North Jersey Community Bank is offering a 2-year CD special with two very competitive rates. The highest rate is 2.25% APY which requires an active checking account. Without the checking account, the rate is still very competitive at 2.00% APY. Minimum deposit is $500. The special is listed on the bank's front page as of 2/21/2011.
The small print has the details of the active checking requirement:
Active checking account defined as minimum six transactions per month, direct deposit or online banking with minimum three bills paid online per month.
Thanks to the reader stormdog123 who mentioned this special in the discussion forum..
Even the lower rate compares favorably to the best CDs from internet banks. Currently, the best 2-year CD rate that's nationally available is 1.75% APY from Salem Five Bank.
It appears that a branch visit is required to open an account. Branches are located in the North New Jersey cities of Fort Lee, Cresskill, Englewood Cliffs, Hackensack, Ridgewood and West New York.
The bank has an overall health score at DepositAccounts.com of 4 out of 5 with a Texas Ratio of 5.26% (excellent) based on September 2010 data. Please refer to our financial overview of North Jersey Community Bank for more details. The bank has been a FDIC member since 2005 (FDIC Certificate # 57919).
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