Posts Tagged ‘New Jersey CD rates’
TD Bank CD Rates and Review
TD Bank offers a unique set of CD (certificate of deposit) products for both consumers and businesses. What sets their deposit product offerings apart from other credit unions and banks is that they offer “Step Up” CD’s which basically come with incrementally increasing interest rates as your deposit gets closer to maturity. Below are the going rates for these CD’s. As a side note their personal CD’s are currently yielding slightly lower rates than the national average for CD rates.
About TD Bank:
TD Bank claims to be America’s most convenient bank (so much so that they’ve actually trademarked the term “America’s most convenient bank”). They are one of the 15 largest banks in the United States with $160 billion in assets, and provides customers with a full range of financial products and services at more than 1,100 retail stores throughout the Northeast, Mid-Atlantic, Metro D.C. and Florida.
Company History:
The company first opened its doors as Portland Savings Bank in Portland, Maine, in 1852, and later grew through a series of mergers and became Peoples Heritage Bank in 1983. At the turn of the millennium, the opportunity for growth presented itself again as Peoples Heritage Bank, through several acquisitions, expanded deeper into New England and took the name Banknorth.
Meanwhile, Cherry Hill, New Jersey-based Commerce Bank was turning Customers into Fans as America’s Most Convenient Bank. Founded in 1973, Commerce Bank expanded rapidly over the next 30 years into metro New York and Philadelphia, Washington D.C., and South Florida, winning new Customers with WOW! service and convenience.
In 2004, Banknorth caught the eye of TD Bank Financial Group of Toronto, Canada, a top 10 financial services company in North America. TD Bank Financial Group soon became Banknorth’s majority shareholder and the company became known as TD Banknorth. TD Bank Financial Group completed its purchase of TD Banknorth in 2007.
Looking to expand further in the U.S., TD Bank Financial Group acquired Commerce Bank on March 31, 2008, and the company rebranded as TD Bank, America’s Most Convenient Bank. TD Banknorth locations followed suit in September 2009, completing the merger of the two companies and uniting them under the TD Bank brand name.
Today, TD Bank, America’s Most Convenient Bank, remains focused on delivering award-winning Customer service and hassle-free products to Customers from Maine to Florida.
Current CD Rates offered by TD Bank:
Basic CD’s
- 9 month CD yielding 0.65% APY with a minimum deposit of $250 required. The current national average for 6 month CDs sits at roughly 0.78% APY (to put this offer in perspective).
- Other terms available, contact a local rep for current rates.
No Catch CD’s
- 6 month CD yielding 0.45% APY with a minimum deposit of $250 required and one penalty-free withdrawal allowed.
- 12 month CD yielding 0.40% APY with a minimum deposit of $250 required and one penalty-free withdrawal allowed.
Step Rate CD’s
- 3 year CD yielding 1.47% APY. Year 1 yields 0.90% APY, year 2 yeilds 1.24% APY and year 3 yields 2.24% APY.
- 5 year CD yielding 1.80% APY. Year 1 yields 0.75% APY, year 2 yeilds 1.00% APY, year 3 yields 1.74% APY, year 4 yields 2.23% APY and year 5 yields 3.20% APY.
* For the Step Rate CD the annual percentage yield is a Composite APY. The APY assumes each stated interest rate will be in effect for the length of time identified (one (1) year period).
TD Bank has locations in Connecticut, Washington D.C., New Jersey, New York, New Hampshire, Florida, Massachussetts, Maryland, Maine, Pennsylvania, Vermont and Virginia.
Also check out: TD Bank’s Checking Account Bonus
Best 12 month CD rates in New Jersey beat nat’l avg. by 50%
The top 12 month CD rates in New Jersey are currently besting the national average by almost 50%. Depending on the amount of money you have to deposit American Airlines Credit Union (Neward, NJ) has 12 month CDs with rates between 1.81% and 1.91% APY. One thing to note, however, is that AACU has not updated their rate pages since the first of April, so these may be due for an adjustment shortly.
For deposits between $1,000 and $9,999 AACU will provide you with an interest rate of 1.80% (1.81% APY) and if you can make deposits of larger than $10k you will see an interest rate of 1.90% (1.91% APY). To put these offers in perspective the current national average for 12 month CD rates sits at 1.20% APY.
AACU is a relatively exclusive institution, so even if you do reside in the state of New Jersey you may have a difficult time becoming a member. Basically you can join only if you fall into one of the following groups:
- All active or retired employees of American Airlines, Inc., American Eagle Airlines, or the Air Transportation Industry as described below:
- Employees who work in the Air Transportation Industry such as:
- Airline employees.
- Government employees, such as TSA, FAA and others, who work directly in administration, regulation or security for airports, airlines or air transportation.
- Airport employees who work in air transportation of freight and air courier services; and those working in airport support and service such as janitorial, baggage handling or aircraft maintenance.
- Onboard airline food services who work on airport property.
- Families: When you’re an AA Credit Union Member, you can sponsor membership for your spouse, children, parents, siblings, grandparents, grandchildren and permanent household members.
You can compare this offer with the top 3 CD rates in New Jersey to see how it stacks up! We have also compiled a list of the best 6 month CD rates in New Jersey as well.
Best 6 month CD rates in New Jersey found at First Choice Bank
The top 6 month CD rates in the state of New Jersey can currently be found at First Choice Bank. With a minimum deposit of $1,000 you can lock in a six month CD with a yield of 1.61% APY. The national average for 6 month certificate of deposits currently sits at 1.02% APY (to put this offer in perspective).
First Choice Bank has three locations in New Jersey. They have branches in Lawrenceville, Hamilton and (as of recently) Robbinsville, New Jersey.
As a side note, First Choice Bank has chosen not to participate in the FDIC’s Transaction Account Guarantee Program. And customers of First Choice Bank with noninterest-bearing transaction accounts will continue to be insured through December 31, 2009 for up to $250,000 under the FDIC’s general deposit insurance rules.
You’re deposits, however, are and will continue to be insured by the FDIC.
Some other noteworthy deposit rates offered by First Choice Bank:
9 month CD yielding 1.75% APY with a minimum deposit of $1,000 required.
12 month CD yielding 1.99% APY with a minimum deposit of $1,000 required.
18 month CD yielding 2.00% APY with a minimum deposit of $1,000 required.
24 month CD yielding 2.25% APY with a minimum deposit of $1,000 required.
3 year CD yielding 2.50% APY with a minimum deposit of $1,000 required.
* An early withdrawal will reduce the earnings in which your CD rates provides. All deposits offered through First Choice Bank are federally insured by the FDIC.
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.
Amboy Direct’s certificate of deposit rates
Amboy Direct has lowered it’s 12 month CD rate a bit since we last reviewed them two months ago. Back in May, Amboy Direct’s 12 month CD was yielding a very nice 3.05% APY and topped BankVibe’s CD rate comparison chart. Now, Amboy offers a promotional “E-Savings Time Deposit” (1 year) which is yielding 2.35% APY. You must use the offer code, 50870, to take advantage of this product. On Amboy’s promotional page, it states that you must make a minimum deposit of at least $10,000 to receive the advertised rate.
Although Amboy Direct is based out of New Jersey it’s products are available to customers nationwide. If you reside in NJ, then you may want to compare this rate with other CD rates in New Jersey.
Opening an Amboy Direct Savings Product:
- You must be at least 18 years old, a U. S. citizen and have a valid social security number.
- Minimum initial deposit is $100. (You must have a balance of $10k to receive the advertised interest rate)
- Accounts are opened online with an initial deposit from your personal checking account at another bank.
- After you submit your application, Amboy Direct will send two small deposits to your personal checking account that must be verified. To verify, review your transaction history at the bank where your checking account resides and identify the two deposits. Your initial login to Amboy Direct will require you to enter the amounts before you can access your account. These deposits are free and are sent as a fraud protection measure.
- You must validate the 2 small deposits in your linked account no later than 50 days from the date the first deposit was made. If you do not validate the link within 50 days, Amboy Direct may return the initial deposit to the linked account and close the eSavings Time Deposit account.
- Transfer capabilities will be available immediately after “Verification process” is complete.
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.
- 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
- 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
- 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
- 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
- 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.
Credit Union of New Jersey’s Savings Rates
The Credit Union of New Jersey frequently offers savings rates that top the current national averages. They also have some unique savings products in which yield a higher than average rate.
The Credit Union of New Jersey’s “Elite Money Market Account” requires a minimum balance of at least $250,000 and comes with an APY of 2.50%. I’ve heard this account was yielding above 3.0% APY a couple months ago, but haven’t seen it first hand.
Credit Union of New Jersey CD Rates:
(as seen on their rates page)
| Balance Requirements | Term | Dividend Rate | Annual Percentage Yield-Basic | Annual Percentage Yield-Gold+ | Annual Percentage Yield-Platinum++ |
| $500-$99,999.99 | |||||
| 3 Months | 1.340% | 1.35% | 1.45% | 1.60% | |
| 6 Months | 1.880% | 1.90% | 2.00% | 2.15% | |
| 1 Year | 2.225% | 2.25% | 2.35% | 2.50% | |
| 18 Months | 2.225% | 2.25% | 2.35% | 2.50% | |
| 2 Years | 2.370% | 2.40% | 2.50% | 2.65% | |
| 3 Years | 2.470% | 2.50% | 2.60% | 2.75% | |
| 4 Years | 2.570% | 2.60% | 2.70% | 2.85% | |
| 5 Years | 2.960% | 3.00% | 3.10% | 3.25% | |
| $100,000 and above | |||||
| 3 Months | 1.440% | 1.45% | 1.55% | 1.70% | |
| 6 Months | 1.980% | 2.00% | 2.10% | 2.25% | |
| 1 Year | 2.325% | 2.35% | 2.45% | 2.60% | |
| 18 Months | 2.325% | 2.35% | 2.45% | 2.60% | |
| 2 Years | 2.470% | 2.50% | 2.60% | 2.75% | |
| 3 Years | 2.570% | 2.60% | 2.70% | 2.85% | |
| 4 Years | 2.670% | 2.70% | 2.80% | 2.95% | |
| 5 Years | 3.060% | 3.10% | 3.20% | 3.35% | |
| Rates subject to change without notice. Penalty for early withdrawal. | |||||
About Credit Union of New Jersey:
The Credit Union of New Jersey was originally incorporated in 1943 as a credit union for state highway department employees. They initially offered only savings products and personal loans. Currently, they manage assets in excess of $240 million. And, they incorporate over 160 organizations in addition to their original charter group. The currently have over 37,000 members in the northeast (namely New Jersey). They claim to be a progressive organization that brings about positive change within their community. The Credit Union of New Jersey’s primary commitment is to serving the needs of their members.
Financial Products Offered:
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.
