4.25% 10-Month CD and 3.65% Checking at East River Bank in Philadelphia

East River Bank has some competitive CD specials with a 4.25% APY for terms of 10, 14 and 20 months. The bank is also offering a checking account called Ultimate Checking which pays 3.65% APY for balances of at least $100. I couldn't read the small print of the promotion page, so I called to see if this is a reward checking account. According to the CSR, it's not. There are no other requirements to receive the 3.65% APY, and there is no balance cap. However, the rate can change at any time.

My last post on this bank was in May when it was offering a competitive CD yield of 3.75% APY on similar terms. You can see how rates continue to be higher than they were in May.

The bank has two offices located in Philadelphia, PA.

East River Bank has solid ratings for financial soundness: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both are based on 6/30/08 data.

East River is a new bank that was just established in 2006 (FDIC Certificate # 58171).

Tags: East River Bank, Pennsylvania, CD rates