Columbia Bank is offering a very competitive 2-year CD rate of 2.00% APY. Minimum deposit is $500. It's also available as an IRA CD. Most of its other CD rates aren't that great. The 4-year and 5-year CD rates are fairly competitive with a 2.25% APY and a 2.50% APY. One downside to these CDs is an early withdrawal penalty that's a little high: 270 days of interest for terms of 2 to 4 years and 365 days of interest for the 5-year CD. These CD rates and early withdrawal penalties are listed at the bank's CD rates page as of 12/05/2010. Kudos to the bank for listing both the rates and the early withdrawal penalties in its online rate sheet.
As a comparison to internet banks on 12/5/2010, the best 2-year CD rate is 1.85% APY at CNB Bank Direct.
It appears that a branch visit is required to open an account. Branches are located in several New Jersey cities some of which include Fair Lawn, Paramus, Medford, Voorhees, Sewell, Edison, Middletown, Butler, Wayne and Clark.
The bank has an overall health score at DepositAccounts.com of 3 out of 5 with a Texas Ratio of 18.00% (excellent) based on September 2010 data. It's a sizable bank with $4.66 billion in assets. Please refer to our financial overview of Columbia Bank for more details. The bank has been a FDIC member since 1937 (FDIC Certificate # 28834).
Thanks to the reader who emailed me news of this CD.
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