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EBSB Direct Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 4.0 Star Icon
  • Bank Fees: 5.0 Star Icon


  • High interest rates on accounts
  • No monthly maintenance fees
  • Accounts are entirely online
  • Debit card offered for MMA


  • Limited deposit accounts offered
  • Highest rates require a large amount
  • MMA requires a large opening amount
  • Must link to another account

What You Need to Know

The EBSB Direct accounts offer competitive interest rates. The rates are competitive with other online-only accounts. They are much higher than your typical brick and mortar bank rates.

There are no monthly fees listed for the money market account. The only fee that applies to the CD is if you withdraw the money before the CD reaches the maturity date.

EBSB Direct accounts are entirely online accounts. You can apply for the accounts online. Everything for your account is online. The EBSB Direct accounts are not available through the EBSB branch locations. You can make transactions to your EBSB Direct accounts at a local branch.

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

EBSB Direct only offers a money market account and one 14-month CD. There are no other personal deposit accounts offered. There are no specific business accounts offered.

To earn the highest interest rate offered on the MMA, you must have at least $10,000 in the account. The lower balances still earn interest, but a much lower rate.

To open the money market account offered through EBSB Direct, you must have $2,500. The 14-month CD requires $1,000 to open. Once you open the account, you are not required to keep a set amount in the account.

EBSB Direct only offers a money market account and CDs. To make electronic transfers, the accounts must connect to another account. Link your EBSB Direct account to any other financial institution in the United States. You can also link more than one account to your EBSB Direct account.

Cool Things

Online and Mobile Banking

Accounts at EBSB Direct are entirely online. Online banking allows you to see your account balances and transfer funds. You can transfer money between EBSB Direct accounts or linked accounts. With mobile banking, you can deposit checks. You can sign up for alerts about your account balances.


East Boston Savings Bank started in 1848. It is the oldest bank founded in Suffolk County that is 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 your local 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. This foundation helps support charities in the community. Over the years, $5.5 million in funding has been given to charities. These charities help meet the health and human service needs. 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.

This past year $438,000 in grants was awarded to over 120 nonprofit organizations.

Frequently Asked Questions

Is This Bank FDIC insured?

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

How do I access my money?

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

Does this bank offer mobile banking?

Yes. You can view account balance and transfer funds. You can schedule payments and make check deposits.

Is this a good bank?

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

Is this bank free?

Yes. EBSB Direct accounts do not have any monthly maintenance fees.

Is this bank secure 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.

Does this bank offer competitive interest rates?

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

Can I use this bank for my business accounts?

No. The only accounts offered through EBSB Direct are a money market account and a 14-month CD.

How is the online bank different from the online banking my bank offers?

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 locations.

Do their checking accounts pay interest?

EBSB Direct does not offer checking accounts. The only accounts offered are money market accounts and a 14-month CD.

How do I reach customer service?

Through email, mail, phone.

Does this bank offer bill pay?

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

Can I deposit cash?

Only at a local branch location

How long do transfers take?

A specific time was not listed on the website.

Can I sign up for direct deposit to this account?

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

Bank Contact Information

East Boston Savings Bank
C/O Electronic Banking
PO Box 101
South Boston, Massachusetts 02127

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