Bogota Savings Bank (NJ) 18-Month CD Is A Rate Leader


Deal Summary: 18-month CD, 1.51% APY, $20k minimum deposit, in-branch opening only.

Availability: Market area covers New Jersey.

Bogota Savings Bank (Bogota) is currently offering a very competitive 1.51% APY on its 18-month CD. Following an increase of 116 bps, this competitive CD has the highest 18-month CD APY available on the East Coast. The minimum opening deposit is $20k, with no stated balance cap.

3.00%$1k-Bogota Savings Bank18 Month CD
3.00%$20k-Bogota Savings Bank18 Month IRA (Traditional, Roth)
Rates as of December 4, 2022.

The 18-month CD is available as an IRA CD (Traditional) earning the same APY, with the same $20k deposit requirement.

More than four years ago, Bogota began offering some of its CD product line online, with higher APYs (10 bps) for CDs opened online. The initial pattern of higher rates for online CDs did not last, with Bogota now offering the same APYs for CDs opened online and in-branch.

As stated on the Today’s CD Rates page, the Early Withdrawal Penalty reads as follows:

Certificate of deposit early withdrawal penalty is as follows if any of deposited funds are withdrawn before maturity date:

    Terms of 10-35 Months – 180 days


Bogota Savings Bank is headquartered in Bogota, New Jersey, only seven miles from upper Manhattan (NYC), but the Bank describes itself as a community bank. That being said, at this time only residents of New Jersey (U.S. citizens and resident aliens) are eligible to open an account at Bogota Savings Bank.

Of the 19 CDs in Bogota Saving Bank’s product line, only seven can be opened online and, unfortunately, the 18-month CD is not one of them. The 18-month CD must be opened at any of the six northern New Jersey branches, located in Bogota, Hasbrouck Heights, Newark, Oak Ridge, Parsippany, and Teaneck.

Bank Overview

Bogota Savings Bank has an overall health grade of "A+" at, with a Texas Ratio of 2.23% (excellent) as of December 31, 2021. In the past year, Bogota Savings Bank has increased its total deposit by $96.51 million, an excellent annual growth rate of 20.46%. Please refer to our financial overview of Bogota Savings Bank (FDIC Certificate # 29941) for more details.

Founded as the Bogota Savings and Loan Association, Bogota Savings Bank is one of the oldest banks in New Jersey.

In 1893, local businessman William Smith determined that the employees of his company, Bogota Paper Mills, should have a local place to tend to their banking needs. To help achieve his goal Mr. Smith enlisted the help of New York banker Edwin “Pop” Ludwig. Employing Mr. Ludwig’s vast experience from his tenure at the Bowery Savings Bank, both men set out to make this idea a reality and on March 31st of that year, Bogota Building and Loan was born.

Bogota Savings Bank is currently the 27th largest bank headquartered in New Jersey, with assets in excess of $837 million and more than 20,000 customer accounts.

How the 18-Month CD Compares

When compared to similar length-of-term CDs tracked by that are available within the market area, no bank or credit union has a higher rate than currently offered on the Bogota Savings Bank 18-month CD, regardless of minimum deposit requirements. The following table compares the Bogota Savings Bank 18-month CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.

The above information and rates are accurate as of 4/23/2022.

To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.

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

Bogota Savings Bank (NJ) Offers Top Money Market Rate Statewide
Deal Summary: Anniversary Money Market Checking, 1.00% APY, $75k minimum opening deposit.

Availability: New Jersey through online application.

Bogota Savings Bank’s Anniversary Money Market Checking (AMMC) currently earns 1.00% APY on balances of $75k and above. The three other rate tiers are significantly lower: 0.25% APY ($50k), 0.20% APY ($15k), and 0.05% APY ($1). The AMMC requires a minimum $75k opening deposit.

Check writing is available and the initial Money Market checks are free when opening a new AMMC. The AMMC comes with a Master Money...

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Bogota Savings Bank (NJ) Has A Variety Of Competitive CDs
Availability: Market area covers New Jersey.

More than two years ago, Bogota Savings Bank began offering some of its CDs online, with different APYs for in-branch and online openings. While the pattern seemed to be higher rates for online CDs, Bogota Savings Bank is currently offering an in-branch 27-month CD (1.55% APY), with its online counterpart earning 1.45% APY. The minimum deposit is $1k, with no balance cap.

Bogota Savings Bank also has a 48-month CD (2.00% APY) that is only available in-branch. Like...

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Bogota Savings Bank Celebrates 123 Years With Anniversary MMA
Availability: Market area covers New Jersey.

In anticipation of its 123rd anniversary, Bogota Savings Bank is offering an Anniversary Money Market Checking (1.23% APY). The minimum opening deposit is $75k, with no balance cap.

There is no written guarantee attached to the 1.23% APY, but CSR hinted that the promotional rate would probably last through the year.

If the balance in the Anniversary Money Market Checking "falls below $75,000 any day of the monthly statement period," there will be a $10 monthly fee.

Online CDs

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Bogota Savings Bank Raises Rate On 13-Month CD
Availability: Market area is New Jersey

Bogota Savings Bank (New Jersey) ended last week by raising the rate on both its 13-month Online CD and 13-month In-branch CD (1.30%APY).

The minimum opening deposit for either 13-month CD is $12K and there is no maximum balance cap.

Bogota Savings Bank also has an online 6-month CD (1.00% APY). The minimum opening deposit is $1K, with no maximum balance cap. The online 6-month CD has maintained its 1.00% APY since its addition to the Bank’s product line in September 2013.

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Bogota Savings Bank Introduces Competitive 20-Month In-Branch CD
Availability: New Jersey residents

In the beginning of May, Bogota Savings Bank (New Jersey) added an in-branch 20-month CD (1.50% APY) to its product line. The minimum opening deposit is $1K and there is no maximum balance cap.

The 20-month CD is also available as an IRA (Traditional) at the same APY, but the minimum opening deposit is only $500.

Bogota Savings Bank also has a 13-month CD (1.22% APY) that is available both in-branch and online. The minimum opening deposit is $12K, with no maximum balance cap....

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More Past Offers

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