Eastern Bank Review: Is This Massachusetts-Based Bank Right for You?

eastern bank

Choosing the right bank isn’t easy. First you have to identify your personal financial needs, and then find a financial institution that meets your expectations and more. Do you want to avoid fees? What are your long-term financial goals? How do you like to bank? Reflecting on these questions can put you on the right track.

If you live in Massachusetts, Eastern Bank might be the answer. Established in 1818, Eastern Bank offers a hefty supply of products to get your finances in order. From checking accounts to investment products, Eastern Bank is ready to earn your trust and business.

So, what can you expect from a bank with this expansive a track record?

1. Eastern Bank Savings Accounts

Savings goals differ from person to person, and Eastern Bank understands the importance of offering varying products. Choose between two regular savings account options and get started with just a $10 opening deposit. There’s a low $3 monthly service charge, which the bank will waive if you maintain a minimum balance of $250.

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But the options don’t stop here. Open a money market account with no minimum deposit or monthly service charge, and for long-term savings needs, choose a certificate of deposit with terms that range from three months to five years.

2. Eastern Bank Checking Accounts

Three checking account options are available: Free Checking, eZ Checking and Premier Checking. Minimum opening deposits range from $25 to $500, depending on the type of checking account. Each account offers free online bill pay, free mobile banking and a free bank debit card.

3. Eastern Bank Mobile/Online Banking

Who has time to write checks nowadays? Most people want a faster, more convenient way to manage their finances.

Open an account with Eastern Bank and gain easy access to your funds through online and mobile banking. Monitor your balance from your computer or a mobile device, transfer funds, deposit your paycheck with your smartphone, and set up automated bill pay. There is no better or safer way to put your finances on autopilot — and it’s free.

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4. Eastern Bank Mortgage Loans

Buying a house is one of the biggest decisions you’ll ever make. Eastern Bank has a wide range of mortgage products, from fixed-rate home loans to reverse mortgages. Enjoy competitive rates and fees and, with the help of the bank’s online mortgage calculator, estimate your interest rate and determine affordability before meeting with a mortgage loan officer.

Complete an online application, get preapproved and you’re one step closer to your dream of homeownership.

5. Eastern Bank Credit Cards

Whether you’re looking for a rewards credit card or a regular credit card, Eastern Bank can deliver. Apply for the bank’s Signature or Platinum Bonus Rewards Card and earn 1 point for every $1 you spend, plus bonus points every month. Earn cash back on your first purchase, and redeem rewards points for cash, travel, gifts and more.

If you prefer a no-frills card, the bank’s Visa Platinum Card features a low introductory rate and no annual fee.

Pros and Cons of Eastern Bank

Eastern Bank might have what you’re looking for and more but, unfortunately, the bank only has locations in Massachusetts. There are 80+ branches throughout the state, which is good news for residents who don’t want to drive far to locate a branch or ATM.

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The bank’s hours are either a positive or a negative depending on where you conduct most of your transactions. Some locations are open until 3 p.m. on Saturdays and 7 p.m. on select weekdays, but other branches aren’t open on the weekend and don’t offer longer weekday hours.

Should You Choose Eastern Bank?

A user-friendly website and mobile banking app, multiple checking and savings options, plus plenty of other financial products make Eastern Bank an attractive option. Sure, you’re limited to the state of Massachusetts, but if you’re seeking a bank with a good reputation and a hometown feel, Eastern Bank is the way to go. Visit a nearby branch or open an account online.


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About the Author

Valencia Higuera

Valencia Higuera is a personal finance expert who enjoys articles on budgeting, saving money and credit cards. She holds a B.A in English from Old Dominion University and currently lives in Chesapeake, Virginia.

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