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Eastern Bank Review

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by Lauren Perez Updated
Eastern Bank

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

Product Key Features
Savings Account
  • No monthly fee
Certificates of Deposit
  • High minimum deposit
Money Market Accounts
  • Three account options
  • No (or low) monthly fees
Checking Accounts
  • Three account options
  • No monthly fees
  • No monthly balance requirements

Statement Savings

Key Features Details
Minimum Deposit $10
Access to Your Savings Account Online and mobile.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee
Current Terms and Rates 0.02% APY

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)

Key Features Details
Minimum Deposit
  • Terms less than 12 months: $2,500
  • Terms of 12 months and longer: $500
Access to Your CD Account Online and mobile.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee, but early withdrawal penalties may apply.
Current Terms and Rates
  • 3-11 Month: 0.05% APY
  • 12-23 Month: 0.20% APY
  • 24-35 Month: 0.30% APY
  • 36-47 Month: 0.40% APY
  • 48-59 Month: 0.50% APY
  • 60+ Month: 0.60% APY 

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. 

Premier Money Market Special 

Key Features Details
Minimum Deposit
  • $10,000 not already on deposit with Eastern Bank
Access to Your Money Market Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee
Current Terms and Rates  
  • Account balances of $10 - $9,999: 0.20% APY
  • Account balances of $10,000 - $1,000,000: 1.76% APY
  • Account balances of $1,000,000.01 and over: 0.20%

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 $1 million) to secure the higher rate available with the account. 

Premier Money Market 

Key Features Details
Minimum Deposit $0
Access to Your Money Market Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee
Current Terms and Rates
  • Account balances of $10 - $9,999: 0.20% APY
  • Account balances of $10,000 and over: 0.35% APY

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

Key Features Details
Minimum Deposit $2,500
Access to Your Money Market Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $7 monthly fee, waivable with a minimum balance of $2,500
Current Terms and Rates
  • Account balances of $10 - $9,999: 0.10% APY
  • Account balances of $10,000 and over: 0.20% APY

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. As 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

Key Features Details
Minimum Deposit $25
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fees

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 a Eastern Bank Debit MasterCard® and unlimited check writing.

Eastern eZ Checking Account

Key Features Details
Minimum Deposit $50
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $10 monthly fee, waivable with enrollment in eStatements and with one of the following
  • Use your debit card to make at least 15 purchases a month
  • Maintain an average monthly account balance of $1,500

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 a Eastern Bank Premium Debit MasterCard® which includes higher purchase and withdrawal limits, price protection, extended warranty and identity theft resolution services. 

Premier Checking Account

Key Features Details
Minimum Deposit $500
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee
Current Terms and Rates 0.02% APY

In order to open an 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 120 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 $10.87 billion in assets and $8.16 billion in loans according to the FDIC. If you choose to bank with Eastern Bank, you’ll be joining the $8.84 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 1.08%, which bodes well for its ability to cover debts and deposits. 

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Best Places to Save

SmartAsset’s interactive map highlights the places in the country where people have the opportunity to save money. Zoom between states and the national map to see the best places to save.

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Rank County Median Household Income Cost of Living Purchasing Power Estimated Tax Rate

Methodology Where you live can have a big impact on how easy it is to save money based on several regional factors. Our study aims to find the most suitable places for people to save based on median household income, average living expenses and income tax burden.

First, we calculated the average cost of living in each county for a household with two adults (one working). We then created a purchasing power index for each county. This reflects the counties with the highest ratio of household income to cost of living.

To better compare income tax burdens across counties, we applied relevant deductions and exemptions before calculating federal, state and local income taxes for a family making $50,000 annual income in each location. Next, we created an effective tax rate index for each county, which reflects the counties with the lowest ratio of income taxes to the assumed $50,000 annual income.

Finally, we calculated the weighted average of the indices to yield an overall best places to save score. We used a three-fourths weighting for purchasing power and a one-fourth weighting for tax rates. We indexed the final number so higher values reflect places that are better to save.

Sources: US Census Bureau 2016 5-Year American Community Survey, MIT Living Wage Study