Update 1/2/2013: The 5-year CD rate has fallen and is no longer competitive.
When I first came across this CD rate at Monroe Savings Bank, SLA in New Jersey, I thought it might be a mistake (especially when you consider the look of their website). So I called this morning and confirmed that it is correct, but it's only for a limited time. It's a 2.53% APY 5-year CD. Minimum deposit is $500, and the early withdrawal penalty is equal to 6 months of interest. This rate is listed at the bank's savings rates page as of 12/28/2012.
When I was reviewing the bank's certificates page, I noticed it said "MSB accepts out of state deposits for certificates of deposit based on liquidity needs". However, when I called the number listed at that page, I was told they are currently not accepting out-of-state deposits and a branch visit is required to open a new account. I was told they would accept someone from Philadelphia if they can make it to a branch. If you are planning a long drive, make sure to call the bank to confirm the rate and the qualifications.
Monroe Savings Bank branches are located in Williamstown, New Jersey.
It's a small bank with only 18 employees and $90 million in assets. The bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas ratio of 24.15% (average) based on September 2012 data. Please refer to our financial overview of Monroe Savings Bank for more details. The bank has been a FDIC member since 1964 (FDIC Certificate # 30103).
How This CD Rate Compares
The highest nationally available 5-year CD rate is 2.20% APY at Pen Air Credit Union. Minimum deposit is $100,000. The standard 5-year CD APY is 2.00%. For a bank that's nationally available, the highest rate is 2.00% APY at Citizens State Bank in Florida. This requires a $100K minimum deposit. Green Bank, N.A. is also accepting deposits nationwide via an online application. It has a 1.95% APY 5-year CD with only a $1,000 minimum deposit.
These rates are accurate as of 12/28/2012.
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.