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4.05% 10-Month CD & 3.65% Checking at East River Bank in Philadelphia

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East River Bank
Update 12/17/08: The rates for these special CDs have fallen. Please check the bank's website for the latest rates.

East River Bank continues to offer competitive CD specials. The rate has fallen a little since my November 7th post, but it's still competitive. The yield as of 12/16/08 is 4.05% APY for terms of 10, 14 and 20 months.

The bank continues to offer 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.

The bank has two offices located in Philadelphia, PA.

East River Bank continues to have solid ratings for financial soundness: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both are based on 9/30/08 data.

East River is a new bank that was just established in 2006. It's FDIC insured (FDIC Certificate # 58171).
  Tags: East River Bank, Pennsylvania, CD rates

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Comments
2 comments.
Comment #1 by Anonymous posted on
Anonymous
The rates just fell.

1
Comment #2 by mct (anonymous) posted on
mct
The 3.65% APY is still listed on the front page of their website, but the CSR I spoke with just now tells me that the rate fell to 3.50% APY yesterday.

She also tells me that the first set of checks is free with the account, but there's a monthly maintenance fee if the balance drops below $100.

-mct

1