Eastern Bank Review

Eastern Bank Savings

0.01% APY

Eastern Bank was founded in 1818 in Boston. Over time, the bank has grown to include checking and savings accounts, certificates of deposit, money market accounts, credit cards, investments and insurance products. Eastern Bank operates as a mutual company so it is driven by its customers’ goals. 

For a small bank, Eastern Bank offers a wide variety of bank accounts. This means you can open an account from a simple savings account to an interest-earning checking account, depending on your financial situation. You’ll find low minimum deposit requirements across the board, although you’ll also face monthly fees. Eastern Bank does not offer the best interest rates. Still, its rates outperform many big bank’s offerings.

Products Offered

Eastern Bank Interest Rate Comparison

Statement Savings

Eastern Bank’s Statement Savings account is as basic of a savings account as you can get. You need only $10 to open this account. The account doesn’t charge a monthly service fee, opening up the opportunity to save to those who can’t easily afford a monthly fee. 

However, the Statement Savings interest rate won’t result in big savings.This is one of the lowest rates out there, so if you really want to boost your savings, you’ll want to look elsewhere. 

Certificates of Deposit (CDs)

Eastern Bank offers a solid range of certificates of deposit, from three months to five years. That allows you to find an account (or more than one) that fits with your financial situation and savings goals. For example, you can open a three-month CD to boost your savings a little within the next three months. Or, you can choose to open a 36-month account for an expense that is a few years away, like a down payment. Just note that you’ll need to deposit at least $2,500 to open an account from three to 11 months, which is a pretty high minimum. 

The rates Eastern Bank provides aren’t entirely competitive when compared to the rest of the industry. This is especially true for the long-term accounts, which would typically carry much higher rates than you see here. 

Featured Premier Money Market

This account is certainly best for high-net-worth individuals who can meet the minimum deposit requirement. It would also be more beneficial to maintain an account balance over $10,000 (but under $250,000) to secure the higher rate available with the account. 

Premier Money Market 

This is a much more accessible money market account. It doesn’t require a minimum deposit at all, nor does it charge a monthly fee. You can also make free transfers to and from this account and an Eastern Bank checking account. 

Prime Liquid Assets

If you need more flexibility from a money market account, the Prime Liquid Assets account will work better for you. It earns at lower rates than the bank’s other money market accounts. Still, the rates come higher than most big banks.

Plus, this account includes the ability to write up to six checks per month. Like a savings account, this money market account is still limited to six withdrawals a month. This includes any checks you write and free transfers to a checking account.

Eastern Free Checking Account

As its name suggests, the Eastern Free Checking account comes at no extra charge to you which makes it much easier to maintain. You will need at least $25 to open the account. 

This account includes an Eastern Bank Debit MasterCard® and unlimited check writing.

Eastern eZ Checking Account

The Eastern eZ Checking account offers an easier approach to banking. You can access your accounts online and mobile Plus, Eastern Bank also reimburses up to $10 in other ATMs’ surcharges per statement cycle. This makes accessing your money incredibly easy and convenient. 

This account comes with an Eastern Bank Premium Debit MasterCard® which includes higher purchase and withdrawal limits, price protection, extended warranty and identity theft resolution services. 

Premier Checking Account

In order to open a Premier Checking Account, you’ll need to have a combined balance of at least $25,000. This balance includes balances in checking, savings and money market accounts, CDs, IRAs, and consumer loans (not mortgages). If you do qualify, then you can open the account with a deposit of at least $500. 

The Premier Checking Account includes all the same benefits of the Eastern eZ checking account, plus extras. The best part is unlocking higher preferred rates on CDs and money market accounts. You can also benefit from discounted loan rates. You’ll receive reimbursement for all your non-Eastern ATM fees and avoid fees for overdrafts, stop payments, wire transfers, automatic balance protection, foreign currency exchange and more. 

Branch Locations

Eastern Bank maintains over 99 locations in eastern Massachusetts and southern and coastal New Hampshire. Certainly, living close to a branch can make banking much easier, allowing you to speak with a banker in person rather than a customer representative over the phone. Plus, the branches are open starting at 7 a.m. and are open on Sundays. If talking over the phone or banking online are more your speed, you can do both with Eastern Bank, as well.

Financial Statistics & Bank Health Rating

Eastern Bank has $21.12 billion in assets and $13.8 billion in loans according to the FDIC. If you choose to bank with Eastern Bank, you’ll be joining the $17.74 billion the bank currently holds as customer deposits. 

To figure out whether Eastern Bank poses any risk, you can look at its Texas Ratio. This ratio is calculated by dividing the amount of non-performing assets (unbacked current loans and real estate owned) by the sum of the bank’s tangible equity capital and its loan loss allowances. Any percentages over 90% reflect a risky bank, while any banks under 5% offer excellent reliability. Eastern Bank has a Texas Ratio of 1.71%, which bodes well for its ability to cover debts and deposits.