EBSB Direct
Article Submitted By: BankMan
EBSB Direct is an FDIC insured savings bank headquartered in Boston, MA. The bank has been in existence for 160 years and has assets in excess of $1 billion. In 2006, East Boston Savings Bank, the parent of EBSB Direct went publish, using the holding company name Meridian Interstate Bancorp. The company trades on the Nasdaq under the symbol EBSB.
EBSB Direct is an FDIC insured savings bank headquartered in Boston, MA. The bank has been in existence for 160 years and has assets in excess of $1 billion. In 2006, East Boston Savings Bank, the parent of EBSB Direct went public, using the holding company name Meridian Interstate Bancorp. The company trades on the Nasdaq under the symbol EBSB.
EBSB Direct just launched and currently offers one product only - its high yield online savings account. The account is available nationwide and currently yields a very competitive 2.81% APY with a rate guarantee through September 30, 2009. As of May 13, 2009 that rate is the second best savings rate on the BestCashCow rate tables and is significantly higher than the best 3-month cd rate.
There is a $5,000 minimum balance to open the account and to get the 2.81% APY you'll need to deposit at least $50,000 into the account. Balances below $50,000 receive a still relatively decent 2% APY.
Account Opening and Funding
Account opening is totally online. There is no need to send back a signed signature card. Funding is also done online via ACH from another account. Trial balances will be used to verify you are indeed the owner of the funds. Consumers may fund via check or wire transfer although there is a $2 fee for checks and a higher fee for wire transfers. They want you to use ACH.
Safety and Soundness
East Boston Savings Bank is FDIC insured and has a Bauer rating of 4 out of 5 stars (excellent) for its safety and soundness. The stock has held up well over the last year and is currently trading at $8.31 versus a 52-week high of $10.40.
Comments
cdu, February 28, 2010
Refused my application because I reside in Florida! "saving account no available in your state".
a.l., February 17, 2010
when can you access this?...like anytime?...or at maturity?..
jtc, October 07, 2009
You need to deposit $50,000 to get the advertised rate, currently 1.77%. Any amount less than $50,000 the rate is 1.24%. Under $5,000 you get hit with a $15.00 service charge so read the fine print.
Nick Phillips, May 31, 2009
This account is available only to US citizens - not to US permanent residents.
BeKind, May 29, 2009
No, it's not a bait and switch. If you had opened an account while it was 2.81, you would have had that rate thru September. If you open an account now, you'll get 2.62 thru September. So those that opened an account last week still have 2.81. Hurry up, before they lower it again.
Jeff Racine, May 27, 2009
It is still the best rate out there at the moment - unless you want to deal with a website called SmartyPig?
What?, May 27, 2009
One day the rate is 2.81% and it says that it is guaranteed until September 30 and the next day it is 2.62% and still guaranteed until September 30. Is this bait and switch or what?
