Tuesday, 24 November 2020

Review of EBSB Direct’s Money Market and CD Rates

Review of EBSB Direct’s Money Market and CD Rates
05 Oct
7:30

EBSB Direct’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.25%

Savings

EBSB Direct High Yield Savings Account

1.90%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

EBSB Direct’s CD rates

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How EBSB Direct’s CD rates compare

With only one term available, EBSB Direct does not offer any variety for its CDs. But what it lacks in quantity it makes up for in quality as its 15-month CD interest rate is one of the best in the country for this length of time. If 15 months happens to match your savings timeline, it’s well worth considering this account.

We aren’t crazy about how at the end of the term, this CD auto-renews into an 18-month CD with a much lower interest rate, unless you tell EBSB Direct otherwise not to do so. That might lock savers who lose track of time into a product they don’t want. The early withdrawal penalty of six months’ worth of interest is also steep for a short-term CD.

If you need a CD that lasts a different length than 15 months or want to see what else is available, these other CDs are also fantastic options for your money.

EBSB Direct’s money market account

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How EBSB Direct’s money market account compares

If you plan on depositing at least $10,000, the EBSB Direct money market account is a terrific choice. It offers one of the best interest rates in the country for accounts with over $10,000 up to $2 million. We also like that, thanks to EBSB’s partnership with the Allpoint® network, you can make free withdrawals from 55,000 ATMs around the World.

On the other hand, if you deposit less than $10,000, this account is not as impressive. The interest rate is still better than what you’d receive at a large national bank but that’s a pretty low bar. Other online banks offer better interest rates for small deposits and don’t have the costly monthly maintenance fee for accounts of less than $2,500.

If you’re looking for a smaller money market account that doesn’t meet EBSB Direct’s high deposit limit or just want to see what else is out there, here are some of the other best money market accounts available today.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

David Rodeck

David Rodeck |

David Rodeck is a writer at MagnifyMoney. You can email David here

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Source: https://www.magnifymoney.com/blog/reviews/ebsb-direct/

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