Dedicated to Deposits: Deals, Data, and Discussion

4.50% 5-Month CD and $150 Checking Bonus at Oritani Bank in New Jersey

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Oritani Bank
Oritani Bank is offering some attractive Grand Opening specials at two of its New Jersey branches. The promotiosn include a 4.50% APY 5-Month CD. This requires a new checking account. Without the checking, the yield is 4.25% APY. The minimum deposit is $1,000, and the maximum is $50,000 per individual.

There's also a checking account bonus of up to $150. Direct deposit is required. $75 is awarded for a combined balance of over $25K (CDs included), $50 for making 3 automatic bill payments, and $25 for 10 signature debit card purchases. All have to be completed within 60 days of account opening.

The front page banner for this promotion links to a PDF page with all of the details. These are only offered at the bank's Emerson and Jersey City offices.

Other competitive CD specials are available at the bank's other branches. These include a 4.05% APY 5-month CD and a 4.15% APY 15-month CD. The minimum deposit is $1,000. These are listed in the bank's rate table.

Branches are located in the New Jersey counties of Passaic, Bergen and Hudson.

The bank has some solid financial ratings for soundness: 5 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both are based on 6/30/08 data. Oritani Bank has been FDIC insured since 1939 (FDIC Certificate # 28866).

Thanks to the reader who mentioned these specials in the Finding the Best Deals post.

  Tags: CD rates, Oritani Bank, New Jersey

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Comments
4 Comments.
Comment #1 by Anonymous posted on
Anonymous
Do you know if a branch visit is necessary to open an account?

1
Comment #2 by Oliver (anonymous) posted on
Oliver
yes,a branch visit is required.

1
Comment #3 by Anonymous posted on
Anonymous
i went to the branch, they told me 5mo cd requires checking WITH DD.
if you dont open a checking with DD you only get 4% apy not 4.5%

1
Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
Thanks. Perhaps they've already changed the offer compared to what's in their promo page that's linked from their home page. Below is a copy from that page:

The Annual Percentage Yield (APY) shown is accurate as of October 17, 2008 and the 4.50% APY CD is only offered together with the opening of a new TGIF or TCB checking account by the same customer at the Emerson & Jersey City offices only.

The Annual Percentage Yield (APY) shown is accurate as of October 17, 2008 and the 4.25% APY CD is offered only at the Emerson & Jersey City offices.

1