East River Bank continues to offer a very competitive rate on its Ultimate Checking Account. The rate is down a bit since my January post, but it remains competitive with a 2.01% APY for balances of at least $100. This is listed in the bank's rate table as of 3/18/10. 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. It has a fairly long history of top rates. A year ago the rate was 2.95%.
The bank also continues to offer 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 3/18/2010.
A reader reported in my 2009 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 (based on 12/31/09 data) and 2 stars (below peer group) at Bankrate.com (based on 9/30/09 data). East River has been a FDIC member since 2006 (FDIC Certificate # 58171).
Other Competitive Checking and Certificate of Deposit Rates