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

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Updated on Tuesday, December 1, 2020

East Boston Savings Bank’s checking account options

Simply Free Checking

Like the name says, this is a simple and free checking account. There’s never a monthly fee, and you get access to 55,000 ATMs nationwide. The downside is you won’t earn interest.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fees: None at East Boston Savings Bank or Allpoint® network ATMs; $2.50 per transaction at other ATMs
  • ATM fee refunds: None
  • Overdraft fees: $35 per item, up to six a day

The East Boston Savings Bank Simply Free Checking account only provides the basics. It comes with a debit card, online banking and the ability to order checks. That’s about it. This account does not earn interest or debit card rewards.

In exchange for having few benefits, this account is completely free. There’s no monthly maintenance fee no matter how low your balance drops. You also don’t need to do anything to keep the account free, such as setting up a direct deposit.

With the debit card, you can make free withdrawals from East Boston Savings Bank ATMs, as well as from any in the Allpoint® network. Allpoint® has more than 55,000 ATMs nationwide, so there are plenty of options from which to choose. If you use an out-of-network ATM, East Boston Savings Bank charges a $2.50 fee per transaction. It also will not refund any fees from the ATM owner.

You can open an East Boston Savings Bank Simply Free Checking account online or by visiting one of its branches. You will need to provide your address, Social Security number and either a driver’s license or state ID for the application. You will also need to provide an opening deposit of $50.

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on East Boston Savings Bank’s secure website

Interest Checking

Earns some interest, but the rate is incredibly low. At least the account’s free, and you only need a $10 minimum balance to qualify for interest.
APYMinimum Balance to Earn APY
0.05%
$10
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fees: None at East Boston Savings Bank or Allpoint® network ATMs; $2.50 per transaction at other ATMs
  • ATM fee refunds: None
  • Overdraft fees: $35 per item, up to six a day

You must deposit of $50 to open an Interest Checking account. After that, there is no minimum balance requirement, and this account does not charge a monthly maintenance fee. But you must set up a direct deposit of any amount to keep this account open.

This account earns interest so long as your minimum daily balance is $10 or more. But the rate is quite low, even by checking account standards. This account also comes with a debit card, online banking and the ability to order checks.

With the debit card, you can make free withdrawals from East Boston Savings Bank ATMs, as well as from any in the Allpoint® network. Allpoint® has more than 55,000 ATMs nationwide, so there are plenty of options from which to choose. If you use an out-of-network ATM, East Boston Savings Bank charges a $2.50 fee per transaction. It also will not refund any fees from the ATM owner.

You can open an Interest Checking account online or by visiting one of its branches. You will need to provide your address, Social Security number and either a driver’s license or state ID for the application. You will also need to provide your opening deposit of $50.

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on East Boston Savings Bank’s secure website

Member FDIC

Premier Checking

Only makes sense if you have a combined $25,000 balance across all your East Boston Savings Bank accounts. But if you can meet the steep balance requirements, this is an excellent account that offers a high interest rate and other benefits.

APYMinimum Balance to Earn APY
0.45%
$0.01
0.10%
Any amount over $25,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $25 (waived if you have a combined balance of at least $25,000 in East Boston Savings Bank personal deposit accounts and loans)
  • ATM fees: None at East Boston Savings Bank or Allpoint® network ATMs; $2.50 per transaction at other ATMs
  • ATM fee refunds: Up to $50 per month from out-of-network ATMs
  • Overdraft fees: $35 per item, up to six a day

It takes a deposit of $50 to open a Premier Checking account. This account charges a steep $25 monthly maintenance fee. But East Boston Savings Bank waives the fee if you have a combined $25,000 balance throughout its personal deposit accounts and loans. This includes any personal deposit account, mortgages, home equity lines of credit and car loans.

The East Boston Savings Bank Premier Checking account earns interest on all balances. The rate is excellent on up to $25,000. If you have more than $25,000, you’ll earn a much lower rate for any amount over the limit.

You can make free withdrawals from East Boston Savings Bank ATMs, as well as from any in the Allpoint® network. East Boston Savings Bank will also refund up to $50 a month in fees from out-of-network ATMs. Finally, if you ever take out an East Boston Savings Bank mortgage, it will deduct $100 off the closing costs when you have this account.

You can open a Premier Checking account online or by visiting one of its branches. You will need to provide your address, Social Security number and either a driver’s license or state ID for the application. You will also need to provide your opening deposit of $50.

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on East Boston Savings Bank’s secure website

Member FDIC

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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

High Yield Statement Savings

A phenomenal savings account for someone making a large deposit. It earns one of the best rates we’ve seen and doesn’t charge a monthly fee. The only catch is you need $5,000 to earn interest.
APYMinimum Balance Amount to Earn APY
2.50%
$5,000
0.25%
More than $1 million
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fees: None at East Boston Savings Bank or Allpoint® network ATMs; $2.50 per transaction at other ATMs
  • ATM fee refunds: None
  • Overdraft fees: $35 per item, up to six a day

You can open a High Yield Statement Savings account for a deposit of just $50. This account earns interest, but only if you have a balance of at least $5,000. If you have less than $5,000, you stop earning interest. But this account does not charge a monthly fee even if you fall below the balance requirement.

The High Yield Statement Savings account limits how often you can take money out because of a government rule, Regulation D. Each statement cycle, you can make up to six certain transactions, including debit card purchases, drafts and transfers to other accounts. If you make more than six, East Boston Savings Bank charges a $15 fee for each excess transaction.

The limit does not apply to bank or ATM withdrawals. You can make as many of these as you’d like. You can make free withdrawals from any East Boston Savings Bank or Allpoint® network ATM. If you make an out-of-network withdrawal, East Boston Savings Bank charges a $2.50 fee and will not refund any charges from the ATM owner.

You can open a High Yield Statement Savings account online or by visiting one of its branches. You will need to provide your address, Social Security number and either a driver’s license or state ID for the application. You will also need to provide your opening deposit of at least $50. You can only fund this account with new money — funds that aren’t already at East Boston Savings Bank.

SEE DETAILS Secured

on East Boston Savings Bank’s secure website

Member FDIC

Statement Savings

Doesn’t pay nearly as high a rate as High Yield Statement Savings, but you only need a $25 minimum balance to qualify for interest.
APYMinimum Balance Amount to Earn APY
0.08%
$25
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fees: None at East Boston Savings Bank or Allpoint® network ATMs; $2.50 per transaction at other ATMs
  • ATM fee refunds: None
  • Overdraft fees: $35 per item, up to six a day

For smaller balances, East Boston Savings Bank offers a Statement Savings account. This account has a $50 minimum opening deposit requirement. To earn interest, your minimum balance only needs to be $25. This account pays the same rate on all balances over $25 — and the rate is low.

The Statement Savings account does not charge a monthly fee. If your balance falls below $25, you stop earning interest but don’t have to worry about a charge.

The Statement Savings account limits how often you can take money out because of a government rule, Regulation D. Each statement cycle, you are allowed up to six certain transactions, including debit card purchases, drafts and transfers to other accounts. If you make more than six, East Boston Savings Bank charges a $15 fee for each excess transaction.

The limit does not apply to bank or ATM withdrawals. You can make as many of these as you’d like. You can make free withdrawals from any East Boston Savings Bank or Allpoint® network ATM. If you make an out-of-network withdrawal, East Boston Savings Bank charges a $2.50 fee and will not refund any charges from the ATM owner.

You can open a Statement Savings account online or by visiting one of its branches. You will need to provide your address, Social Security number and either a driver’s license or state ID for the application. You will also need to provide your opening deposit of at least $50.

SEE DETAILS Secured

on East Boston Savings Bank’s secure website

Member FDIC

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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

Certificates of Deposit

East Boston Savings Bank’s CD rates are a mixed bag. Some are excellent, some are average and some are quite poor.
TermAPY
6 months0.60%
9 months0.40%
12 months0.45%
13 months (special)0.70%
14 months (Special)0.70%
15 months0.70%
16 months0.70%
18 months0.50%
19 months0.70%
24 months0.45%
25 months (Bump-Up)1.12%
30 months0.70%
36 months0.70%
48 months0.70%
60 months0.70%
  • Minimum opening deposit: $1,000 ($2,500 for the six-month term)
  • Minimum balance amount to earn APY: $1,000 ($2,500 for the six-month term)
  • Early withdrawal penalty: For six- to 12-month terms, the penalty will equal three months’ interest on the amount withdrawn; for terms of more than 12 months to 36 months, the penalty will equal six months’ interest on the amount withdrawn; for terms over 36 months, the penalty will equal 12 months’ interest on the amount withdrawn.

East Boston Savings Bank offers a huge variety of CDs. It currently has 15 offers, which range from as short as six months to as long as 60 months. Nearly all the CDs require a $1,000 minimum opening deposit, and you need to keep this much in the account to earn the APY. Its six-month CD is the only exception. That requires $2,500 to open and earn the APY.

The quality of East Boston Savings Bank’s CD rates is mixed. Some offers, such as its 15-month CD, are excellent. Others are average and some are quite poor. Pay attention when you apply because the rate is not consistent based on the CD length. For example, the 15-month CD pays roughly five times as much as the 18-month CD, even though they are for nearly the same amount of time.

Its 25-month CD is a Bump-Up, which means if interest rates increase after you sign up, you can adjust to a higher rate.

If you take money out of your CD before the maturity date, East Boston Savings Bank will charge an early withdrawal penalty. The penalty depends on your CD term:

  • For six- to 12-month terms, the penalty will equal three months’ interest on the amount withdrawn
  • For terms of more than 12 months to 36 months, the penalty will equal six months’ interest on the amount withdrawn
  • For terms over 36 months, the penalty will equal 12 months’ interest on the amount withdrawn

When your CD matures, East Boston Savings Bank will automatically renew you for another one. You have 10 days after the maturity date to take money out without owing a penalty. While most of the CDs renew for the same offer, some renew into a different term with a lower rate. The ones that renew at a lower rate are 13 months, 14 months, 16 months, 19 months and 25 months.

East Boston Savings Bank only makes some of its CD offers available online — typically the ones with the highest rates. You can only open the rest of the CDs by visiting an East Boston Savings Bank branch. You will need to provide your address, Social Security number and either a driver’s license or state ID for the application. You will also need to provide your initial deposit for the CD.

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on East Boston Savings Bank’s secure website

Member FDIC

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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

Money Market Special 3

If you keep at least $10,000 in your account, East Boston Saving Bank pays an excellent money market rate.
APYMinimum Balance Amount to Earn APY
0.40%
$10
0.45%
$10,000
0.25%
$2 million
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: $8 (waived for minimum daily balance of at least $2,500)
  • ATM fees: None at East Boston Savings Bank or Allpoint® network ATMs; $2.50 per transaction at other ATMs
  • ATM fee refunds: None
  • Overdraft fees: $35 per item, up to six a day

The East Boston Savings Bank Money Market Special 3 account requires an opening deposit of $2,500. After that, if your minimum daily balance falls below $2,500, this account charges an $8 monthly fee. East Boston Savings Bank waives the fee so long as you stay above the balance requirement.

The Money Market Special 3 account pays interest so long as your balance is at least $10. The rate is just OK for balances less than $10,000. If you have more than $10,000, you’ll earn a much more competitive rate.

This money market account limits how often you can take money out because of a government rule, Regulation D. Each statement cycle, you are allowed to make up to six certain transactions, including debit card purchases, drafts and transfers to other accounts. If you make more than six, East Boston Savings Bank charges a $15 fee for each excess transaction.

You can open a Money Market Special 3 account online or by visiting one of its branches. You will need to provide your address, Social Security number and either a driver’s license or state ID for the application. You will also need to provide your opening deposit of at least $2,500. You can only deposit new money into this account — funds that aren’t already at East Boston Savings Bank.

SEE DETAILS Secured

on East Boston Savings Bank’s secure website

Member FDIC

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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

Retirement CDs

All the East Boston Savings Bank CDs can be used through an IRA. You can set these up with a smaller $500 deposit.
TermAPY
6 months0.60%
9 months0.40%
12 months0.45%
13 months (special)0.70%
14 months (Special)0.70%
15 months0.70%
16 months0.70%
18 months0.50%
19 months0.70%
24 months0.45%
25 months (Bump-Up)1.12%
30 months0.70%
36 months0.70%
48 months0.70%
60 months0.70%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For six- to 12-month terms, the penalty will equal three’ months interest on the amount withdrawn; for terms of more than 12 months to 36 months, the penalty will equal six months’ interest on the amount withdrawn; for terms over 36 months, the penalty will equal 12 months’ interest on the amount withdrawn

If you want to save for retirement, all of East Boston Savings Bank’s regular CDs are available through an IRA. You can set up any of the IRA CDs with a deposit of $500, and you need to keep this much in the account to earn the APY. This limit is lower than the regular CDs, which require $1,000. These accounts charge a $15 IRA annual fee.

East Boston Savings Bank’s IRA CD rates are a mix of quality. Some are excellent, some are average and some are quite poor. Pay attention when you sign up because longer terms don’t always have the higher rate at East Boston Savings Bank.

If you take money out of your IRA CD before the maturity date, East Boston Savings Bank will charge an early withdrawal penalty. The penalty depends on your IRA CD term:

  • For six- to 12-month terms, the penalty will equal three months’ interest on the amount withdrawn
  • For terms of more than 12 months to 36 months, the penalty will equal six months’ interest on the amount withdrawn
  • For terms over 36 months, the penalty will equal 12 months’ interest on the amount withdrawn

Also, if you are younger than 59½, it charges a $25 IRA Premature Withdrawal fee. On the other hand, if you are older than 59½, your IRA CD term is 24 months or less and you only make a partial withdrawal, there is no early withdrawal penalty.

When your IRA CD matures, East Boston Savings Bank will automatically renew you for another one. You have 10 days after the maturity date to take money out without owing a penalty. While most of the IRA CDs renew for the same offer, some renew into a different term with a lower rate. The ones that renew at a lower rate are 13 months, 14 months, 16 months, 19 months and 25 months.

You can open a Retirement CD by visiting one of its branches. They aren’t available online. You will need to provide your address, Social Security number and either a driver’s license or state ID for the application. You will also need to provide your opening deposit.

SEE DETAILS Secured

on East Boston Savings Bank’s secure website

Member FDIC

Retirement Money Market Savings

The Retirement Money Market Savings account doesn’t have early withdrawal penalties, but it earns less than the IRA CDs. It’s a below-average rate for this type of account.

APYMinimum Balance Amount to Earn APY
0.20%$25
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None

East Boston Savings Bank also offers a Retirement Money Market Savings account for customers who do not want to commit to a set timeline. You can take money out of this account without owing an early withdrawal penalty to East Boston Savings Bank like you would on the IRA CDs.

In exchange, the account earns a much lower interest rate. Compared to similar accounts on the market, it’s also below average.

You need to deposit of $50 to open this account. You’ll earn interest so long as you balance stays above $25. The rate always stays the same; it doesn’t increase for larger balances. This account does not charge a monthly fee. You just stop earning interest if you fall below $25.

You can open a Retirement Money Market Savings account by visiting one of its branches. They aren’t available online. You will need to provide your address, Social Security number and either a driver’s license or state ID for the application. You will also need to provide your opening deposit.

SEE DETAILS Secured

on East Boston Savings Bank’s secure website

Member FDIC

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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.

Overall review of East Boston Savings Bank’s banking products

If you plan to keep a large amount in savings, you’re going to like East Boston Savings Bank. Its top-tier checking, savings and money market rates are right up there with the best accounts in the country. But these high rates come with high balance requirements. For example, you need a $5,000 balance to earn interest with High Yield Statement Savings and $10,000 to receive the best money market account rate.

East Boston Savings Bank is less generous with smaller accounts. While the fees are low, small balances don’t earn anything close to a competitive interest rate. It seems East Boston Savings Bank’s priority is attracting clients with deeper pockets.

If you can meet the high balance requirements, East Boston Savings Bank could be an attractive choice. Just remember that you must be a resident of Massachusetts, New Hampshire and Rhode Island to sign up.

Live somewhere else? Some of the best offers from East Boston Savings Bank are also available nationwide through its online service, EBSB Direct.