Tuesday, 24 November 2020

East Boston Savings Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

East Boston Savings Bank Review: Checking, Savings, CD, Money Market and IRA Accounts
17 Nov
9:29

East Boston Savings Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.10%

Savings

East Boston Savings Bank Statement Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

0.45%

CD Rates

East Boston Savings Bank 12 Month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.00%

CD Rates

East Boston Savings Bank 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.15%

CD Rates

East Boston Savings Bank 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

East Boston Savings Bank’s checking account options

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How East Boston Savings Bank’s checking accounts compare

If you can meet the high balance requirements to waive the monthly fee, East Boston Savings Bank’s Premier Checking account is an attractive offer. It earns one of the highest rates in the country for a checking account. It also comes with up to $50 a month in out-of-network ATM refunds so you can conveniently access your money even if you aren’t close to an in-network ATM.

The only downside is you need a $25,000 combined balance throughout deposit accounts and personal loans at East Boston Savings Bank, or else the account charges a costly $25 monthly fee. That’s a tough limit to reach unless you handle all your banking and loans through East Boston Savings Bank.

The rest of East Boston Savings Bank’s checking accounts are less impressive. On one hand, they don’t charge a monthly fee. On the other hand, they don’t offer many benefits. Simply Free doesn’t earn interest, while the rate on Interest Checking is very low. Also, neither account offers ATM refunds.

You don’t have to make these trade-offs for a free checking account. These top online accounts not only offer excellent rates and ATM refunds, but they are also free. They could be a good alternative, especially if you can’t qualify for the Premier Checking account.

East Boston Savings Bank’s savings account options

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How East Boston Savings Bank’s savings accounts compare

East Boston Savings Bank’s High Yield Statement Savings account is a real beauty. It earns one of the highest interest rates we’ve ever seen. It also doesn’t charge a monthly maintenance fee, no matter how low your balance gets.

It would be a perfect account if it weren’t for the balance requirement, which requires storing at least $5,000 in your account to earn interest. If you ever fall below, you stop receiving interest. This could price out readers looking for a smaller savings account. East Boston Savings Bank does offer a regular Statement Savings account, which only needs $25 to earn interest, but the rate is very low.

There are great options out there for any budget, and you shouldn’t accept a poor rate just because you’re making a smaller deposit. These savings accounts pay rates that are competitive with the bank’s High Yield Statement Savings account, and you don’t need a $5,000 balance to qualify.

East Boston Savings Bank’s CD rates

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How East Boston Savings Bank’s CD rates compare

Having a lot of choices can be a good thing, but we wonder if East Boston Savings Bank has taken it too far. It has so many terms that it can be a little confusing. Another issue is that there’s such a difference in quality between its rates.

For example, its 15-month CD pays five times as much interest as its 18-month CD, even though they are for nearly an identical amount of time. If someone doesn’t pay attention, they could accidentally pick the wrong option. We also didn’t like that many of its higher-paying offers automatically renew into much worse deals.

If you can look past these issues though, East Boston Savings Bank does have some terrific CD rates. Its 15-month CD is one of the best on the market for this amount of time, and it has a few other options that are nearly as generous. We would recommend paying close attention when you sign up so that you don’t accidentally take a lowball offer.

Or if you’d like some other high-quality options to compare, we’ve tracked down the best CD rates. By following this list, you’ll make sure you receive a competitive return on your savings.

East Boston Savings Bank’s money market account option

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How East Boston Savings Bank’s money market account compares

Whether the East Boston Savings Bank money market account is a good choice depends on how much money you plan on keeping in the account. For balances of $10,000 – $2 Million, it’s an excellent option with a highly competitive interest. On the other hand, if you keep less than $10,000 in your account, the rate is much less impressive. It’s OK, but you can find something better.

If you don’t plan on making a five-figure deposit — and even if you are — we recommend reading up on the best money market accounts in the country. Some of these accounts pay even more than East Boston Savings Bank’s top rate, and you can qualify with a much smaller balance.

East Boston Savings Bank’s IRA account options

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How East Boston Savings Bank’s IRA CD rates compare

East Boston Savings Bank offers a few excellent IRA CD rates. Its 15-month IRA CD is one of the best in the country for this amount of time, and there are a few others that aren’t far behind. But these excellent offers are mixed with others that are extremely low. Pay close attention when you sign up to make sure you don’t accidentally pick a lowball option.

The Retirement Money Market Savings account is less impressive. The rate is just too low. While you can open it up for a small deposit, your savings really will not grow using this account. You can find better versions of this type of account elsewhere.

Stick with the highest-paying East Boston Savings Bank IRA CDs. If you’d like a second opinion, we’ve researched the best IRA CD rates in the country. They could be another effective way to grow your retirement savings.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

David Rodeck

David Rodeck |

David Rodeck is a writer at MagnifyMoney. You can email David here

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Source: https://www.magnifymoney.com/blog/reviews/east-boston-savings-bank/

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