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 the 27-month CD, it requires a minimum deposit of $1k, with no balance.
Both the 27- and 48-month CDs are available as IRAs (Traditional) earning the same APYs, with the same funding requirements.
According to CSR, the Early Withdrawal Penalty on the 27-month CD is 180 days simple interest, and 270 days simple interest for the 48-month CD.
Last November, I wrote about two short-term CDs being offered by Bogota Savings Bank. The good news is that the 6-month CD (1.00% APY) and the 13-month CD (1.25% APY) are both still available and can be opened online or in-branch.
The minimum deposit for the 6-month CD is $1k and $12k for the 13-month CD; neither CD has a balance cap.
While the 13-month CD is not being offered as an IRA, the 6-month CD is available as an IRA (Traditional) earning the same APY, with the same funding requirements.
According to CSR, the Early Withdrawal Penalty on the 13-month CD is 180 days simple interest, and 91 days simple interest for the 6-month CD.
Bogota Savings Bank is headquartered in Bogota, New Jersey, only seven miles from upper Manhattan (NYC), but the Bank sees itself as a community bank. That being said, at this time only residents of New Jersey (U.S. Citizens and U.S. Resident Aliens) are eligible to open an account at Bogota Savings Bank.
To qualify for the 1.55% APY, the 27-month CD must be opened at either of the two New Jersey branches, located in Bogota and Teaneck. As mentioned earlier, the online version of the 27-month CD has an APY of 1.45% APY.
Bogota Savings Bank (FDIC Certificate # 29941) has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.07% (excellent) as of December 31, 2015. In the past year, Bogota Savings Bank has increased its total deposit by $12.21 Million, an excellent annual growth rate of 3.34%. Please refer to our financial overview of Bogota Savings Bank for more details.
Founded in 1893 as the Bogota Savings and Loan Association, Bogota Savings Bank has been the financial cornerstone in the foundations of both Bogota and Teaneck, New Jersey. By staying true to their customers, Bogota Savings Bank has largely avoided many of the problems associated with the Depression, Recession and other financial crises of the 20th and 21st centuries. With assets of over $564 Million, the Bank continues to grow and prosper, while remaining focused on the local community.
How the CD Compares
When compared to the 224 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to New Jersey residents, Bogota Savings Bank’s 27-month CD APY currently share the top spot with AloStar Bank of Commerce’s 24-month CD and iGObanking’s 24-month iGOCD.
When compared to the 193 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to New Jersey residents, Bogota Savings Bank’s 48-month CD APY currently ranks second.
The above rates are accurate as of 4/20/2016.