-
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:
4.0
-
Customer Service:
4.0
-
Website Experience:
5.0
-
Bank Fees:
5.0
Pros:
- No monthly fees or required balances
- Variety of CD terms available
- Competitive interest rates
- Reimbursed ATM fees
Cons:
- Best perks require Diamond member
- No checking account offered
- High opening amounts for CDs
- Tiered interest rates not offered
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.
The high yield savings account and money market account do not have any monthly fees. Synchrony does not require a set amount be kept in their accounts. There is no required amount to open a savings or money market account.
Synchrony offers a variety of CD term lengths. The terms range from three months to five years. As with any CD, the longer the term length, the higher the interest rates offered on the account. There are no monthly fees for the CD accounts. A fee is charged if you withdraw your money before the CD reaches maturity.
The interest rates for all Synchrony accounts are competitive. The savings and money market accounts and CDs are much higher than your typical bank rates. They are competitive with other online-only accounts.
Synchrony will refund the ATM fees charged by other financial institutions. The fees for every account holder will be reimbursed up to $5 each billing cycle. If you are a Diamond Reward member, you will receive unlimited ATM reimbursements.
All customers receive some perks for being an account holder with Synchrony bank. To earn the best perks, you must become a Diamond Reward member. To qualify to be a Diamond Reward member, you must have over $250,000 in Synchrony accounts. You must also be a customer for at least five years.
There is no checking account offered through Synchrony Bank. They offer a high yield savings account, money market account, and CDs.
The amount required to open a CD is high. Synchrony offers a variety of different CD terms. To open any of the terms requires $2,000 as a minimum opening deposit.
The savings and money market rates do not increase based on how much money you invest. If you invest $1,000 or $250,000, you will earn the same interest rate for each amount. Some banks offer tiered interest rates based on how much money you invest in the account.
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| Savings (Rate as of 12/30/2024) | |
| 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 12/30/2024) | |
| 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 12/30/2024) | |
| 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 12/30/2024) | |
| 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. | |
| Savings (Rate as of 12/30/2024) | |
| 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. | |
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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.