My eBanc Jumbo CD: Deposit Requirement Lowered to $50k

My eBanc has made its Jumbo Online Time Deposits (OTDs) more accessible by reducing the minimum deposit requirement from $100k to $50k.

This change comes as its competitive rates remain stable and among the top in their respective term-length categories.

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Jumbo Online Time Deposits Features

• Term Lengths and Rates (last updated 12/28/2023):
  • 6-month: 5.77% APY
  • 12-month: 5.77% APY
  • 18-month: 5.68% APY
• Minimum Deposit: Now $50k, down from $100k.
• Availability: Nationwide through the internet bank.

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Rate Competitiveness

The APYs for these Jumbo OTDs are quite competitive, particularly in the current market where many 1-year CD rates have seen reductions.

Early Withdrawal Penalty

• 6 Month and 12 Month: 3 months of interest on the amount withdrawn.
• 18 Month and 24 Month: 6 months of interest on the amount withdrawn.
• Note: Partial withdrawals are allowed if a minimum $50k balance is maintained.

Account Opening and Availability

• My eBanc operates as an online division of Florida-based Bradesco Bank, accessible to U.S. citizens and resident aliens with a valid Social Security number and a U.S. address.
• Account opening is exclusively online, requiring a U.S. driver’s license or state-issued ID.

Funding and Other Details

• Funding Options: ACH, wire, check, or internal transfer.
• Ownership Types: Individual, joint, or trust.
• Interest Compounding: Daily, credited at maturity with options for distribution.
• Maturing Funds: Can be distributed via ACH, wire, cashier’s check, or internal transfer.
• Beneficiaries: Up to 10 allowed, with required details for each.
• Grace Period: 10 calendar days before automatic renewal.

Bank Overview

My eBanc is a division of Bradesco Bank, part of the Bradesco Organization and a significant player in the financial market, especially in Latin America.

Comparison with Other CDs

In comparison to other nationally available CDs of similar terms and minimum deposit requirements, My eBanc’s Jumbo Online Time Deposits hold competitive or leading positions, particularly for the 6-month and 12-month terms.

Our Take

My eBanc’s reduction in minimum deposit for its Jumbo CDs makes these competitive rates more accessible to a broader audience.

Offering some of the top rates in their respective categories, these Jumbo OTDs are attractive for those looking for short to medium-term investments with robust returns.

The bank’s solid reputation and online accessibility make it a viable option for savers nationwide seeking competitive yield opportunities.

See more from this bank:

• Earn Up To 4.40% APY: My eBanc One-Time Deposit (CD) Account Rates (Available Nationwide)
• My eBanc Super Saver Money Market Rate Offer

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