Grand Bank, N.A. continues to offer competitive rates on several of its deposit products. These were good deals when in my last review in December 2010. These are now even better deals when compared to other banks.
The most competitive CDs and IRA CDs are the 2.80% APY 5-year CD, 2.00% APY 3-year CD and the 1.75% APY 2-year CD. Minimum deposit is $1,000.
The reward checking account rate has fallen, but it remains a good deal. The top rate is 2.79% APY for balances up to $25K. I first reviewed this reward checking account in April 2009.
The personal and business money market account rate is now 1.25% APY for balances of at least $50K.
These rates are listed in the bank's rates page as of 9/6/2011.
It appears a branch visit is required to open an account. Grand Bank 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 stars (out of 5) with a Texas Ratio of 52.41% (below average) based on June 2011 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).
How These CD Rates Compare
The bank's 2-year, 3-year and 5-year CD rates are higher than the best CD rates available nationwide. As a comparison, the best nationally available 5-year CD rate is 2.68% APY at Melrose Credit Union and the best 2-year CD rate is 1.50% APY at Airbanking. Rates are accurate as of 9/6/2011.