Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
Columbia Bank (NJ)2.15%$500-84 Month CD
Columbia Bank (NJ)2.00%$500-72 Month CD
Columbia Bank (NJ)1.75%$500-60 Month CD
Columbia Bank (NJ)1.60%$500-48 Month CD
Accounts mentioned in this post. Rates as of April 18, 2014

Top Long-Term CD & IRA CD Rates at Columbia Bank - NJ Only

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Columbia Bank (NJ)

Columbia Bank in New Jersey has several competitive rates on its long-term CDs. The IRA CDs have the best rates. The highest is 2.00% APY for a 6-year IRA CD. For a regular CD, the 6-year term has a 1.85% APY. Minimum deposit is $500, and the early withdrawal penalty is 365 days of interest. Kudos to the bank for listing both the rates and the early withdrawal penalties in its rate tables. Below is a summary of the long-term CD and IRA CD rates as listed in the bank's CD rate table and IRA CD rate table as of 1/4/2013:

  • 1.95% APY 7-year CD
  • 1.85% APY 6-year CD, 2.00% APY 6-year IRA CD
  • 1.60% APY 5-year CD, 1.75% APY 5-year IRA CD
  • 1.45% APY 4-year CD, 1.60% APY 4-year IRA CD

Thanks to the reader who emailed news of these rates.

IRA Bonus Program

Another reason to open an IRA CD at Columbia Bank is its IRA bonus program. It's a limited-time promotion that offers a one-time cash bonus when you open an IRA. The bonuses range from 0.30% for a 3-year term to 0.60% for a 6-year term. Minimum deposit is $10,000. Please refer to the bank's IRA promotions page for more details.

Other Bank Deals

In addition the competitive CD rates and the IRA bonus program, Columbia Bank offers a high-rate checking account with a $100 new-account bonus. I last reviewed this account and bonus in this March 2012 post. The rates have remained the same. It pays 1.00% APY for balances between $10K and $250K when a monthly requirement is met. That requirement is a qualifying direct deposit or an online bill payment transaction to post to your account each statement cycle.

New Jersey Only

There's an online application. However, the first page of the application states that "you must live or work in the State of New Jersey".

Bank Overview

Columbia Bank branches are located in several New Jersey cities. Some of the cities include Edison, Fair Lawn, Paramus and Wayne.

The bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 18.18% (average) based on September 2012 data. Please refer to our financial overview of Columbia Bank for more details. The bank has been a FDIC member since 1937 (FDIC Certificate # 28834).

How The CD Rates Compare

It's difficult to find CD yields of 2.00% or higher in today's environment. The new highest 5-year CD rate that's nationally available is 2.05% APY at Citizens State Bank in Florida (see CD review). The next highest for 5-year CDs is 2.00% APY at Mountain America Credit Union and at Communitywide Federal Credit Union.

Unfortunately, you can't get higher rates for choosing longer terms. The highest 7-year CD rate that's nationally available is 2.00% APY at PenFed and at Air Force FCU.

These rates are accurate as of 1/4/2013.

Searching for Top CD and IRA CD Rates

To search for nationwide CD/IRA rates and CD/IRA rates in your state, please refer to the best CD rates and best IRA CD rates sections of DepositAccounts.com.

  Tags: Columbia Bank (NJ), New Jersey, CD rates, IRA rates

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Comments
Comment #1 by Wil posted on
Wil
Columbia Bank has a steady history of fairly competitive rates, with few "gotachas," especially for a "brick-and-mortar." Though I am not finding CDs at all attractive right now, it is worth knowing who is offering what, so thanks for the news!

3