Eastbank, N.A. (Eastbank) began April by raising the rates on its Special 7-month CD (1.25% APY) and Special 18-month CD (1.50% APY). The minimum deposit for either Special CD is $2.5k, with a balance cap of $100k.
This is the first rate change for both Special CDs since June 2016, with increases of 15 and 20 basis points for the 7-month and 18-month, respectively. These latest APYs are the highest since the Special CDs were added to the product line.
According to CSR, the Early Withdrawal Penalty is 3 months interest for either Special CD.
Headquartered in New York City’s Chinatown neighborhood, Eastbank’s market area covers New York City (NYC). While Eastbank was originally established as a full-service community bank for the Asian-American communities of NYC, any NYC resident is able open an account.
Opening a CD (or any other type of account) at Eastbank must be done with an in-person visit to either of the two New York City branches located in Lower Manhattan and Flushing (Queens).
Eastbank, N.A. has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 0.00% (excellent, and not a typo) based on December 31, 2016 data. Eastbank has an excellent capitalization level (18.17%), the result of holding $184.66 million in assets with $33.56 million in equity. Please refer to our financial overview of Eastbank, N.A. (FDIC Certificate # 25749) for more details.
Established in 1984, the founders of Eastbank, N.A. were community business leaders who recognized the need for a local bank that focused on the needs of local residents and businesses. While expanding its market area to include all of NYC, a New York Magazine September 2015 article stated that,
Neighborhood banks like Abacus and Eastbank still cater to
Chinese immigrants looking to buy homes and start businesses.
The article, titled "How Has Chinatown Stayed Chinatown," is a fascinating overview of the current cultural, economic, and business environment of NYC’s Chinatown.
How the CDs Compare
When compared to the 354 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available to residents of the New York City area, Eastbank’s Special 7-month CD APY currently ranks first.
When compared to the 285 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available to residents of the New York City area, Eastbank’s Special 18-month CD APY currently ranks fifth.
The above rates are accurate as of 4/12/2017.