Friday, 4 December 2020

My eBanc Review of Checking, Money Market and CD Accounts

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

on Goldman Sachs Bank USA’s secure website

2.35%

CD Rates

My eBanc Online Time Deposit 12 Months

2.45%

Synchrony Bank 12 Month CD

on Synchrony Bank’s secure website

2.75%

CD Rates

My eBanc Online Time Deposit 24 Months

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website

My eBanc’s checking account

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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.

My eBanc’s money market account

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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.

My eBanc’s CD rates

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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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John Csiszar

John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here

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Source: https://www.magnifymoney.com/blog/reviews/my-ebanc/

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