EBSBdirect is offering a high interest savings account which earns 1.55% APY for deposits of $50,000 or more. The current interest rate for balances of $5,000 to $49,999 is 1.25% APY.

Interested consumers from any state can enjoy this best savings account from EBSB. The account requires $5000 initial funding. There is an available online application for those who want to grab the money in the bank opportunity. You can also fund this savings account via ACH from an existing account. According to the website, the bank does not do a hard credit pull.

To earn interest, the account needs at least $5000 worth of balance. It will also be wise to stay above the $5K line to avoid a monthly service fee of $15. Earnings of the high yield savings account are computed and credited on a monthly basis.

The account goes with a Visa Debit but does not come with any check writing privileges.

One notable feature of EBSB services is its good ACH transfer facility. The bank will do trial deposits to verify the accounts that you try to link with the online savings account. You can link as much number of accounts that you want but outbound and inbound transfer of funds is limited to $150K every month.

EBSBdirect is the online division of East Boston Savings Bank. The bank continues to get strong ratings receiving 4 stars from both BauerFinancial and Bankrate.com.

EBSB has about $812 millions in deposit and approximately $1 billion in declared assets. The bank is insured with the FDIC under certificate number 33510 and is also covered through the Depositors Insurance Fund. The FDIC and DIF coverage guarantees that all deposits of consumers are protected.