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

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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.

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Certificate of deposit early withdrawal penalty is as follows if any of deposited funds are withdrawn before maturity date: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

Availability

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 DepositAccounts.com, 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 DepositAccounts.com 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

Comments
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Availability: New Jersey through online application.

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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.

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

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