BCB Community Bank (NJ/NY) 15-Month Summer CD Rate Sizzles


Deal Summary: 15-month Summer Savings CD, 2.75% APY, new money, $50k minimum deposit.

Availability: Market area includes Central and Northern New Jersey, Staten Island and Long Island in New York.

It’s summer. It’s hot everywhere, but you can be really “cool” with BCB Community Bank’s (BCB) 15-month Summer Savings CD (2.75% APY). This limited-time offer requires new money and a minimum deposit of $50k; there is no maximum balance cap.

As stated in the fine print of the promotion page, the Early Withdrawal Penalty reads as follows:

Penalty will equal one year of interest on account.

This statement on the promotion page puzzled me slightly, since a partial withdrawal could result in balance of less than $50k.

Must maintain daily balance of $50,000 in account each day to obtain disclosed APY.

According to CSR, if a partial withdrawal causes the balance to fall below $50k, the CD will be closed.

There is a 7 day grace period before the Summer Savings CD automatically renews to a prevailing-rate 15-month CD.

Thanks to DA reader, mur44, for the Forum post about this summertime savings deal.


Headquartered in Bayonne, New Jersey, BCB Community Bank recently merged with Indus American Bank, expanding the Bank’s presence on Long Island and Staten Island, as well as in central and northern New Jersey. Indus American Bank will conduct business as “BCB – Indus American Bank” for at least two years following the finalization of the merger.

Opening the 15-month Summer Savings CD requires an in-person visit to any of 25 New Jersey branches located in Bayonne (6), Carteret, Colonia, Edison (2), Fairfield, Hoboken, Holmdel, Jersey City (2), Lodi, Lyndhurst, Maplewood, Monroe Township, Parsippany, Plainsboro, Rutherford, South Orange, Union, and Woodbridge. BCB Community Bank also has three New York branch offices in Hicksville (Long Island) and Staten Island (2).

Bank Overview

BCB Community Bank has an overall health grade of "A” at DepositAccounts.com, with a Texas Ratio of 6.01% (excellent), based on March 31, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $72.95 million, an excellent annual growth rate of 4.87%. Please refer to our financial overview of BCB Community Bank (FDIC Certificate # 35541) for more details.

Originally established in November 2000 as the Bayonne Community Bank, BCB Community Bank initially had only one branch. Following 10 years of growth, BCB acquired Pamrapo Savings Bank (2010) and Allegiance Community Bank (2011), while maintaining its mission to serve the local community. The merger with Indus American Bank is advantageous for both banks, as they

are strongly aligned community banks with similar business models that makes this
merger a “good fit.” BCB and IAB proudly share a strong commitment to the development and growth of the communities in which they operate. IAB’s branch locations strongly complement BCB’s current locations. BCB offers expanding lending capacity, supplementary retail and business products and added capital, which should allow for better services to customers, continued growth, and enhanced shareholder value.

BCB Community Bank is currently the 15th largest bank headquartered in New Jersey, with assets in excess of $2 billion and more than 41,800 customer accounts.

How the Summary Savings CD Compares

When compared to other similar length-of-term CDs tracked by DepositAccounts.com that are available within the market area, BCB Community Bank’s 15-month Summer Special CD APY ranks second, regardless of minimum deposit requirements.

The above rates are accurate as of 7/9/2018.

Searching for the best CD rates, either nationally available or state-specific? Please refer to our CD Rates Table page.

Related Pages: New York CD rates, 1-year CD rates

  |     |   Comment #1
This comment is based on a phone conversation with a customer service representative, and a visit to a branch in New Jersey.

The article states:

"Availability: Market area includes Central and Northern New Jersey, Staten Island and Long Island in New York."

Additionally, people who live anywhere in New York City (not just Staten Island) can open this account.
Their policies re closing the account at maturity and getting the proceeds are a bit quirky. They want you to come to the branch at maturity, but other arrangements can be made. I don't think this will be a problem.
In addition to opening a CD, I opened a Senior Citizen checking account (no minimum, no fees, free checks for life).https://www.bcb.bank/your-life/checking

It was an old-tine smalltown banking experience. Took a bit longer than I might have preferred, but no hassles, no problems.

I passed on the MainStreet Bank deal for the same term at 5 additional basis points -- didn't want the possible (probable?) hassles. And, as always, I chose to forego the pleasure of becoming a member of Andrews Federal Credit Union.

So, if it's not inconvenient to visit a BCB branch, and you prefer to avoid hassles, I'd recommend this offer.
BCB Community Bank Celebrates 15 Years With 15-Month Birthday CD
Availability: Market area is Northern New Jersey and Staten Island, New York

BCB Community Bank (BCB) is celebrating its 15th anniversary with a 15-month Birthday CD Special (1.50% APY).

The 15-month Birthday CD Special is a limited time offer valid through December 31, 2015. The minimum opening deposit is $500 and there is no maximum balance cap.

BCB offers a nice add-on feature with its CDs, including the 15-month Birthday CD Special:

As stated in the Certificates of Deposit page, the Early Withdrawal Penalty reads as follows:

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