Dedicated to Deposits: Deals, Data, and Discussion

4.25% 6-Month / 4.35% 12-Month CD at a New Jersey Bank (RomAsia)

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RomAsia Bank
RomAsia Bank has some very competitive CD promotions including a 4.15% APY 3-month CD, a 4.25% APY 6-month CD, a 4.30% APY 9-month CD and a 4.35% APY CD with terms of 12 and 13 months. The minimum deposit is $2,500. The 6 and 12-month promotional CDs are also available in an IRA. Please refer to the bank's rate table (pdf) for more details.

The bank also has a competitive money market account with a top yield of 3.95% APY for balances of at least $25K. A lower yield of 2.00% APY applies to balances from $5K to $25K.

Update 7/27/08: More details regarding these CDs and money market account are available in this promotional page (pdf). Note, these CD rates require a checking account. A free checking account qualifies.

A branch visit appears to be required to open an account. The bank's office is located in Monmouth Junction, New Jersey. It's a new bank that was just established with FDIC membership last month (FDIC Certificate # 58702).

Thanks to the reader who sent me an email about this bank.

  Tags: CD rates, RomAsia Bank, New Jersey

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Comments
4 Comments.
Comment #1 by Anonymous posted on
Anonymous
Thanks to the original poster ... and this site!

I was down to 3.15% APY on one account I had found here, and 3.50% on two others. So it was worth the hour trip to earn the $500+ more on an $100K 6 month CD I'll be getting from this bank.

I couldn't fund the 3.95% APY Money Market while I was at the bank opening the CD, but they set it all up so I can just mail them a check when additional ACH transferred funds become available to me next week. No need to make a 2nd trip to the bank.

They set it up as a POD for me so I'll be moving all my liquid funds to this MM acct to get the bump up from 3.50% to 3.95% while enjoying full FDIC coverage.

1
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for sharing your experience with this bank.

1
Comment #3 by Anonymous posted on
Anonymous
A checking account is required for the promotional CD rates according to the bank rep that opened my CD at the branch.

They offer a free checking account with a minimum $50 opening fee.

1
Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
Thanks. I've updated the post with this info.

1