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EBSB Direct

Article Submitted by: BankMan
Banks


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.

 

Submitted: May 13, 2009    Views: 1394    Comments: 6    Likes: 2   


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.


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Comments Received:

What?
(Unregistered)

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?

Posted: May 27, 2009

Jeff Racine
(Unregistered)

It is still the best rate out there at the moment - unless you want to deal with a website called SmartyPig?

Posted: May 27, 2009

BeKind
(Unregistered)

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.

Posted: May 29, 2009

Nick Phillips
(Unregistered)

This account is available only to US citizens - not to US permanent residents.

Posted: May 31, 2009

jtc
(Unregistered)

the rate has dropped to 2.22%

Posted: Jun 3, 2009

jtc
(Unregistered)

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.

Posted: Oct 7, 2009



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