A reader reminded me over the weekend of this New York City bank which has long offered some competitive CD rates. It’s Eastbank, N.A., and its best deposit deal is currently its 18-month CD which has a 1.25% APY. Minimum deposit is $2,500. This rate is listed in the bank’s CD rates page as of 4/8/2013.
Eastbank was established to serve the Asian-American communities of New York City, but any New York City resident can open an account. All accounts are in U.S. dollars. The bank does not deal in foreign currency accounts. The reader said he has spoken with several bank employees, and they all spoke excellent English.
Eastbank branches are located in Manhattan’s Chinatown and in the Flushing neighborhood of Queens.
The bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas ratio of 5.08% (excellent) based on December 2012 data. Please refer to our financial overview of Eastbank, N.A. for more details. The bank has been a FDIC member since 1984 (FDIC certificate # 25749).
How This CD Rate Compares
If you live in New York City, you should also check out Doral Bank New York. It also has a 1.25% APY 18-month CD. In addition, it has top rates on other terms including a 1.20% 1-year CD and a 1.45% 2-year CD. The downside with Doral Bank is that its financial health is weak.
For those who don’t live in New York City, the highest 18-month CD rate that’s nationally available is 1.15% APY at NexBank.
These rates are accurate as of 4/8/2013.
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.