Yesterday, Boiling Springs Savings Bank added a new 21-month CD (1.65% APY). The minimum opening deposit is $1K, with no maximum balance cap. This limited-time offer is available through December 10, 2015.
The 21-month CD is also available as an IRA (Traditional, Roth, and SEP) earning the same 1.65% APY, with the same funding requirements.
According to Boiling Springs Savings Bank’s Disclosure of Account Terms, the Early Withdrawal Penalty for the 21-month CD is 180 days.
Boiling Springs Savings Bank is located in Northern New Jersey (greater New York City metropolitan area), and offers its services and product line to all New Jersey residents.
Boiling Springs Savings Bank’s online banking platform is oriented toward account management. Opening any account, including CDs, must be done in-person at any of 18 New Jersey branches located in Clifton, Florham Park, Glen Ridge, Glen Rock, Hillsdale, Lake Hiawatha, Lincoln Park, Lyndhurst, Mahwah, Ridgewood (3), Rochelle Park, Rutherford (2), Towaco, Upper Montclair, and Wyckoff.
Boiling Springs Savings Bank has an overall health rating of "B+" at DepositAccounts.com, with a Texas Ratio of 12.43% (above average) as of June 30, 2015. In the past year, Boiling Springs Savings Bank has increased its total deposits by $6.49 Million, an above average annual growth rate of 0.57%. Please refer to our financial overview of Boiling Springs Savings Bank for more details.
Boiling Springs Savings Bank (FDIC Certificate # 30052) is a local bank established in 1939, with roots that go back to the 1870s. The original Boiling Springs Savings & Loan Association was formed through the merger of the Rutherford Mutual Loan and Building Association (founded circa 1870) and the East Rutherford Savings, Loan and Building Association. The new organization’s name was derived from the original name of the Rutherford area, which had been named for the famed boiling springs.
In the past 75 years, the bank has grown through natural expansion and acquisition, and in September 1992, converted to a state chartered savings bank, becoming Boiling Springs Savings Banks. Currently, Boiling Springs has total assets in excess of $1.4 Billion and serves one of the most populated areas in the Northeast.
How the CD Compares
When compared to the 235 similar length-of-term CDs tracked by DepositAccounts.com, requiring similar minimum deposit requirements and available to New Jersey residents, Boiling Springs Savings Bank’s 21-month CD currently ranks first.
The above rates are accurate as of 11/6/2015.
To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.