If you want to earn competitive rates on CDs, My eBanc may be a great option.
My eBanc is the online division of BAC Florida Bank. Even though they provide only personal bank accounts—no business or commercial services—My eBanc competes with other top online banks by offering some of the best rates on the market. High minimums may turn some consumers off, while others can maximize their banking by taking advantage of these rates.
This review focuses on My eBanc’s banking products and services. Here’s a detailed look at what this bank offers and how it compares to similar online banks.Account details and annual percentage yields (APYs) are accurate as of March 15, 2021.
Editor’s note: Only CDs are currently available from My eBanc. Checking, savings, money market account and eCombo products are unavailable but could relaunch within the next few months.
Account Basics
Checking
The Advantage Checking Account from My eBanc isn’t currently available.
Savings
The eRelationship Savings Account from My eBanc is currently unavailable.
Money Market
The SuperSaver Money Market Account from My eBanc is currently unavailable
CDs
My eBanc is known for its high-yield CDs, which the bank refers to as online time deposits. There are three types of CDs available: Online Time Deposits, Jumbo Time Deposits and Flex Time Deposits.
My eBanc Online CDs
My eBanc Online Time Deposits require a $5,000 minimum deposit to open. That may be more money than many potential customers want to commit long term. Other banks offer similar CDs with lower deposit requirements. My eBanc offers some of the highest CD rates on the market, though.
Here are the rates for My eBanc online CDs:
Like most banks, My eBanc doesn’t charge monthly maintenance fees on its CD accounts. Interest on My eBanc CDs is compounded daily and is credited at CD maturity. Online CDs are subject to penalties of up to nine months’ interest if you withdraw funds before the CD reaches maturity.
My eBanc Jumbo CDs
Jumbo Time Deposits are for those who plan to keep a large amount of money in a CD account. They require a $100,000 minimum deposit. Jumbo CDs come in five terms, ranging from six months to three years.
Here are the rates on My eBanc’s jumbo CDs:
Jumbo CDs have no monthly maintenance fees.
My eBanc Flex CDs
Flex Time Deposits require a $10,000 minimum deposit to open. They come with one CD term length: 11 months. Earnings are based on your account balance.
- Balances of $100,000 and above: 0.40% APY
- Balances below $100,000: 0.35% APY
Flex CDs are unusual in that they allow customers to make two withdrawals during the CD term without paying an early withdrawal penalty. There are no monthly maintenance fees charged on Flex CDs.
Other Accounts and Services
Until recently, My eBanc offered relationship benefits to customers who opened more than one bank account type. These were referred to as eCombo Solutions. Since My eBanc currently only offers CDs, eCombo Solutions are currently unavailable.
Access on the Go
My eBanc customers manage CDs digitally through online and mobile banking.
My eBanc’s mobile app is available for iOS and Android. The mobile app receives a rating of 3.7 out of 5 stars on the App Store and shows no rating on Google Play. Through the mobile app, My eBanc customers can:
- Manage accounts
- Transfer money
- Deposit checks
Customers also have access to My eBanc’s online money management tool.
Pros
- Competitive rates
- Multiple CD options
- Free money management tool
Cons
- High minimum balance requirements
- No physical locations
- Mobile app has very few reviews on App Store or Google Play
How My eBanc Stacks Up
My eBank is an excellent option if you want access to competitive rates on CDs. There’s a bigger financial commitment because of high minimums, so only apply for an account if you can meet those requirements.
My eBanc isn’t a good fit if you prefer the in-person banking service of a traditional bank. My eBanc has no local branches and a smaller ATM network that is limited to Publix locations.
Frequently Asked Questions (FAQs)
Is My eBanc FDIC insured?
Yes, My eBanc is FDIC insured as a division of BAC Florida Bank (FDIC# 21265). The federal government protects your money up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.
Is My eBanc safe?
My eBanc takes security seriously. The online bank employs several security measures, including the latest encryption technology, to ensure customers’ money and personal information is protected.
Does My eBanc have local bank branches?
No, My eBanc is strictly an online bank. Customers have access to ATMs via the Presto! ATM network located in Publix stores.
How do I contact My eBanc?
My eBanc support is available via phone at 855-512-0989. You can also receive email support at info@myebanc.com. There’s a live chat feature on My eBanc’s website for real-time help.
How do I open an account with My eBanc?
You can open an account through My eBanc’s website. The online application takes about 10 minutes to complete. To open an account, you’ll need to have personal information on hand, along with a copy of your driver’s license to verify identity and an external bank account and routing number to fund your account.
