40%

  • Minimum opening deposit: $10,000
  • Minimum balance amount to earn APY: $10,000
  • Early withdrawal penalty: Three months of interest for maturities of six to 12 months, six months of interest for maturities of 18 to 24 months, nine months of interest for maturities of 24 to 36 months
A flex time deposit at My eBanc is a CD account that allows two withdrawals without penalty. In exchange for this flexibility, there is a higher minimum opening deposit and there is only a single maturity, of 12 months. This 12-month rate is also significantly lower than the standard online time deposit rate.

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How My eBanc’s CD rates compare

Rates for My eBanc CDs are among the highest in the nation. My eBanc meets or exceeds the top CD rates available from competitors at the shorter maturities, and its longer maturities are also quite competitive. Rates across the board are far above national averages. However, the choice of maturities is quite limited, spanning just five different maturities between six and 36 months. The flex time account may be an interesting option for some customers, as it allows two penalty-free withdrawals.

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How to open My eBanc’s checking, money market, or CD accounts

All accounts at My eBanc can be opened online via a very user-friendly interface. After agreeing to standard disclosures, a list of available accounts pops up, along with current account rates. This is a helpful feature not found in many other online applications.After selecting the appropriate account(s), users simply provide basic financial information, such as name and address, date of birth, Social Security number, employment information, and ID information from a valid source such as a passport or a driver’s license.

Potential customers can call for the bank’s customer service line, Monday through Friday from 8 a.m. to 7 p.m. EST. The bank also offers a helpful online chat service.

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Overall review of My eBanc’s banking products

As an online-only institution, My eBanc serves as the virtual arm of BAC Florida Bank and is designed for customers looking for mobile- and internet-friendly services. With only one checking account, one money market account and a few CD lines, My eBanc does not have a broad roster of accounts. Banking customers looking for a full-service bank with deep product lines and tailored financial solutions might want to skip over My eBanc.

One of the main downsides of the bank is the high minimum balance required for its accounts. The bank’s most accessible CD offering requires $5,000 to open, and even the basic checking account carries the same high minimum opening balance.

However, for those comfortable with a more streamlined financial services institution, My eBanc does have merit. Most accounts offer considerable mobile and online features, and money market and CD rates are fairly high.

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The post My eBanc Review of Checking, Money Market and CD Accounts appeared first on MagnifyMoney.