My eBanc's SuperSaver Money Market: A 4.35% APY Contender with a Few Caveats

If you're shopping for a place to park your cash and earn a solid return, you've probably seen a lot of online banks touting high rates. My eBanc's SuperSaver Money Market account recently caught my eye with its headline rate of 4.35% APY. That's definitely up there with the best offers available right now. But as with any financial product, the devil is in the details. Let's dig into whether this account is a good fit for your savings strategy.

The Rate Structure: It's Tiered

That attractive 4.35% APY isn't a flat rate for all balances. It's a tiered system. You'll need a balance of $100,000 or more to get the top rate. For balances below that threshold, the APY drops to 3.40%. This is a crucial detail. If you're planning to deposit, say, $15,000, you'll be earning the lower rate. The account doesn't have a minimum balance to earn *an* APY, but you need a hefty sum to earn the *advertised* APY.

Watch Out for the Fees

This account has a couple of fees you need to be aware of to avoid surprises.

• **The $15 Monthly Fee:** This can be waived, but the requirement is specific. You must maintain a minimum *daily* balance of $5,000. If your balance dips below that even for a day, you could be charged the fee for that month.
• **The $50 Early Termination Fee:** If you decide this account isn't for you and close it within the first six months, you'll be hit with a $50 fee. Plan to keep your money here for at least half a year.
• **Wire Transfer Fees:** Funding the account via wire costs $15, and getting your money out via wire costs $30. Using ACH transfers is the free way to move money.

Is This Account Right For You?

So, who should consider the SuperSaver Money Market? It makes the most sense for someone with a significant cash reserve—ideally $100,000 or more—who wants a competitive, FDIC-insured return and can commit to keeping the account open. The online and mobile banking tools, bill pay, and mobile check deposit are standard but convenient features. The ability to designate up to ten beneficiaries is also a nice touch for estate planning.

• **Good fit for:** Savers with large balances ($100k+) seeking a top-tier rate, those who can easily maintain a $5k minimum, and people who value FDIC insurance and online convenience.
• **Think twice if:** Your savings are under $100k (you'll get a lower rate), you frequently let your balance dip below $5k, or you like to move money between accounts frequently and might need to close this one quickly.

How to Get Started and Practical Tips

Opening the account requires that $5,000 minimum deposit. You can fund it via ACH, wire (for a fee), or mail a check. They only do a soft credit pull, so applying won't hurt your credit score.

• **Set a calendar reminder** for 6 months and 1 day from your account opening date. That's your "no-penalty" closure date if you want to move on.
• **Use ACH, not wires.** Avoid the unnecessary fees for moving your own money.
• **Monitor your balance closely** in the first few months to ensure it never falls below $5,000, triggering the monthly fee.
• **Remember the tier.** If you're depositing less than $100k, shop around. You might find a flat, high-rate savings account that beats 3.40% APY with fewer strings attached.

Bottom Line

• The headline 4.35% APY requires a $100,000+ balance; smaller balances earn 3.40%.
• A $15 monthly fee is waived only if you maintain a $5,000 minimum daily balance.
• A $50 early closure fee applies if you shut the account within 6 months.
• Best suited for savers with large cash reserves who can meet the balance requirements.

Common Questions