A time-tested account that allows you to see each transaction recorded as processed. Without access via ATM/Visa Debit cards, it’s the perfect account for someone who is looking to save money.
Statement Savings Account
Earning a higher rate of interest than our Passbook Savings Account, our Statement Savings account offers you the convenience of a monthly statement with the flexibility of an ATM Card. When you combine these two features, you get worldwide convenience and account accessibility 24 hours a day, 7 days a week. In addition, your Statement Savings can be linked to a Checking Account with Sweep capabilities making it an exceptional savings package.
Money Market Account
This account gives you the convenience of check writing, along with the advantage of earning a savings account rate. With the option of ordering an ATM card or Visa debit card, you can also have 24 hour access to your money.
Sweep Savings Account
With a Sweep Savings account, your money will earn a higher rate of interest thanks to our automatic program, which transfers any excess funds from existing checking accounts into a higher paying account, and then back again when you need the funds to cover checks you have written.
You don't have to do anything special to earn this extra interest. We do it for you, and there is no charge, just more interest. Sweeping money between accounts is our way of providing you with better banking services.
Start today. Sign up for Sweep Savings; it’s the easy way to earn higher interest.
Passbook Loans
NorthEast Community Bank provides you with a unique opportunity to borrow money at a cost that is traditionally below market rates, using the funds in your existing NECB account as collateral:
The loan rate is the account rate, plus 3.50%
Borrow up to 90% of the available account balance
Interest due is billed & payable quarterly
Principal is paid at your convenience
If you already have a Passbook Savings account or a Certificate of Deposit (IRA’s do not qualify), speak to a customer service representative to find out if a passbook loan is the right loan for you.
If you do not have a passbook account, but do have a checking or statement savings account, we can transfer the collateral funds into a qualified account for your loan.
Certificate Of Deposit
NorthEast Community Bank offers a wide range of time deposit accounts that range in terms as short as 30 days to terms as long as 5 years. Our minimum balances are very competitive and all accounts have tiered rates of interest; giving you more control over your earnings.
Holiday Clubs
Our Holiday Club account is one of our oldest products, offering you a traditional means of saving for the holidays. We have flexible deposit plans available and you can arrange to have funds automatically transferred into this account, from another NECB account. This allows you to have peace of mind in knowing the funds will be there when you need them, just in time for holiday spending!
Safe Deposit Boxes
If you are a depositor of NorthEast Community Bank, you are eligible to rent a safe deposit box. Boxes are located at our Arthur Avenue office (Bronx, NY) and provide you with a secure environment to store heirlooms and important personal documents. Rental fees are affordable, multiple box sizes are available and vault hours are convenient. Consider safeguarding the following valuables:
Originals of your insurance policies
Family records such as birth, marriage and death certificates
Original deeds, titles, mortgages, leases and other contracts
Stocks, bonds and certificates of deposit (CDs)
Other valuables worthy of a spot in your safe deposit box include:
Special jewels, medals, rare stamps and other collectibles
Negatives for irreplaceable photos, and videos or pictures of your home's contents for insurance purposes (in case of theft or damage)
Call the branch today to learn more about our safe deposit box services: 718.584.7400
Individual Retirement Accounts
We offer a variety of IRA Certificates of Deposit with maturities from 1 to 5 years.
Traditional IRA
Make deductible contributions of up to $5,000 per year
Annual “catch-up” contributions of $1,000 permitted if you are age 50 or older
Penalty free withdrawals after you reach 59½
ROTH IRA
Make non-deductible contributions up to $5,000 per year
Annual “catch-up” contributions of $1,000 permitted if you are age 50 or older
Contributions can continue after you reach 70½
No mandatory withdrawals after you reach 70½
Tax free distributions if account has been open for 5 years and:
You are at least 59½
You become disabled
Funds used toward first time home purchase
Note: You may have both a Traditional and Roth IRA but combined contributions may not exceed $5,000
Coverdell ESA
Make non-deductible contributions of up to $2000 (aggregate) per year towards qualified elementary, secondary or post-secondary education expenses of the designated account beneficiary.
Earnings on a Coverdell ESA grow tax-free until withdrawn to pay for qualified expenses
Exceptional Features
No annual fees
Minimum opening contribution of $250
Additional contributions as low as $25
Rate upgrades for qualified participants (Traditional IRA's only)
Additional contributions to a fixed rate certificate made during the existing term earn the same rate of interest as the original contribution for the remaining term of the certificate
