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High-Yield Reward Checking Account and Other Competitive Rates at Grand Bank, N.A. in New Jersey

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Grand Bank, N.A.

Grand Bank, N.A. is offering competitive rates on its rewards checking account, money market accounts and CDs. The reward checking account offers the following rates and features if certain monthly requirements are met:

  • 3.01% APY on balances up to $25,000
  • 1.01% APY on balances over $25,000
  • 0.25% base rate if qualifications are not met
  • ATM refunds of up to $20

The monthly requirements include:

  • 10 debit card purchases
  • one direct deposit or ACH auto debit
  • receive e-statements

Additional features of the account regardless of the monthly requirements include:

  • $100 minimum initial deposit
  • No monthly service charge
  • No minimum balance requirements
  • Limit of 2 rewards checking accounts per customer

There's an online application at the bank's micro-website. However, it appears a branch visit is required to complete the application process. Branches are located in Hamilton and Hamilton Square, New Jersey.

3.25% Money Market Account as of 4/20/09:

The bank is also listing a very competitive rate for its money market account. It's a tiered rate account with the top rate of 3.25% APY for a minimum balance of $50K. The rates for the lower tiers include 1.75% APY for $25K to $50K, 1.50% APY for $10K to $25K and 1.25% APY for $2.5K to $10K. The CD rates are also fairly competitive with a 2.15% APY 6-month CD and a 2.45% APY 15-month CD. These rates are listed in the bank's rate table as of 4/20/09. Like the reward checking account, these accounts appear to require a branch visit.

Grand Bank's ratings for safety and soundness are pretty good: 4 stars (excellent) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 12/31/08 financial data. The bank has been FDIC insured since 2002 (FDIC Certificate # 57274).

Other Reward Checking Accounts

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.

Rate History:

  • 11/19/10: 3.01% APY up to $25K;
  • 04/20/09: 4.01% APY up to $25K; 1.01% over; 0.25% base

  Tags: money market accounts, CD rates, New Jersey, Grand Bank, N.A., checking account, reward checking account

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