My eBanc Review of Checking, Money Market and CD Accounts

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 AccountsAPY

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

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

on Ally Bank’s secure website

2.75%

CD Rates

My eBanc Online Time Deposit 24 Months

2.70%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

2.80%

CD Rates

My eBanc Online Time Deposit 36 Months

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website

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

Minimum Deposit to Open

0.50%

$5,000

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:

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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.

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A straightforward online money market account with high rates.APY

Minimum Deposit to Open

1.50%

$5,000

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:

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

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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.

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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%

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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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%

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

APY

12 months

1.40%

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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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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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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