Best CD Rates in Newark, New Jersey: Top 3

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.

Raritan Bay Federal Credit Union’s rewards checking account

Raritan Bay Federal Credit Union out of New Jersey has a very nice Rewards Checking Account which is paying a whopping 5.01% APY on all balances up to $25,000 (earn 1.01% APY on balances above $25k). This currently smashes the national average for money market accounts, which currently sits at a meager 1.20% APY. However, like many other interest checking accounts we have covered in the past, this one comes with a few strings attached.

Thanks to BankVibe reader Tim for sending this one in!

4 monthly qualifications must be met to earn the advertised interest rate:

• 8 mastercard signature based purchases
• set up one recurring direct deposit or authorize and automatic monthly transfer from this account
• enroll and receive statements electronically (e-statements)
• access online banking and enroll in online bill pay

If you can meet the above requirements and have a large lump sum (less than $25k) in which you would like to have earn an optimal interest rate, then this account is probably your best bet.

Additional Account Features:

• free ATM use nationwide (ATM surcharge refunds every month from Raritan Bay Fed CU)
• No monthly service fees associated with this account
• earn 1.01% APY on balances above $25,000
• Average daily balance method used to calculate dividends

1st Constitution Direct’s promotional online savings rate

Here is a decent deal coming from 1st Constitution Bank’s internet branch. Currently they have a high yield online savings account that is yielding an APY of 2.50% for the first 3 months (then a still lucrative 2.25% APY after the promo period).

Keep in mind that you must maintain a balance of at least $10k to earn this advertised rate. If your balance falls below $10k you will still earn a respectable 1.60% APY. To open this account all you need is $100.

1st Constitution Direct operates a relatively low-tech/low-content website, however they are FDIC insured therefor your deposits are federally insured up to $250k.

This is a variable rate and is subject to change without notice. Also, according to their website this rate went into affect back in December, so it may be overdue for a drop.

1st Constitution Direct is a division of 1st Constitution Bank, a NJ based bank founded in 1989. 1st Constitution Direct was established in 2008 to support clients who prefer to bank from their computer rather than traveling to a branch. 1st Constitution Direct clients have access to Telephone Service Consultants who are available to answer questions and address client issues. They claim that banking online through their “direct branch” eliminates most overhead costs so that they can return the savings to you (the customer) in the form of higher interest rates.

To talk to a rep. call: (866) 934-4178

Best Business Money Market Account Rate: Grand Bank

After researching the highest yielding money market accounts in New Jersey, we happened to stumble upon perhaps the very best business money market account rate available today, however you must maintain a relatively high balance in order to collect on their superior APY.

Grand Bank out of New Jersey has a phenomenal interest rate associated with their business MMA. Currently, if you maintain a balance of $75,000 or more, they are offering 3.25% APY.

Like most money market accounts, they have set the yields up in tiers based on balance amounts. Here is the breakdown…

• maintain a balance of between $5,000 and $19,999 and receive 1.25% APY
• maintain a balance of between $20,000 and $49,999 and receive 1.50% APY
• maintain a balance of between $50,000 and $74,999 and receive 2.26% APY
• maintain a balance of above $75k and receive 3.25% APY

The national average for money market account interest rates sits at around 1.26% APY, so unless you plan on keeping more than $20k in this account you won’t receive an abnormally lucrative rate.

Grand Bank opened for business March 1, 2002 at 1 Edinburg Road, Hamilton, New Jersey. They specialize in commercial and residential lending and offer a full range of deposit products including electronic banking.

Contact: (609)514-3900

Best money market account rates in New Jersey (Top 3)

Below are the highest yielding money market account rates available to the residents of New Jersey. We have narrowed our selection down to the best 3. One thing to note before proceeding with one of the accounts below is that currently some of the larger national banks are offering money market rates which are slightly more competitive than the ones available to the local residents of New Jersey. You may want to compare money market accounts available nationwide or dig through our archive of money market rates.

The national average for money market rates currently sits at a rather pathetic 1.22% APY, however all of the accounts listed below come with substantially higher yields. Typically MMA rates are accompanied with required balance amounts and in general, you will find higher rates associated with larger balances. If you are strictly after a high interest rate than you may want to check out interest checking accounts as well. They currently offer yields which beat the national average (for MMA rates) by 2-3 times but come with a few strings attached.

Top 3 Money Market Account Rates (New Jersey)

(clicking on the institution will bring you to their rates page)

1. Unity Bank: Whitehouse, New Jersey. “Opportunity Money Market Account” yielding 1.76% APY with a balance of $10k and above. You will only receive an APY of 0.75% APY if your balance slips below the $10k level.
2. Hudson City Savings Bank: New Jersey. MMA yielding 1.75% APY with a balance of $10k or above. This institution serves most of the northeast (not just New Jersey). If your account balance slips below $10k you will only receive 0.75% APY.
3. Grand Bank: Princeton, New Jersey. MMA yielding a phenomenal 3.04% APY with a balance of $50k or more. This is the highest yielding money market account available if you have the required sum of money.

If you reside in NJ and know of a better money market rate offered by your local institution, please share be leaving a comment.

All the banks mentioned above are federally insured by the FDIC and your deposits are secure up to $250,000.

ProvidentNJ Direct online savings account (intro rate)

ProvidentNJ Direct has a decent deal going on for it’s online savings account they refer to as, “the power savings” account. Currently, new customers nationwide can earn an introductionary interest rate of 3.05% APY for the first 90 days upon opening the account. The rate then drops down to a more modest 2.25% APY on balances above $10,000 or 1.75% APY on balances below $10k.

Features of “Power Savings” through Provident NJ Direct

(as seen on their website)

• No required lock-in time to earn advertised interest rate (open and close whenever you please)
• No Fees and/or service charges
• Free ATM card with account
• Periodic account statements in the form of “e-statements”
• No funding fees for transfers to other ProvidentNJ Direct accounts
• Available nationwide

 This account is FDIC insured up to $250,000. The interest rate is a variable one and can change at anytime without notice.

ProvidentNJ Direct also has an online interest checking account referred to as the, “Green Checking” account which yields an APY of 3.75% on the first $1,000 only With this account you will also encounter no fees or service charges. You will be provided with a Provident Visa Debit Card and be eligible to recieve $20 worth of ATM reimbursements nationwide throughout the course of the month. You will also have access to free online bill pay.

Best CD rates in New Jersey

Below are the top 5 banks offering the highest interest rates on certificates of deposit in New Jersey. Keep in mind that you will receive a much higher rate if you opt for a longer maturity. The 60 month CD has some of the highest yields currently because of it’s maturity length. You may also want to check out some national rates if your local ones are a tad below the average. Compare CD rates from our archive vs. the local banks in New Jersey (below).

Click on the institution links below to view their rates page.

1. Hamilton Horizons Federal Credit Union: 4.00% APY for a 60 month term. HH is a member-owned organization that was formed in 1955. They do not give any geographical requirements as far as membership goes on their website. Contact: (800)449-3221
2. NVE Bank: 3.85% APY for a 60 month term. NVE received a 5 star rating from BauerFinancial and claims (on their website) that they don’t need to be rescued (ie bailed out). Contact (201)816-2800
3. Magyar Bank: 3.69% APY for a 60 month term. Magyar Bank notable fact: Formed in 1922 by Hungarian immigrants. Corporate headquarters in New Brunswick, New Jersey. Contact: (732)342-7600
4. Bank of Princeton: 355% APY for a 60 month term. The Bank of Princeton is a new bank serving the New Jersey area. They were formed in 2005 and raised 30 million in start up captiol. They started with 12 employees and now have upwards of 40. Contact: (609)454-0116
5. Roma Bank: 3.55% APY for 60 month term. Roma Bank was formed in 1920 and its founders were public-spirited citizens of Italian ancestry responding to the need to help their fellow Italian immigrants become deeply rooted in their communities through home ownership and sound thrift and savings habits. Contact: (609)223-8300
   

Check with these institutions for minimum balance requirements as well as possibly eligibilty requirements. The national average for CD rates sits at roughly 3.00% APY for maturities of 5 years.

5 year CD with 4.0% interest rate through New Jersey bank

Thanks to BankVibe reader Yosh who tipped me off on a 5 year certificate of deposit through Community Bank of Bergen County, New Jersey. I know it’s difficult to get excited over a 4.0% annual interest rate for a 5 year maturity, but it still beats the national average for five year CD’s by almost 1.0%.

Community Bank of Bergen County was founded in 1928, and judging from their website, they most likely run a relatively small shop.

They offer certificates of deposits with maturities ranging anywhere from 91 days to 5 years, all of which are yielding mediocre rates (besides their 5 year CD deal). You may wish to compare this rate with BankVibe’s top 5 year CD rates to make sure you can’t find a better yield elsewhere.

This deal is good as of the 3rd of this month and carries a minimum balance of $1,000. Like all other bank CD’s there is a penalty for early withdraw.

To compare this rate to other bank rates, use the navigation tab above.