-
Financial Rates:
2.5
-
Customer Service:
4.0
-
Website Experience:
3.5
-
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
-
Financial Rates:
5.0
-
Customer Service:
5.0
-
Website Experience:
4.0
-
Bank Fees:
4.0
Pros:
- Low required opening amounts
- Checking account earns interest
- Business accounts offered
- Competitive interest rates
Cons:
- To earn highest rates requires a large sum
- Some accounts have fees
- Cannot open all accounts online
- Low interest rates on MMA
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.
MutualOne accounts have a low required amount to open the accounts. There are 15 different CDs to choose from. Three CDs require $5,000 to open, but the rest only need $500 to open. Checking accounts only need $100 to open. The MMA requires $500. All MutualOne saving accounts only require $10 to open.
The MutualOne Advantage checking account earns interest. The account only requires $100 to open the account. Any amount over $10 will earn interest. The rates are tiered so to earn the highest rates, you must keep $50,000 in the account. Amounts under that still earn competitive interest rates, just not the highest amount.
MutualOne offers competitive, tiered interest rates on their accounts. The more money you have in the accounts, the higher the interest rates you earn on your money. The MutualOne online savings account earns competitive interest rates and is entirely online. Any amount earns the highest rate.
Business accounts are available through MutualOne Bank. A checking account, savings account, money market account, and CDs are available. There are two different checking accounts. One tailored to commercial businesses. To find out more about business accounts, or apply to open one, you must contact a personal banker.
To earn the highest interest rates available, you must keep a certain amount in the accounts. The advantage checking account required $50,000 be in the account to earn the highest rates. To earn the highest MMA rates, $200,000 must be in the account. The online saving account only requires $100 to earn the highest rates. Lower amounts in these accounts earn interest, just not the highest rate.
Some MutualOne accounts have a monthly maintenance fee. There are ways to waive the fees. Keeping a set amount in the account, or between deposit and loan accounts, will waive the fees. The monthly fee amounts are not listed on the website.
Not all MutualOne Bank accounts are available to open online. The online savings account and CDs can be opened online. Checking, money market, and some savings accounts require a personal banker. Business accounts need a personal banker to open.
To earn the highest interest rates on MMAs, you must have $10,00 in one account and $200,000 in the other MMA. The interest rates for balances under those amounts are low. They are competitive with your typical brick and mortar banks. The more money you invest, the higher the rates. However, the rates for lower amounts are not competitive with other online accounts.
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| Savings (Rate as of 11/21/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| 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 11/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC No monthly maintenance fee, $0 to open, easily grow your money | |
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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.