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East Boston Savings Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
East Boston Savings Bank Savings
0.10% APY

Overview

Our Rating: 4.3/5 How we calculated this rating

East Boston Savings Bank started in 1991 and its headquarters are located in Boston, Massachusetts. East Boston Savings Bank has $5 billion in assets as well as $4 billion in deposits, which makes it a large bank. East Boston Savings Bank does not have the access to customer service other banks offer. It is a traditional brick-and-mortar bank, which means in-person service, in addition to its online and mobile apps. On the whole, East Boston Savings Bank is a great bank that you should seriously consider at a rating of 4.3 out of 5 stars from our team. 

East Boston Savings Bank has a complete suite of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. East Boston Savings Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, East Boston Savings Bank's most basic checking does not have a monthly fee. Why keep checking and savings accounts with one bank? Quick transferring of funds between the two accounts translates to higher interest rates in your savings account with the versatility of spending from your checking.

Service Quality

East Boston Savings Bank is a brick-and-mortar bank, with 35 total bank locations in Massachusetts. With mobile and web apps, East Boston Savings Bank makes mobile banking easy, even on the go. It does not offer all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Wednesday, 8:00 a.m. to 5:00 p.m. ET; Thursday and Friday, 8:00 a.m. to 6:00 p.m. ET; Saturday 9:00 a.m. to 1:00 p.m. ET. 

East Boston Savings Bank's online and mobile banking services receive moderately decent scores from customers: the East Boston Savings Bank mobile app has been given a 3.2 out of 5 (with 140 reviews on Apple and Android) compared to the national average of 3.8. East Boston Savings Bank's mobile app lets you manage your funds by monitoring current statements, transferring funds as well as reaching support representatives. East Boston Savings Bank gets a superb consumer satisfaction rating due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.10% APY $25 Compare Offers
Certificates of Deposit
  • 12 Month: 0.45% APY
  • 24 Month: 0.65% APY
  • 36 Month: 1.00% APY
  • 48 Month: 1.25% APY
  • 60 Month: 2.15% APY
$1,000 for all tiers Compare Offers
Money Market Accounts
  • 10K tier: 1.56% APY
  • 25K tier: 0.80% APY
  • $2,500
  • $25,000
Compare Offers
Checking Accounts 0.05% APY $10 Compare Offers

East Boston Savings Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. It does not have the best savings rate, which means you should think about other options for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. East Boston Savings Bank's CD rates are competitive compared to the average U.S. bank.

Rates

With a savings rate of 0.10%, East Boston Savings Bank ranks below the mean in comparison to the national average. East Boston Savings Bank's CD rates are 0.45% and 2.15% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.20%. It has a fair savings rate, which means other popular banks have higher rates. Consider higher earning savings accounts with other banks.

Compare East Boston Savings Bank to Other Competitive Offers

Fees

On average, East Boston Savings Bank charges customers extremely low fees in comparison to the average U.S. bank. Its checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. For those who often withdraw money from the ATM, it is ideal because it offers no ATM fees. 

Financial Health

East Boston Savings Bank is a large bank and has assets totaling $5 billion as well as $4 billion in deposits. Its Texas Ratio is 1.27%, signifying a very minute likelihood of failure. Additionally, East Boston Savings Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find an East Boston Savings Bank Near Me

East Boston Savings Bank has 35 physical branches in the U.S.

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