Blue Foundry Bank


Overview / Commentary
201-939-5000
7 Sylvan Way
Rutherford, NJ 07054-3832

At Boiling Springs Savings Bank, they believe that true community banking means providing their customers with the best solutions to their financial needs through superior personal and professional service provided by a staff of dedicated people. It also means being a part of the community. They strive to support their communities by making a positive impact on the organizations and neighborhoods within their market.

Reviews (8)

Terrific Service

At the Union Avenue Rutherford branch, Branch Manager Michael Fox is a great credit to this bank...He helped me navigate my situation at a very difficult time, and couldn't have been more helpful or caring...Everyone in the branch that I deal with is friendly, knowledgeable and caring...What 'Community Banking' should be about..Highly recommended!

Bergen County American Dream Program

We are first time homebuyers, and I must say that my family and I couldn’t be happier with the way things are proceeding. I enrolled in the Bergen County American Dream Program, where they help you purchase your first home. The program guides and assists you, in many aspects (Educationally & Financially).
Blue Foundry Bank (Rutherford, NJ) is also part of the American Dream program, where they also guide and assist you, every step of the way! The staff at Blue Foundry Bank (Linda Fisher, Joseph Valenti, and James Kim) have gone above and beyond by demonstrating their commitment and hard-work ethic to make my family and I feel confident and comfortable throughout the process. We are Grateful for The Bergen County American Dream Program, and want to encourage any and everyone who might be able to qualify.

Update On Poor Review

Posted by: |

I've had an IRA with this bank since I was a kid, perhaps 45 years now. I've had approximately $150 in the account for years, asking to close the account numerous times because, why have $150 in an account?
A nice woman called and said that since it's been so long and that I don't have a passbook, they are charging me $10 for the lost passbook, and $50 to close the account, the 'normal' procedure.

Edit: After my poor review The bank manager called this morning and waived all fees, hence I've upgraded my review. Always ask about fees. I've never had a bank charge this much to close an account. Most don't charge a fee, some $30, but $60 on a $150 account is crazy. Their teller should have known this was wildly unfair and should have routed me to the manager to work it out.

Exorbitant Fee To Close An IRA CD1

Posted by: |

I had a 3-yr. IRA CD which was maturing. I came upon the reviews about charging $50 to close an IRA CD. Over the years I have transferred many, many IRA accounts in order to obtain the best rates.

I went home and carefully read my June 2019 Agreement and nowhere was there anything about a fee to close an IRA CD.

The next morning I contacted the bank's customer service and explained the situation and felt that I should be "grandfathered" since a fee was instituted way after I opened the account in 2019.
Later that day I received a call from the Asst. Manager stating that the fee would not be waived.

I'm putting this out there so that others will not be held hostage as I feel I was.

Do Not Bank Here

Posted by: |

do not bank here I closed an IRA and they charge a fifty dollar fee to close an account no way does it cost fifty dollars to close any account will never recommend bank to anyone who ask me

Absolute Disaster Of A Bank

Posted by: |

Their customer service, their attitude, completely disorganized, they lie to you about what they offer. I got a loan from them and it was worst process ever. If you can find another bank, any thing is better than them.

NO STAR RATING

Posted by: |

I went to Boiling Springs last year to close out a CD that was set up almost 20 yrs ago when my great-grandmother passed away. Since it was the last day of the period allowed, and we did not have a passbook, we were told that we could close the account and pay $10 for the account not having a passbook or they would put a note in the system and next year we would not have any problems. Well, guess what....

Passbooks were not issued because of how the account was opened and when I went to get the money this year, again same issue with the passbooks. The only note put on the account last year was that we came to take it out of a dormant state. They will not let me close the account without a passbook and are going to charge me $10 because I "lost" a passbook that was never issued! First off, to charge me a $10 fee for a passbook is ABSURD and then to make me have one to close the account is even more ridiculous! THIS BANK IS CRAP. I have 4 other accounts in this bank and they are all being closed.

Do yourself a favor, find another bank before they find some reason to charge you for ridiculous things.

My Rating For This Bank Is A Zero

Posted by: |

My rating for this bank is a zero.  I approached the mortgage department asking for a reprieve for 2 months because I have a seasonal business.  I paid my mortage promptly for 15 years but had a rough patch.  They treated me like shit and were anxious to trash my credit.  They keep sending me late fees for a balance of $3,000.  Go to Wachovia in Rutherford  and ask for Lina.  This is the best bank and they care about their customers.  Boiling Springs Savings Bank rates a zero in my book.  I will tell all my friends.



Health
B+

Health Grade Components

Overall
FDIC Certificate #30052
Year Established1939
Employees179
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD-0.13%
Return on Equity - YTD-0.99%
Annual Interest Income$58.9MM
Assets and Liabilities
AssetsQ3 2023vs Q3 2022$2.06B$2.01B
LoansQ3 2023vs Q3 2022$1.56B$1.48B
DepositsQ3 2023vs Q3 2022$1.33B$1.38B
Equity CapitalQ3 2023vs Q3 2022$271.6MM$269.6MM
Loan Loss AllowanceQ3 2023vs Q3 2022$13.9MM$13.6MM
Unbacked Noncurrent LoansQ3 2023vs Q3 2022$6.4MM$8.8MM
Real Estate OwnedQ3 2023vs Q3 2022$593K$0
Rates
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Always verify rates and promotions with the bank or credit union. We are not Blue Foundry Bank; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Blue Foundry Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.00%*-$15kBlue Axis Savings IRA
OTHER TIERS: 0.50% $15k+
5.00%*-$5kBlue Axis Edge Savings
OTHER TIERS: 1.80% $5k - $250k | 2.75% $250k+
1.80%--Blue Carbon Business Savings
0.10%--Holiday Savings
0.10%*$50k*-Simply-Safe Savings - New Money
OTHER TIERS: 0.05% Up to $50k
0.10%--Blue Axis Savings

Blue Foundry Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.00%*$5m*-High Balance Money Market – Tiered
OTHER TIERS: 0.50% Up to $5m
3.00%*$1m*-Blue Axis Tiered Money Market
OTHER TIERS: 2.00% $20k - $250k | 2.75% $250k - $1m
0.70%--Blue Carbon Business Money Market

Blue Foundry Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.30%--IOLTA Fund
2.75%$250k-Blue Carbon Edge Business Checking
1.00%--Blue Axis Connect
0.10%*$50k*-Blue Carbon Business Checking
OTHER TIERS: 0.05% $10k - $50k
0.05%--Blue Axis Checking
0.01%--Classic Checking

Blue Foundry Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
6.00%$5k-5 Month CD Special w/Blue Axis Checking - New Money
6.00%$5k-Business 5 Month CD Special w/Blue Axis Checking - New Money
5.25%$1k-9 Month CD Special w/checking - New Money
5.25%$1k-Business 9 Month CD Special w/checking - New Money
5.25%$5k-5 Month CD Special - New Money
5.25%$5k-Business 5 Month CD Special - New Money
5.00%$5k-3 Month CD w/checking - New Money
5.00%$5k-Business 3 Month CD w/checking - New Money
4.75%$1k-9 Month CD Special - New Money
4.75%$1k-Business 9 Month CD Special - New Money
4.50%$1k-12 Month CD Special w/DirectDeposit
3.50%$1k-24 Month CD Special w/DirectDeposit
3.00%$1k-36 Month CD Special w/DirectDeposit
2.50%$5m-12 Month HighBalance CD
0.50%$1k-12 Month CD
0.50%$1k-36 Month CD
0.50%$1k-Business 12 Month CD
0.50%$1k-Business 36 Month CD
0.40%$1k-60 Month CD
0.40%$1k-Business 60 Month CD
0.35%$1k-48 Month CD
0.35%$1k-Business 48 Month CD
0.30%$1k-24 Month CD
0.30%$1k-Business 24 Month CD
0.20%$1k-6 Month CD
0.20%$1k-Business 6 Month CD

Blue Foundry Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.00%$1k-12 Month IRA Special
0.50%$1k-12 Month IRA
0.50%$1k-36 Month IRA
0.40%$1k-60 Month IRA
0.35%$1k-48 Month IRA
0.30%$1k-24 Month IRA
0.20%$1k-6 Month IRA
Locations

Availability



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