Dedicated to Deposits: Deals, Data, and Discussion

5.75% 5-Month CD at a New Jersey Bank (Valley National)

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Valley National Bank
Valley National Bank is offering a 5.75% APY 5-month certificate of deposit. The minimum deposit is $500, and the maximum is $250K. A checking account is required with direct deposit. Without direct deposit and with only a checking account the yield is 5.50% APY. Without the checking account, the yield is 5.25% 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. It was recently advertised in 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.

I had posted on this special in early August when the CD yield was 6% APY. Unfortunately, it has gone down some, but is still a good deal especially after the Fed rate cut.

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

Related Pages: Valley National Bank, CD rates, New Jersey

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