Grand Bank, N.A. continues to offer competitive rates on several of its deposit products. Rates have gone down since my last post in July, but the rates continue to better than what most banks are offering. The best CD rates include a 2.80% APY for 5 years and a 2.00% APY for 3 years. Minimum deposit is $1,000. The reward checking account rate has recently fallen from 4.01% to 3.01% APY. This applies to balances up to $25K. The money market account rate is now 1.25% APY for balances of at least $50K. This used to be 1.50%. These rates are listed in the bank's rates page as of 12/12/2010.
It appears a branch visit is required to open an account. Branches are located in Hamilton and Hamilton Square, New Jersey.
The bank isn't in the best financial shape. The bank has an overall health score at DepositAccounts.com of 2 out of 5 with a Texas Ratio of 44.60% (average) based on September 2010 data. Please refer to our financial overview of Grand Bank, N.A. for more details. The bank has been a FDIC member since 2002 (FDIC Certificate # 57274).