Dedicated to Deposits: Deals, Data, and Discussion

6.00% Money Market Account Intro Rate at American Bank of New Jersey Bank - $50K+

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Update: This special is no longer available. Please check with the bank for the latest rates and specials.

American Bank of New Jersey is having a grand opening special at its new branch in Verona, New Jersey (see pdf of offer). They're offering a 6.00% APY intro rate on their American Spirit Money Market account. The 6% is guaranteed to last until 3/31/07. After that date it reverts to the standard applicable rate/APY. The money market account is a tiered account with the following tiers: 6% APY for $50K+, 5.25% APY for $25K to $50K, 4.50% for $2.5K to $25K and no interest for balances under $2.5K. The top 3 tiers are free of the $25 monthly fee and receive surcharge free ATM access at all foreign ATMs. It requires new money only.

This is only available at the Verona branch. Also, according to the CSR, you can open this account through December. There's no closing fee if closed after 6 months. The money market account does have limited check writing and the first book of checks are free.

There's also a checking account promo with a top rate of 4.50% APY with similar tiers as the money market account. In addition, there's a $50 sign-up bonus with direct deposit.

Verona is located about 8 miles north of Newark. The bank is FDIC insured.

Thanks to the reader who mentioned this special in the finding deals post.


Comments
4 Comments.
Comment #1 by Banking Guy (anonymous) posted on
Banking Guy
A reader provided the following comments about this promotion and bank:

American Savings Bank Verona, New Jersey has extended their recent offer of 6.01% apy Money Market account until the end of April instead of the end of March. This includes new and existing accounts.
They also now are offering a $25 referal bonus to new accounts who were referred by existing accounts.

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Comment #2 by Anonymous posted on
Anonymous
I am told that you can extend the 6% rate through May 31 by opening a checking account with direct deposit or sign up the checking account for online banking.

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Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info.

1
Comment #4 by wayne (anonymous) posted on
wayne
THE 6% ADVERTISED IS FOR A CD, NOT MONEY MARKET.

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