New Jersey Banking Rates and News

Capital One is again offering a nice bonus for new business checking accounts. It’s not as nice as last year’s bonus, but it’s still a good deal. The current bonus is $250, and it’s scheduled to last until 4/30/2014. If it’s like past promotions, Capital One will probably extend it. The promotion requires a branch visit (see below for branch locations).

Here’s the link to the promotion at CapitalOne.com, and here’s a summary of what’s required to earn the $250 bonus:

• Show this offer to a banker when you open your new...

Manasquan Savings Bank has just launched a high-interest reward checking account under the Kasasa brand. It’s called Kasasa Cash, and it has a competitive rate and balance cap. The bank also launched three other Kasasa products. One is a savings account called Kasasa Saver and the other two are checking accounts called Kasasa Tunes and Kasasa Cash Back. Below is a summary of the rates and features of the Kasasa Cash and Kasasa Saver accounts as of 4/4/2014:

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

• 2.00%...

South Jersey Federal Credit Union is offering a very competitive rate on a special 18-month CD. It has a 1.26% APY with a $1,000 minimum deposit. The rate is also available in an IRA CD. This special is listed at the top of the credit union’s CD rates page as of 3/26/2014.

Membership is open to anyone who lives, works, worships or attends school in any of the following New Jersey communities: Atlantic City, Bridgeton, Camden, Millville, Pleasantville, Salem and Vineland. You can also be eligible via select employers or via...

Garden Savings Federal Credit Union has recently begun a promotion with three very competitive certificates. These include a 1.00% APY 6-month CD, a 2.02% APY 4-year CD and a 2.53% APY 5-year CD. Minimum deposit is $500. These rates are listed in the credit union’s rates page as of 3/11/2014. They’re also listed in the credit union’s promotion page. According to that page, this is a limited-time offer that’s scheduled to end on 3/31/2014. Thanks to the DA member Sylvia who posted this promotion in the forum.

Update 3/26/2014:...

Last year I had mentioned the competitive IRA CD rates and the IRA cash bonuses at Columbia Bank in New Jersey. This promotion is still active. One thing that has changed is a higher 7-year IRA CD rate and a cash bonus for the 7-year IRA CD. The 7-year IRA CD rate is 2.30% APY, and the cash bonus is equal to 0.7% of a qualifying deposit of $10K or more. It’s a one-time bonus for funds that are rolled over into a new or existing IRA. For a $100K...

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...