Dedicated to Deposits: Deals, Data, and Discussion

2.35% Savings Account at Unity Bank in NJ and PA - Local Only


Unity Bank
Unity Bank is offering a savings account called Loyalty Savings that offers a 2.35% APY if an active checking is maintained. The rate is listed at the bank's rate table as of 6/14/09. It applies to all balances up to $500,000. Minimum deposit is only $1, and there are no monthly service charges. Here are some important details that the bank describes about the active checking requirement:
An active checking account is defined as 3 transactions per month. Qualifying transactions include direct deposit, third party payments, debit card purchases, and bill pay. Payments to account holder and transfers do not qualify. Account will default to Regular Savings if checking account becomes inactive.

This is a little bit like a reward checking account but the rate is a lower. On the plus side, the high rate applies to balances up to $500K, and the transaction requirement is easier than any reward checking account.

It appears that a branch visit is required to open this savings account. An online application is available at the bank's Savings & CDs Page. However, the application form is only for CDs, and it only allows the user to select the state of New Jersey or Pennsylvania. Most branches are located in New Jersey. Two branches are located in Easton, PA.

For those who want FDIC insurance for deposits well above $250K, the bank also offers CDARS. The CDARS rates are also listed in the rate table. Note, these rates are 25 basis points lower than the regular CD rates.

Unity bank has fair ratings for safety and soundness: 3½ stars at BauerFinancial (based on 3/31/09 data) and 3 stars (performing) at (based on 12/31/08 data). The bank has been a member FDIC since 1991 (FDIC Certificate # 33503).

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Related Pages: Pennsylvania, Unity Bank, New Jersey, savings account

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