Competitive Checking Account and CD Special at East River Bank in Philadelphia - Local Only

East River Bank continues to offer a very competitive rate on its Ultimate Checking Account. The rate is down since my June post, but it remains competitive with a 2.10% APY for balances of at least $100. This is listed in the bank's rate table as of 1/27/10. When I last called the bank about this account, I was told that it's not a reward checking account. There are no other requirements to receive this top rate, and there is no balance cap. Like any checking account, the rate can change at any time.

The bank also has some competitive CD specials. The most competitive is a 2.00% APY 14-month CD. Minimum deposit is $2,000. This rate is listed in the bank's rates table as of 1/27/2010.

A reader reported in my March post that the bank now requires a branch visit to open an account. The bank has two offices located in Philadelphia, PA.

East River Bank's ratings for safety and soundness are mixed: 5 stars (superior) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. It's interesting to see how big the difference is between these two ratings. Typically, they are close. Both ratings are based on 9/30/09 financial data. East River has been a FDIC member since 2006 (FDIC Certificate # 58171).