My eBanc's eRelationship Savings: A High-Yield Option with a Hefty Entry Fee

Looking at high-yield savings accounts lately feels like watching a slow-motion race where everyone's backing up. Rates have been creeping down, so when you see one holding steady in the upper 3% range, it's worth a second look. My eBanc's eRelationship Savings account is one such option, currently advertising up to 3.90% APY. It's a division of BAC Florida Bank, which has been around for decades. But here's the catch that makes you pause: you need a cool $25,000 just to get in the door. Let's break down whether this account is a savvy move for your cash or a complicated deal with too many strings attached.

The Rate Structure: Two Tiers for Your Money

The headline rate is 3.90% APY, which is certainly competitive in today's market. However, you only get that top tier if your balance is $100,000 or more. If your balance is anything below that six-figure mark—even if it's $99,999—you'll earn 3.70% APY. It's not a bad rate by any means, but it's important to know which bracket your money will actually land in.

The bank states the APY is accurate as of a specific date far in the future, but that's fairly standard legalese. The truth is, like all savings rates, this one can change at any time after you open the account.

The Fine Print: Fees and Requirements You Can't Ignore

This is where you need to pay close attention. The $25,000 minimum opening deposit is just the start. You must also maintain an average daily balance of $25,000 during each statement cycle to avoid a $15 monthly fee. If your balance dips below that, even for a day, you'll get hit with the charge, which can quickly eat into your interest earnings.

There's another, less obvious requirement buried in the terms. This eRelationship Savings account can only be opened online if you already have a Time Deposit (like a CD) with My eBanc, or if you open one at the same time. This isn't a standalone savings account; it's designed as a companion product for their existing deposit customers. This significantly narrows the pool of who can actually apply.

Finally, if you decide the account isn't for you, closing it within the first six months will cost you a $50 early termination fee.

Practical Advice: Who This Account Might Actually Fit

Given the hurdles, this account isn't for everyone. It's a niche product. Think of it as a potential fit if:

First, you're already a My eBanc customer with a Time Deposit and you want a liquid savings option alongside it. Second, you have a very large sum of money (well over $25,000) that you can park and not touch, ensuring you avoid the monthly fee. The sweet spot is really for balances at or above $100,000 to get the full 3.90%.

If you're just starting to build savings or typically keep less than $25,000 in cash, the fees and requirements make this a non-starter. There are plenty of other high-yield accounts with no minimums or monthly fees that would serve you better.

• You are an existing My eBanc Time Deposit customer.
• You have a large, stable cash balance (ideally $100K+) you won't need to dip into.
• You're comfortable with the companion account structure and won't need to close it quickly.

Things to Watch Out For Before You Apply

Beyond the fees, here are a couple of operational details. The debit card you might get with this account (if opened with a checking account) is for ATM use only—you can't use it for point-of-sale purchases. Also, while the bank says there are no limits on transactions, they reserve the right to require seven days' written notice before a withdrawal. That's unusual for a standard savings account and something to be aware of if you need immediate access.

Always double-check the most current rate on the official application page before you commit, as it may have changed since publication.

Bottom Line

• A competitive 3.90% APY is available, but only on balances of $100,000 or more.
• The $25,000 minimum deposit and balance requirement to avoid a $15 monthly fee create a high barrier to entry.
• This account is not standalone; you must have or open a My eBanc Time Deposit to be eligible.
• Best suited for existing My eBanc customers with significant, stable cash reserves.

Common Questions