The interest rates are set up in three tiers. If you’re balance remains between $1 and $9,999 you’ll earn the lowest rate of 0.90% APY – still a large step up from the national average of 0.72% APY. If you’re balance sits between $10,000 and the FDIC ceiling of $249,000 you’ll earn a very respectable 1.15% APY. However, if you’d like to exceed your FDIC insurance limit and stash more than a quarter of a million dollars in the account you’ll save at a rate of 1.40% APY. The fact that they are attempting to entice consumers to exceed FDIC insurance limits is somewhat strange and rarely practiced by FDIC insured banks or NCUA insured credit unions. And regardless of interest rate, we would never recommend depositing more than $250k into a bank CD.

The 1.15% APY they offer on everything above $10k and below the FDIC limit is a very competitive offer both in New Jersey and throughout the country. You’ll be hard pressed in any state to find a MMA rate above 1.00% APY, so to see an offer 15% above that is encouraging. You can compare all MMA rates from our database to see how this offer stacks up against the competition.

First Choice Bank has just 5 locations – all of which reside in New Jersey. You can contact their main branch at (866)546-8273.

Additional Noteworthy Personal Money Market Rates in NJ (December 2011):

- Cornerstone Bank is offering MMA’s at 1.0% APY requiring a minimum balance of $500.

- Customers Bank (Trenton, NJ) is offering MMA’s at 1.0% APY requiring a minimum balance of $1,000.

- Cornerstone Bank is offering MMA’s at 1.0% APY requiring a minimum balance of $500.

- Union County Savings Bank is offering MMA’s at 1.0% APY requiring a minimum balance of $2,500.

Unfortunately, they don’t have a website, so we can’t confirm this rate officially, however, we have been made aware of the offer through multiple sources and believe it to be valid.

Union County Savings Bank is a tiny institution in the northeast with just 4 offices in both New York and New Jersey and only 42 employees (despite being founded well over a hundred years ago in 1883).

Quick Stats for Union County Savings Bank:

- $1.4+ billion in total assets.

- $1.21 billion held in consumer deposits.

- $19 million in interest income

Other Top CD Rates in New Jersey This Week:

(Please refer to the date of this article for interest rate accuracy. You may also want to scroll through our archives of the top CD rates in NJ, or you can visit our CD Rate database for the best rates available throughout the country.

- 6 month CD yielding 1.15% APY from Union County Savings Bank requiring a minimum deposit of $10,000.

- 12 month CD yielding 1.25% APY from Parke Bank (Sewell, NJ) requiring a minimum deposit of $500.

- 24 month CD yielding 1.66% APY from Public Service Federal Credit Union (Middlesex, NJ) requiring a minimum deposit of $1,000.

- 3 year CD yielding 2.0% APY from Bank of Princeton (Princeton, NJ) requiring a minimum deposit of $500.

- 5 year CD yielding 2.80% APY from First Choice Bank (Trenton, NJ) requiring a minimum deposit of $1,000.

To put the offers above in perspective the current national averages for six month, one year and three year CD rates sits at roughly 0.51%, 0.78% and 1.12% APY, respectively.

If you know of a better certificate of deposit rate offered from your local bank or credit union in New Jersey, please share by leaving a comment!

Today, we’d like to provide an example of an institution offering a 6 month CD with an interest rate that is currently doubling the national average. Public Service Federal Credit Union (out of Middlesex, New Jersey) has a six month CD yielding 1.27% APY. To put this offer in perspective, the national average for 6 month CDs is just 0.65% APY. And even though this product is only available to residents in New Jersey, these hidden gems can be dug up in many states throughout the country. Use our CD rate database to find the best offers in you area or scroll through our archives to get a better feel for what’s available near you.

Complete List of CD Rates offered through Public Service FCU (New Jersey):

(Rates accurate as of 11/2010. Visit psfcunj.com for updated rates.)

- 6 month CD yielding 1.27% APY with a minimum deposit of $1,000 required.

- 12 month CD yielding 1.53% APY with a minimum deposit of $1,000 required.

- 2 year CD yielding 2.05% APY with a minimum deposit of $1,000 required.

- 3 year CD yielding 2.15% APY with a minimum deposit of $1,000 required.

- 4 year CD yielding 2.25% APY with a minimum deposit of $1,000 required.

- 5 year CD yielding 2.36% APY with a minimum deposit of $1,000 required.

Compare these rates with other CD rates in New Jersey.

Thanks to BankVibe.com reader Tom Quigley for tipping us off on this outstanding promotion!

Now here is the bad news…

Unfortunately for most of us, this offer may be off the table considering the relatively exclusive membership eligibility checklist. Below are the complete details for joining:

First – Membership is established by opening a regular XCEL Savings Account and maintaining a $5 minimum balance. Once established, you can take advantage of your XCEL membership services for life – even if you change jobs, move or retire – as long as you maintain your XCEL account.

Second – Membership in XCEL Federal Credit Union is only open to employees and family members of a select group of employers.

See how this offer stacks up against other CD rates in New Jersey.

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

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:

1. All active or retired employees of American Airlines, Inc., American Eagle Airlines, or the Air Transportation Industry as described below:
2. 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.
3. 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.

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.

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.

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.

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.