Why My e-BAnC may have the best 12-month CD


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We might have just found the best 12-month CD on the market — if you don’t have a big cache of cash to spare, that is.

My e-BAnC, an online division of BAC Florida Bank, is offering its 12-month CD for 1.42 percent APY and a minimum deposit of $1,500. That’s eight basis points lower than the best 12-month CD rate available to savers nationwide, but that offer requires a much heftier $5,000 minimum deposit. A basis point is one-hundredth of a percentage point.

For anyone looking for a good interest rate and both a smaller financial and time commitment, this might be the CD for you.

Top nationally available 12-month CD rates
Institution APY Minimum deposit
Connexus Credit Union 1.50% $5,000
VirtualBank 1.46% $10,000
Home Savings Bank 1.45% $5,000
EverBank 1.45% $5,000
CDBank.com 1.45% $10,000

Of course, My e-BAnC’s CD doesn’t rank in the top 5 in terms of APY. But it’s just three basis points less than EverBank’s 12-month CD. With small deposits, a few basis points isn’t going to make much of a difference in your savings return.

For other savers, Ally Bank’s offer may be best. It pays 1.35 percent APY with no minimum deposit requirement.

If one year sounds like too long to lock up you money, consider opening a high-yield savings account instead.

Once you determine how much you can deposit, use our CD calculator to estimate your savings.

How to buy My e-BAnC CDs

You can open My e-BAnC CDs online, and accounts holders must:

  • Be 18 years of age or older
  • Have a Social Security number
  • Live in the U.S.
  • Have a valid driver’s license
  • Provide your bank’s routing and account number in order to fund your account

Interest, early withdrawal

My e-BAnC’s 12-month CD has no maintenance fees and interest is compounded daily. Customers have a 10-day grace period before the CD automatically renews after that 12-month period.

The penalty for early withdrawal is three months of interest.

About My e-BAnC

My e-BAnC was founded in 2014 as an online division of BAC Florida Bank, headquartered in Coral Gables, Florida. Most of the bank’s customers are in Latin America, though it serves U.S.-based customers, too.

BAC Florida Bank is FDIC-insured and earned four out of five stars on Bankrate’s latest Safe & Sound Ratings, which measures the financial health of banks and credit unions throughout the United States.