If you don’t want to lock your money into a long-term CD when there are signs that rates may be on the rise, you’ll probably prefer short-term CDs. The problem with most short-term CDs is that you often can get higher rates with just an internet savings account. That’s not the case with Lincoln Park Savings Bank which has a 7-month CD special with a 1.10% APY. Minimum deposit is $5,000. The bank also has top rates on its standard long-term CDs. These include a 2.00% APY 5-year CD, a 1.75% APY 4-year CD and a 1.25% APY 2-year CD. Minimum deposit is $500. These rates are listed in the bank’s rates page as of 7/18/2013.
According to a bank official, you must visit a branch in person to open an account. Also, they typically only open accounts for people who live in the New Jersey counties of Morris, Passaic and Essex.
Lincoln Park Savings Bank branches are located in Lincoln Park and Montville, New Jersey.
The bank has an overall health score of 2 stars (out of 5) with a Texas ratio of 29.80% (average) based on March 2013 data. Please refer to our financial overview of Lincoln Park Savings Bank for more details. The bank has been a FDIC member since 1956 (FDIC Certificate # 28963).
How These CD Rates Compare
The best 6-month CD rate at an internet bank is currently 0.88% at Doral Direct. Another good CD deal for those worried about being locked into a CD is the special 18-month CD at Doral Direct. It has a competitive yield of 1.02% APY, and there is a promotional offer that allows a penalty-free withdrawal (see my Doral Direct promo CD review). These rates are accurate as of 7/18/2013.
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.