Thursday, 28 January 2021

Eastern Bank Review: Checking, Savings, CD and Money Market Accounts

The Eastern Premier Checking account is loaded with all kinds of benefits. First, you can use any ATM for free. Eastern Bank will not charge a fee for out-of-network transactions and they’ll refund all fees from ATM owners.

This account also waives the fees for overdrafts, stop payments, wire transfers and automatic balance protection. It comes with a $20 per year discount on a safety deposit box. You also receive free standard checks or $12 off an order of other types of checks.

The Eastern Premier Checking account gives you higher rates or fee discounts on other Eastern Bank products like loans, CDs and money market accounts. Finally, the Eastern Premier Checking account earns interest on all balances, though the rate is very low.

To qualify for all these benefits, you need to have a minimum combined balance of at least $25,000 throughout Eastern Bank personal deposit accounts and consumer loans (excluding mortgages.) If you don’t meet the balance requirement, Eastern Bank will not charge a fee, but they will switch your account back to a Free Checking account, which doesn’t have any of the Premier benefits.

You need to deposit at least $500 to open an Eastern Premier Checking account. You can set things up online, by phone or at a branch. You’ll need to provide your Social Security number and a form of government ID — the standard requirements for a bank account.


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