Eastbank, N.A. (Eastbank) is currently offering a top rate on its 24-month CD. The 1.01% APY has been in effect for about a year, with rate becoming more competitive with each passing month. The minimum deposit for any Eastbank CD is $2.5k, with a balance cap of $100k.
According to CSR, the Early Withdrawal Penalty for the 24-month CD is six months interest, with partial withdrawals allowed.
Eastbank's other CD terms range from 3 months to 60 months. The 6-, 12-, and 60-month CDs also have competitive rates. Please refer to the CD rates section of our Eastbank summary page for these rates.
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 welcome to 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). According to the COVID-19 Update page,
Our current hours of operations for both our Manhattan Office and Flushing Office are:
Monday through Friday: 10:00AM to 3:00PM
Saturday: Closed until further notice beginning March 14, 2020
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, 2020 data. Eastbank has an excellent capitalization level (22.38%), the result of holding $162.35 million in assets with $36.33 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. (initially known as First Eastern Bank, N.A.) were Chinatown 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 CD Compares
When compared to the 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 24-month CD APY currently ranks first.
The above rates are accurate as of 3/29/2021.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.