Eastbank, N.A. (NYC) Offers Short-Term Special CDs

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Availability: Market area is New York City.

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.30%$2,500$100kEastbankSpecial 15 Month CD
1.10%$2,500$100kEastbankSpecial 9 Month CD
Accounts mentioned in this post. Rates as of September 29, 2016.

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.

Availability

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).

Bank Overview

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.

To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table or our new Rates Map page.

Comments
Top 18-Month CD Rate at Eastbank in New York City

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...

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2.38% 9-Month CD at Eastbank in New York - Local Only
Eastbank continues to offer a very competitive 9-month special CD. The rate is down a bit since my May post, but it's still very competitive with a 2.38% APY. Minimum deposit is $2,500. The regular CD rates are also competitive with a 2.25% APY for 12 months and 2.50% APY for 24 months. The rates are listed at the bank's rate table as of 7/03/09.

It appears a branch visit is required to open an account. Branches are located in New York City and in Flushing.

Based on the look of their...



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2.45% 9-Month CD at Eastbank in New York - Local Only
Eastbank is offering a competitive 9-month CD with a rate of 2.45% APY. Minimum deposit is $2,500. The rate is listed at the bank's rate table as of 5/13/09.

It appears a branch visit is required to open an account. Branches are located in New York City and in Flushing.

Based on the look of their website, they appear to do a good job at keeping expenses low. Perhaps that's why they have such strong financial ratings for safety and soundness: 5 stars (superior) at BauerFinancial and 4 stars (sound) at Bankrate.com....



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