Eastern Bank Rates & Review

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Eastern Bank Review

Eastern Bank is the largest independently owned mutual bank in New England, and its range of products and services matches that status. This includes a selection of checking and savings accounts, as well as CDs and two money market accounts.

Eastern Bank, which was founded in 1818, had total assets of almost $7 billion at the end of 2009. That statistic, and the bank's network of 80 branches from Merrimack Valley down to Cape Cod, make Eastern Bank the largest independently owned mutual bank in New England.

The bank is clearly highly regarded in its area, and in 2009 alone was named:

  • One of the top 10 businesses of the decade by The Boston Business Journal

  • One of the top 100 places to work by The Boston Globe

  • No. 1 lender in Massachusetts by the Small Business Administration

Eastern Bank Corporation's success is reflected in its financial performance. According to its 2009 Annual Report, it outperformed peer banks in asset quality, capital and liquidity.

At the time of writing (2010) the bank had an A rating from the Better Business Bureau.

Checking and savings account choices

Eastern Bank has a comprehensive range of banking products. Choices include three checking accounts (Free Checking, Select Checking and Premier Checking), simple statement and passbook savings accounts, two types of money market account (Select Money Market account and Premier Money Market account), and a CD that offers various terms ranging from three months to five years. Customers with Premier Checking accounts may be eligible for preferred CD rates.

All eligible deposits are insured in accordance with current FDIC requirements.

Online and telephone services

The bank's HomeConnect Online Banking and its mobile banking services provide all the usual bill pay, transfer and balance inquiry services. It has 24-hour touch-tone telephone banking, and access to customer services representatives seven days a week. And its systems allow you to interface your accounts directly with Intuit's Quicken applications.

  • Account Type
  • APY
  • Adverstiser Comments
  • Savings
  • 0.05%
    Min to Earn APY: $10
  • Statement Savings
  • Money Market
  • 0.10%
    Min to Earn APY: $10,000
  • Prime Liquid Assets Money Market- APY for balances between $10,000 - $24,999
  • CD Rates
  • 12-23 Month Personal Account CD .
  • Term
  • APY
  • Min. To Earn APY
  • Compounding Method
    • 1 year
    • 0.10%
    • $10
    • Compounding Daily
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