Best CD Rates in Newark, New Jersey: Top 3

September 26, 2009 No Comments »

Below are the highest yielding CD (certificate of deposit) rates available to the residents of Newark, New Jersey. These come in the form of 6 month CDs, 12 month CDs and 24 month CDs. After sorting through dozens of rate pages by local community banks and credit unions serving the city of Newark as well as the state of New Jersey, we found that for the most part, you will be able to receive slightly better rates with local institutions than with large national banks.

Keep in mind interest rates are time-sensitive in nature, so you will want to refer to the date of this article for accuracy. To get the most CD current rates from national banks, compare CD rates nationwide. 

How did we compile this list? As you are probably aware, higher CD rates tend to accompany longer maturities and since we did not want to strictly list long maturity CD’s we decided to list the deposit rates which beat the national average by the highest margins.

Best 6 month CD rates in Newark, New Jersey:

  • First Choice Bank has a 6 month CD rate yielding 1.75% APY with a minimum deposit of $500. This bank has several locations in New Jersey with either ATM or branch locations in Newark and Robbinsville, NJ. 
  • Quorum Federal Credit Union has a 6 month CD and a 9 month CD yielding 1.75% APY with a minimum deposit of $500. This CU has locations throughout the state of New Jersey (in particular Newark and Easthanover, NJ).
  • Union County Savings Bank has a 6 month CD yielding 1.75% APY with a minimum deposit of $10,000 required. This bank serves the state of New Jersey and has locations and/or ATM’s in Union, NJ and Newark, NJ.  

Best 12 month CD rates in Newark, New Jersey:

  • Sharonview Federal Credit Union has a 12 month CD yielding 2.25% APY with a minimum deposit of $500 required. Sharonview FCU serves residents in the state of New Jersey and has locations in Newark, NJ as well as Bridgewater, NJ.
  • XCEL Federal Credit Union has a 12 month CD yielding 2.10% APY with a minimum deposit of $500 required. This credit union serves residents in the Northeast (particularly New Jersey) and has locations in Newark, NJ as well as Jersey City, NJ.
  • Princeton Federal Credit Union has a 12 month CD yielding 2.05% APY with a minimum deposit of $1,000. They serve residents in the state of New Jersey and have locations and/or ATM access in Newark, NJ and Princeton, NJ. 

Best 24 month CD rates in Newark, New Jersey:

  • Fort Lee federal Savings Bank has a 24 month CD yielding 2.50% APY with a minimum deposit amount of $500 required. This bank has locations in both Newark and Fort Lee, NJ and serves residents of this state. 
  • Hudson City Savings Bank has a 24 month CD yielding 2.50% APY with a minimum deposit of $500 as well. They serve the greater northeast and have many online bank deposit options. They also have physical locations throughout the state (in particular Newark and Wyckoff, NJ).
  • First State Bank has a 24 month CD yielding 2.40% APY with a minimum deposit $1,000 required. First State Bank has several locations throughout New Jersey and serves the residents of this state.
All of the above institutions are federally insured by either the FDIC or NCUA. If you live in the city of Newark, NJ and know of a better interest rate offered through your local bank or credit union, please share by leaving a comment. 

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