Last week, Eastbank, N.A. (Eastbank) raised the rate on its Special 9-month CD (1.10% APY) and Special 15-month CD (1.30% APY). The minimum deposit for either Special CD is $2.5k, with a balance cap of $100k.
|1.30%||$2,500||$100k||Eastbank||Special 15 Month CD|
|1.10%||$2,500||$100k||Eastbank||Special 9 Month CD|
This is the first rate change for the Special 9-month CD since December 2011, when the APY was 1.01%. The Special 15-month CD has experienced four rate changes since it was added to the product line in October 2012, with the current 1.30% APY being the highest.
According to CSR, the Early Withdrawal Penalty is 3 months interest for either Special CD.
Although 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. (FDIC Certificate # 25749) has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 0.00% (excellent) based on March 31, 2016 data. Eastbank has an excellent capitalization level (18.17%), the result of holding $187.42 million in assets with $34.06 million in equity. Please refer to our financial overview of Eastbank, N.A. 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 states 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 130 9-month CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available to residents of the New York City area, Eastbank, N.A.’s Special 9-month CD APY currently ranks first.
When compared to the 259 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, N.A.’s Special 15-month CD APY currently ranks in the top 15. The following is a sampling of those 15 CDs.
The above rates are accurate as of 6/13/2016.