Dedicated to Deposits: Deals, Data, and Discussion

5.30% 7-Month CD at a New Jersey Bank (NJM Bank)

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NJM Bank is offering a special 5.30% APY 7-month CD. The minimum deposit is $500, and the maximum is $125,000 per customer. A yield of 5.40% APY is available if you also open a Stewardship Checking account. This has a $20 monthly fee if a combined balance of $20K isn't maintained. This promotion is scheduled to last until 1/15/2008.

Update: For some reason I missed the following important restriction: "Offer limited to NJM Insurance Company policyholders."

At the CD promo page you can complete the application online. However, it must be printed and mailed with your check. According to the CSR, new customers must be a resident of New Jersey to qualify. Be sure to include the reference code that's listed under the "Click here to apply".

There's a 10 calenday day grace period at maturity. They need written instructions faxed or mailed to close the CD. You can receive the funds by check or by wire transfer ($20 fee for domestic outgoing transfers).

Branches are located in West Trenton and Parsippany, New Jersey. Bank deposits are insured by the FDIC (Certificate # 35057). It's a small bank with $326 million in assets and $276 million in deposits.

Thanks to the reader who emailed me info on this promotion.
  Tags: CD rates, New Jersey

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Comments
3 comments.
Comment #1 by Anonymous posted on
Anonymous
Direct Deposit to the Stewardship Checking account of at least $100 per month is required in order to qualify to receive the benefits of Stewardship Banking.

1
Comment #2 by Anonymous posted on
Anonymous
"OFFER LIMITED TO NJM INSURANCE COMPANY POLICYHOLDERS."

1
Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
Thanks. I guess I'm not use to seeing that kind of insurance policy hook. I've updated the post with this info.

1