EBSB Direct Review

How does your bank stack up?

  • Financial Rates: 2.5 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 3.5 Star Icon
  • Bank Fees: 3.0 Star Icon


  • High interest rates on accounts
  • CDs have low opening required amounts
  • Accounts are entirely online
  • Debit card offered for MMA


  • Limited deposit accounts offered
  • Highest rates require a large amount
  • MMA has a fee and high opening amount
  • Must link to another account

What You Need to Know

The EBSB Direct accounts offer good interest rates. The rates are slightly lower than other online-only accounts. They are higher than your typical brick-and-mortar bank rates.

The EBSB Direct accounts have low opening required amounts. The 15-month CD only requires $1,000 to open. The six-month CD and the money market account both require $2,500 to open.

EBSB Direct accounts are entirely online accounts. You apply for the accounts online, not at a branch location. You can make transactions for your EBSB Direct accounts at an EBSB branch location. Everything for your EBSB Direct accounts are online.

The money market account with EBSB Direct offers a debit card for you to access your money. Federal regulations allow six withdrawals per month from the money market account. There is a fee if you withdraw more than six times.

EBSB Direct only offers a money market account and two personal CD terms. The term lengths are six-months and 15-months. There are no other personal or business accounts available.

To earn the highest interest rate offered on the MMA, you must have at least $10,000 in the account. Balances from $10 to $9,999 earn interest, but a lower rate. The highest interest rate requires at least $10,000.

The money market account has a monthly fee of $8. Waive the fee by keeping at least $2,500 in the account. That is also the amount required to open the MMA. Keeping $2,500 in the account waives the fee and earns the lower interest rate.

To make electronic transfers, link your EBSB Direct accounts to an external account. You can link the accounts to another financial institution in the United States. More than one account can be linked to your EBSB Direct account.

Digital or Mobile Banking

EBSB Direct Bank accounts are online accounts. Through the website, you can:

  • Open accounts
  • Transfer money between linked accounts
  • See account balances and transactions
  • View account statements


East Boston Savings Bank started in 1848. It is the oldest bank founded in Suffolk County still open and operating under the original name. EBSB Direct is an online division of East Boston Savings Bank.

Today they have 32 branch locations and one specific loan center. EBSB Direct accounts are not offered through branch locations. Everything for the EBSB Direct accounts is online. You can complete transactions for your EBSB Direct accounts at branch locations.

Awards and Recognition

  • One of "America's 50 Most Trustworthy Financial Companies" by Forbes in 2014
  • Awarded Special Achievement Award as "Top Minority Leader" in 2013

Giving Back

The East Boston Savings Bank Charitable Foundation started in 1998. The foundation helps support charities in the community. Over the years, $5.5 million in funding has been given to charities. These charities help meet health and human service needs. In 2018, $438,000 in grants was awarded to over 120 nonprofit organizations. These charities support youth programs, education, and social service organizations. Some of those charities include:

  • For Kids Only Afternoon
  • Second Chances, Inc.
  • Women's Educational Center
  • Housing Families, Inc.

List of Common Bank Fees

  • ATM Fees in the United States: $0-2.50
  • ATM fees international: Not listed
  • Bill Pay: Not offered
  • CD Early Withdrawal Fees: 3-36 months of interest
  • Excessive Withdrawal Fees: $15
  • Monthly Service Fees: $8
  • Overdraft Service Fees: $35
  • Paper Bank Statements: $5
  • Wire Transfers (Domestic): $15-25
  • Wire Transfers (International): $15-40

Frequently Asked Questions

Are all the accounts FDIC insured?

Yes. EBSB Direct Bank is FDIC insured. The FDIC is an agency of the United States government. They protect funds deposited in banks, up to $250,000 per customer, per bank. The money is backed by the full faith and credit of the United States government.

How do I access my money?

By a debit card, electronic transfers, or by visiting a local branch.

Can I deposit cash?

Yes, at a local branch location. Some ATMs may accept cash deposits.

How long do transfers take?

A specific time was not listed on the website.

Can I sign up for direct deposit?

Yes. You can have money directly deposited to EBSB Direct accounts.

Are ATM transactions free?

Transactions made at EBSB or Allpoint network ATMs are free. Transactions made at other ATMs have a fee of $2.50 per transaction.

Are ATM transaction fees reimbursed?

No. ATM fees are not refunded.

Is mobile banking or a mobile app available?

EBSB offers a mobile banking app. Contact customer service to see if the app is available for EBSB Direct accounts.

Is bill pay offered?

EBSB Direct does not offer a checking account, so no bill pay is available.

Do the accounts offer competitive interest rates?

Yes. EBSB Direct rates are slightly lower than other online-only accounts. The interest rates are much higher than your typical brick-and-mortar bank rates.

Do checking accounts earn interest?

EBSB Direct does not provide checking accounts. The only accounts offered are a money market account and a six and 15-month CD.

What are the most popular accounts?

The 15-month CD and Money Market Special 3 accounts are popular.

What are the monthly maintenance fees?

EBSB Direct accounts do not have monthly maintenance fees.

Is this one of the best banks?

EBSB Direct only offers three accounts. The interest rates for those accounts are competitive. There are no fees. The accounts are entirely online.

How are my money and information protected?

Their safeguards follow federal regulations. Employees have limited access to personal information. They ask questions only you would know to ensure they protect your information.

Are any business accounts offered?

No. The only accounts offered through EBSB Direct are one MMA and two personal CD terms.

What makes these accounts different?

The interest rates are much higher. Everything for the account is online. There are no branch locations for EBSB Direct accounts. You can make transactions into the account at any EBSB location.

How do I reach customer service?

By phone, mail, or email. You can also visit a branch location.

Bank Contact Information

EBSB Direct
P.O. Box 101
South Boston, Massachusetts 02127

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