Dedicated to Deposits: Deals, Data, and Discussion

6.00% 5-Month CD at a New Jersey Bank (Valley National) - Update 2


Valley National Bank
Valley National Bank is offering a 6% APY 5-month certificate of deposit. The minimum deposit is $500, and the maximum is $500K. A checking account is required with direct deposit. Without direct deposit the yield is 5.50% APY. The money must be new to the bank. This special is only available at the bank's new branch in Edison, New Jersey (2084 Route 27, phone 732-287-1442). It's not listed at the bank's website. A reader mentioned it in the comments, and I found additional info on this at this online ad. Also advertised is a 5% APY money market account promotion with a minimum deposit of $5K for individuals and $10K for businesses. The 5% yield is guaranteed for 6 months.

My last post on this bank was in June when they had a similar CD promotion at some other new branches. The bank seems to be coming out with new branches every few months.

$150 Checking Account Bonus Still Available

The bank is still offering a $150 checking account bonus (see post) which is available all of their New Jersey and New York branches.

Valley National Bank is FDIC insured (FDIC Certificate # 9396).

Thanks to the reader Ram who mentioned this new CD promo in the comments of the finding deals post.

  Tags: Valley National Bank, CD rates, New Jersey

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Comment #1 by Anonymous posted on
Ken,Without direct deposit and with checking out, APY is 5.75%. Which is better than just the CD which is 5.5%. The checking a/c is required only with $100 min to open. Not required to maintain the balance for the first 2 years. It was mentioned on my cd deposit also, that if I donot do direct deposits, the rate will fall to 5.5% apy. Unless I ask,the rep did not metion this. --Ram

Comment #2 by Roman (anonymous) posted on
I apologize for being obtuse, but I don't understand what you mean by "checking out".
I don't currently have a relationship with Valley and would like to open a 5.75% APY CD. Which checking account should I open in order to get the 5.75% istead of the 5.5% APY? Thanks.