New Jersey Banking Rates and News

Lee Bank has a reward checking and savings account called CACHEChecking and CACHESaver. These accounts are powered by BancVue, and they’re similar to Kasasa Cash and Saver accounts. The rates and balance caps are not the best, but they’re competitive. The bank offers an online application that makes it easy for people to open these accounts. Below is a summary of the rates and features of these accounts as of 10/18/2013:

CACHEChecking account rates and ATM fee refunds if monthly requirements are met:

• 2.50% APY on balances up to $15,000
• 0.50% rate on...

Earlier this year, Leader Bank launched two reward accounts that it calls the Zeugma Checking and Savings accounts. Unlike most reward checking and savings accounts, this doesn’t appear associated with BancVue which has its own unique reward product name (Kasasa). These Zeugma accounts have a few differences than the BancVue version. Some features are better, and some are worse. Below is a summary of the rates and features as of 10/14/2013:

The Zeugma checking account doesn’t pay any interest. Instead, the rewards include the following if the monthly requirements are met:

• 1%...

We are seeing more banks coming out with 2% CDs, and they are not all long-term CDs. One example of this is at Institution for Savings. It just raised its 30-month CD yield to 2.00%. Minimum deposit is $500, and the early withdrawal penalty for this 30-month term is 9 months of interest, earned or not earned. The CD details and the link to the rates page are listed in the bank’s CD page as of 9/11/2013.

This year Institution for Savings has been shortening the term required to earn 2%....

Commerce Bank is advertising a money market special with a 1.10% APY guaranteed until 12/31/2013. It’s called the Boston Blue Ribbon Money Market account. Minimum balance to qualify for the 1.10% APY is $5,000, and the maximum balance is $1 million. The offer isn’t listed at the bank’s website. It was recently advertised in a Boston newspaper. The ad is available online here as of 8/27/2013.

The ad says that this account can only be opened at one of the bank’s Boston locations. These branches are at 1320 Washington Street, Boston;...

Northern Bank & Trust Company made a big change to its CD rates yesterday. I reported on this bank last month when it was offering a 1.15% APY 18-month CD. That rate has fallen to 0.75%, but its 3-year CD rate went way up to a very competitive level. The new 3-year CD yield is 1.50%. The 5-year CD rate also went up, but it’s not quite as competitive. The new 5-year CD yield is 1.75%. These rates are listed at the bank’s deposit rates page as of 7/9/2013.

The CD...

Last April I reported on Institution for Savings and its new 2.00% APY 4-year CD. Before that time a 5-year term was required to get the 2.00%. Now customers can get this 2.00% with even a shorter term. This week the bank started to offer a 2.00% APY for a 40-month CD. Minimum deposit is $500, and the early withdrawal penalty for this 40-month term is 9 months of interest, earned or not earned. The CD details and the link to the rates page are listed in the bank’s CD...

Sometimes a bank or credit union will offer higher IRA CD rates than CD rates. That’s the case at Transportation Federal Credit Union. Both of its regular and IRA CD rates are competitive, but the IRA CD rates are exceptional since they’re 25 bps higher. There’s also a rate bump of 10 bps for Jumbo accounts with a $100,000 minimum deposit. Below are three of the credit union’s Jumbo IRA CD rates as listed in the credit union’s savings rates page as of 7/3/2013:

• 2.17% APY 5-year Jumbo IRA CD
• 1.86% APY...

First Trade Union Bank has launched a mobile payment and loyalty app called FT Pay. To help highlight this new product, the bank has added FT Pay to its FT Checking promotion. The promotion continues to offer a cash bonus of up to $100, but the requirements now include using FT Pay. A link to the promotion details is listed in the bank's FT Checking page. Here are the new requirements to receive the full $100:

• Open a new FT Checking Account before 12/31/2013 with a minimum opening deposit of...

USAlliance Federal Credit Union has regularly offered CD specials. One that they have offered since March is a 1.01% APY 11-month CD. There’s a new 13-month special that will be officially released in July, but they have been promoting it by email to members. A DA reader forwarded to me the email he received (hat tip!). This new CD special doesn’t appear to be listed yet on the credit union’s website. In an online chat with a credit union rep I was told the details of this 13-month CD special...

First Republic Bank recently made some large increases on its CD rates. The largest increases were on the long-term CD rates. With the latest Treasury yield increases, you have to wonder if these CD rate increases may be the start of a trend. It will make it difficult for savers to decide when or if they should jump on a long-term CD.

First Republic Bank’s best CD deals are its 6-year, 5-year and 13-month CDs. The 6-year CD has a 2.25% APY, the 5-year CD has a 2.00% APY and the...

Northern Bank & Trust Company is offering an 18-month CD and IRA CD with a 1.15% APY. Minimum deposit is $500, and the maximum is $500,000. This can be opened online and is available for personal and business accounts. This special CD is listed in this bank’s promotion page as of 6/17/2013.

The CD can be opened online, and according to the bank’s online account FAQs, U.S. residents are eligible to apply. Links to and information on the online application are available at this bank page.

The CDs can also be opened...