-
Financial Rates:
2.5
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Customer Service:
4.0
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Website Experience:
3.5
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Bank Fees:
3.0
Pros:
- High interest rates on accounts
- CDs have low opening required amounts
- Accounts are entirely online
- Debit card offered for MMA
Cons:
- 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
History
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?
- How do I access my money?
- Can I deposit cash?
- How long do transfers take?
- Can I sign up for direct deposit?
- Are ATM transactions free?
- Are ATM transaction fees reimbursed?
- Is mobile banking or a mobile app available?
- Is bill pay offered?
- Do the accounts offer competitive interest rates?
- Do checking accounts earn interest?
- What are the most popular accounts?
- What are the monthly maintenance fees?
- Is this one of the best banks?
- How are my money and information protected?
- Are any business accounts offered?
- What makes these accounts different?
- How do I reach customer service?
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.
By a debit card, electronic transfers, or by visiting a local branch.
Yes, at a local branch location. Some ATMs may accept cash deposits.
A specific time was not listed on the website.
Yes. You can have money directly deposited to EBSB Direct accounts.
Transactions made at EBSB or Allpoint network ATMs are free. Transactions made at other ATMs have a fee of $2.50 per transaction.
No. ATM fees are not refunded.
EBSB offers a mobile banking app. Contact customer service to see if the app is available for EBSB Direct accounts.
EBSB Direct does not offer a checking account, so no bill pay is available.
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.
EBSB Direct does not provide checking accounts. The only accounts offered are a money market account and a six and 15-month CD.
The 15-month CD and Money Market Special 3 accounts are popular.
EBSB Direct accounts do not have monthly maintenance fees.
EBSB Direct only offers three accounts. The interest rates for those accounts are competitive. There are no fees. The accounts are entirely online.
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.
No. The only accounts offered through EBSB Direct are one MMA and two personal CD terms.
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.
By phone, mail, or email. You can also visit a branch location.
Bank Contact Information
EBSB DirectP.O. Box 101
South Boston, Massachusetts 02127
800-657-3272
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From Our Partners
| Savings (Rate as of 12/21/2024) | |
| APY | 3.80% |
|---|---|
| Rate | 3.73% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. | |
| Savings (Rate as of 12/21/2024) | |
| APY | 4.80% |
|---|---|
| Rate | 4.69% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. Promoted offer: No fees. Easy deposits and quick withdrawals. |
|
| Savings (Rate as of 12/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.65% |
| Min to Open | $500 |
| Min to Earn APY | $500 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. | |
| Savings (Rate as of 12/21/2024) | |
| APY | 3.80% |
|---|---|
| Rate | 3.80% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. Promoted offer: It only takes about 5 minutes to open a fee-free account. |
|
| Savings (Rate as of 12/21/2024) | |
| APY | 4.40% |
|---|---|
| Rate | 4.30% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. Promoted offer: No monthly maintenance fee, $0 to open, easily grow your money |
|
| Savings (Rate as of 12/21/2024) | |
| APY | 4.46% |
|---|---|
| Rate | 4.46% |
| Min to Open | $500 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. | |
| Savings (Rate as of 12/21/2024) | |
| APY | 4.35% |
|---|---|
| Rate | 4.35% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. Promoted offer: $200 Bonus w/ Tiered Savings Account and Qualifying Activities |
|
| Savings (Rate as of 12/21/2024) | |
| APY | 4.35% |
|---|---|
| Rate | 4.35% |
| Min to Open | $100 |
| Min to Earn APY | $5,000 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. Promoted offer: CIT Bank, a division of First Citizens, 125+ years of experience. |
|
| Savings (Rate as of 12/21/2024) | |
| APY | 4.30% |
|---|---|
| Rate | 4.21% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. | |
| MMA (Rate as of 12/21/2024) | |
| APY | 4.10% |
|---|---|
| Rate | 4.02% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | Yes |
| Member FDIC. | |
| Savings (Rate as of 12/21/2024) | |
| APY | 4.10% |
|---|---|
| Rate | 4.10% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. | |
| Savings (Rate as of 12/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $1,000 |
| Min to Earn APY | $1,000 |
| Monthly Fee | $5.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. | |
| Savings (Rate as of 12/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.75% |
| Min to Open | $10 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| FDIC insured at program banks†. Promoted offer: var. APY a/o 11/8/24. New customers only. Betterment LLC, not a bank |
|
| Savings (Rate as of 12/21/2024) | |
| APY | 4.10% |
|---|---|
| Rate | 4.02% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.