Bogota Savings Bank (NJ) Offers Top Money Market Rate Statewide

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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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.00*%$75k-Bogota Savings BankAnniversary Money Market Checking
OTHER TIERS: 0.05% $1 - $15k | 0.20% $15k - $50k | 0.25% $50k - $75k
Rates as of November 29, 2020.

Check writing is available and the initial Money Market checks are free when opening a new AMMC. The AMMC comes with a Master Money Debit Card that can be used at any ATM or anywhere MasterCard is accepted.

Bogota Savings Bank has joined Allpoint Network, which means Bogota Savings Bank customers now have access to America’s largest surcharge-free ATM network, with some 55,000 surcharge-free ATMs worldwide.

If the balance in the AMMC "falls below $75,000 any day of the monthly statement period," there is a $10 monthly fee. There is a $10 fee for every withdrawal/transaction beyond the six allowed per month. If an AMMC is closed within one year of opening, a $10 early closure fee will be assessed.

I wrote about the AMMC four years ago, when it was added to the product line as a promotion celebrating the Bank’s 123rd anniversary. The initial 1.23% APY lasted only a few months before the rate plummeted to 0.05% APY. The rate didn’t move until June 2019, shooting up to 1.60% APY where it remained until six months ago; the 1.00% APY has been in effect since May 2020.

Availability

Bogota Savings Bank is headquartered in Teaneck, New Jersey, only seven miles from upper Manhattan (NYC). The Bank sees itself as a community bank, but its “community” includes all U.S. citizens and resident aliens who live anywhere in New Jersey.

The Anniversary Money Market Checking can be opened online, or at either of the two New Jersey branches, located in Bogota and Teaneck. There is no information on Bogota Savings Bank’s website concerning any branch location COVID-19 related restrictions.

Bank Overview

Bogota Savings Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 0.67% (excellent) based on June 30, 2020 data. In the past year, Bogota Savings Bank has increased its total non-brokered deposits by $1.36 million, an above average annual growth rate of 0.3%. 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 29th largest bank headquartered in New Jersey, with assets in excess of $738 million and nearly 26,000 customer accounts.

How the Anniversary Money Market Checking Compare

When compared to the Money Market accounts tracked by DepositAccounts.com that are available to New Jersey residents, Bogota Savings Bank’s Anniversary Money Market Checking APY currently shares the top spot with Merchants Bank of Indiana.

Interest RateAccount NameCredit Union/Bank
1.00% APYAnniversary Money Market Checking ($75k min)Bogota Savings Bank
1.00% APYMoney Market (no min)Merchants Bank of Indiana
0.91% APYImpact Money Market (no min)National Cooperative Bank
0.85% APYOnline Money Market ($2.5k min)Malvern Bank

The above rates are accurate as of 11/6/2020.

To search for nationwide Money Market rates or Money Market rates in your state, please refer to the Money Market Rates section of DepositAccounts.com.

Related Pages: New York money market accounts, money market accounts

Comments
alan1
  |     |   Comment #1
The article states: "There is no information on Bogota Savings Bank’s website concerning any branch location COVID-19 related restrictions."

From the rotating banner on the bank's homepage:

We Are Here To Help!
Our Drive Ups and ATMs Are Available
Our lobbies are now open by appointment!
https://www.bogotasavingsbank.com/

and, from the "We Are Here To Help!" page:

Our Drive Up Windows are available Monday - Thursday 8:30am - 5:00pm and Friday 8:00am - 6:00pm.
Our Bogota Branch is open Saturday 9:00am - 12:00pm and Teaneck Branch is open Sunday 9:00am - 12:00pm.
To schedule a lobby appointment please call your local branch.
(bold in original)
https://www.bogotasavingsbank.com/COVID-19
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