New Jersey Banking Rates and News

We’re not seeing a flood of higher long-term CD rates, but we continue to see a few banks come out with higher rates. The latest one is Clifton Savings Bank in Northern New Jersey. It just recently increased its 5-year CD rate to 2.50% APY (up from 1.75%). This rate also applies to the bank’s IRA CD. Minimum deposit is $500, and the early withdrawal penalty is one year of interest (according to a bank rep). There’s also a pretty good deal on a 30-month CD and IRA CD. It...

M&T Bank has long been offering promotions for its MyChoice Checking account. In the latest one you can earn a $100 cash bonus for opening the MyChoice Checking Account and setting up direct deposit. The promotion is scheduled to last until 6/27/2014. Please refer to the bank’s promotions page for the full details.

The offer’s small print has the details about the direct deposit requirements and what qualifies as direct deposit:

MyChoice Checking is not a free checking account. According to the MyChoice Checking page, there's a $6.95 monthly fee unless you...

Roma Bank has two competitive short-term CD specials. One is regular CD with a 6-month term and a 1.05% APY. The other is an IRA CD with a 18-month term and a 1.25% APY. Both have a $10,000 minimum deposit, and a $2 million maximum deposit. They’re only available as consumer accounts. These specials don’t seem to be listed on the bank’s website. A reader forwarded me information on these specials (thanks!). They’re scheduled to last until March 1, 2014, but the specials may end at anytime.

A branch visit is...

Xceed Financial Credit Union just came out with a new CD special. It has a 1.50% APY and a 17-month term. Minimum deposit is $500. This special isn’t available in an IRA, but there is a special 14-month IRA CD with a 1.40% APY. Xceed is still offering a special 7-month CD and IRA CD with a 1.00% APY and a special 19-month CD and IRA CD with a 1.25% APY. These special CD rates are listed on the credit union's rates page and in the credit union's news &...

We’re not seeing as many new reward checking accounts as we used to, but we still see a few new ones. A reward checking account and savings account under the Kasasa brand were recently launched by Hopewell Valley Community Bank in New Jersey. New Kasasa accounts typically don’t have the high balance caps that we were used to a few years ago. That’s the case at Hopewell. Nevertheless, these new Kasasa accounts can still be a good deal for those in the Hopewell market area looking for a local free...

For those who don’t want to lock into PenFed’s long-term CDs, you’ll have to search hard for short-term CDs with rates above 1%. Once in awhile you may find a good deal at a local bank. That’s the case for Cross River Bank in Teaneck, New Jersey. It’s offering a 6-month CD with a 1.30% APY. Minimum deposit is $50,000. New money is required. This CD is listed in the bank’s CD rates page as of 12/02/2013. Thanks to DA member stormdog123 who posted on this deal in the forum.

BBCN Bank has two good deposit deals. The first is a money market account special for consumers only. The bank is guaranteeing a 1.00% APY until 12/31/2014 for balances of $50,000 to under $1 million. The second special is a CD promotion for consumer and business customers. It’s a 12-month CD with a 1.10% APY. Minimum deposit is $50,000, and the maximum is $250,000 per customer. Both offers require new money to the bank. The promotion is scheduled to end when the bank’s deposit goal amount is met or on...

Update 1/10/14: The savings account promotion has ended.

If you live in the market area of Capital One Bank, customers can get a good savings account deal. This is similar to Capital One’s past checking account promotions. It’s the Smart Savings Account, and a high rate is guaranteed on all balances for 12 months. The guaranteed APY is 1.00% for most Capital One market areas. It’s only 0.70% for the Austin, Texas metro area and only 0.40% for Louisiana. Thanks to DA member stormdog123 for posting on this in the...

In today's interest rate environment, most all short-term CDs have rates under 1%. I found one exception at Xceed Financial Credit Union which has a special 7-month share certificate with a 1.00% APY. It’s also available in an IRA. Minimum deposit is $500. This special CD rate is listed on the credit union's rates page and in the credit union's news & events page as of 11/01/2013.

Xceed has a history of CD specials. I reviewed the last one in 2012.

The credit union has two features that make it convenient for...

McGraw-Hill Federal Credit Union is once again offering CD specials with top rates. Just like last year, there’s a special 15-month share certificate with a 1.50% APY. There’s also a special 5-year CD with a 2.00% APY. Unlike last year, there are quite a few requirements. Minimum deposit is $1,000, and the maximum is $250,000. These promo rates require an S3 account with monthly recurring direct deposit. Direct deposit into the S3 account must be established within 60 days of account opening. If direct deposit is not established, the rate...

Investors Bank is offering two deposit account specials. One is a money market special which guarantees a 1.05% APY until April 30, 2014. The balance that qualifies for this rate is between $100,000 and $2 million. The rate falls to 0.60% for balances between $25,000 and $100,000. Balances under $25,000 earn only 0.04%. New money is required, and the minimum balance to open the account is $10,000. It’s a money market account, but it does not offer check writing privileges. This special is not listed on the bank’s website. DepositAccounts.com...