Yesterday we got word of some pretty competitive short term CD rates coming from a small community bank in New Jersey. Apparently, Union County Savings Bank of Union, NJ, has a 6 month CD yielding 1.15% APY if you can manage to meet their minimum deposit requirement of $10,000. That’s more than 2x the national average for six month terms.
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!