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East River Bank

Top Checking Account and CD Rates at East River Bank in Philadelphia - Local Only


East River Bank continues to offer a very competitive rate on its Ultimate Checking Account. The rate is down a bit since my January post, but it remains competitive with a 2.01% APY for balances of at least $100. This is listed in the bank's rate table as of 3/18/10. When I last called the bank about this account, I was told that it's not a reward checking account. There are no other requirements to receive this top rate, and there is no balance cap. It has a fairly long history of top rates. A year ago the rate was 2.95%.

The bank also continues to offer some competitive CD specials. The most competitive is a 2.00% APY 14-month CD. Minimum deposit is $2,000. This rate is listed in the bank's rates table as of 3/18/2010.

A reader reported in my 2009 post that the bank now requires a branch visit to open an account. The bank has two offices located in Philadelphia, PA.

East River Bank's ratings for safety and soundness are mixed: 5 stars (superior) at BauerFinancial (based on 12/31/09 data) and 2 stars (below peer group) at Bankrate.com (based on 9/30/09 data). East River has been a FDIC member since 2006 (FDIC Certificate # 58171).

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Related Pages: East River Bank, Philadelphia, CD rates, checking account

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Alan O.
Alan O. (anonymous)   |     |   Comment #1
East River no longer lists the Ultimate Checking account as an option on its rate list.  The apparent successor is the Go Green checking or savings account, with the Go Green account ($100 min.) currently paying 1.59% apy.


My account is still listed as an Ultimate Checking account when I go online.  Will have to see if the interest rate has dropped to the Go Green level, or whether Ultimate Checking account holders are grandfathered at a somewhat higher rate (like 2.015 apy).  I am out of the US currently, so have not called to ask.


Still curious to me is why they offer checking accounts with interest significantly higher than their savings accounts.  Not complaining, as I only have a checking account with them.