Dedicated to Deposits: Deals, Data, and Discussion

5.75% Money Market Account at American Bank of New Jersey Branch - $50K+


American Bank of New Jersey is offering a 5.75% APY money market account at its Verona branch. This rate requires a balance of $50K. Balances from $25K to $50K earn 5% APY, balances from $2.5K to $25K earn 4.25% APY and no interest is earned on balances below $2.5K. A reader reported that there's a $25 fee if the balance drops below $2,500. According to the banking rep., the checks are free.

This isn't listed on the bank's website. A reader mentioned this deal, and I called the branch for further details. It's only available at the bank's Verona, NJ branch, and you must visit the branch. I first reported on this bank in December when the Verona branch was offering 6% for this money market account. Although the interest rate has fallen, at least they've removed the monthly fees for balances under $2.5K.

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.

[Update 4/27/07: Updated info on minimum balance fee based on comment. Originally was told by banking rep that there were no minimum balance fees.]

  Tags: New Jersey, savings account

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Comment #1 by Anonymous posted on
I just opened this account today (4/27/07). There is still a $25 fee if the balance drops below $2,500 as per the information given to me at account opening time.

Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. I've updated the post . Glad to see it's still available.

Comment #3 by Anonymous posted on
Just called the Verona branch, the promotional APY is over. Current rates are 4.0% for $2,500, 4.75% for $2,500 - $49,999, and 5.5% for $50,000 and above. Fee of $25/mo if balance falls below $2,500.