Clifton Savings Bank, better known as CSBK, added a new checking account, Rate Raiser™, earlier this month. This new account has an “Intro Rate” of 1.30% APY that is guaranteed for six months following account opening on the entire balance. The minimum opening deposit is $25k of new money, which is defined as “funds which have not been on deposit at CSBK for the past 6 months.”
Following the initial six months, the rate will revert to a variable rate paid on balances of $10k+. Currently, there are two rate tiers.
- 1.00% APY - $100k+
- 0.50% APY - $10k+
As stated in the fine print on the Deposit Rates page,
Rates increase or decrease a minimum of 10 basis points within 30 business days
of each corresponding increase or decrease in the Wall Street Journal Prime Rate.
When I first read a short synopsis of the Rate Raiser™, I thought it might be a saving account or MMA, but according to the promotion page, it offers a debit card, bill pay services, and unlimited transactions. In other words, it’s a checking account. And there are “no special or added requirements” to earn the stated APY. The only fee associated with the Rate Raiser™ is a $20 monthly service fee, should the monthly average balance falls below $10k.
Headquartered in Clifton, New Jersey, CSBK’s market area is northern New Jersey. The CSBK rebrand took place in 2015. The new name was chosen as a more modern way to refer to the Bank “as it expands into new markets.” CSBK also happens to be the Bank’s NASDAQ symbol.
Applying for a Rater Raiser™ account requires an in-person visit to any of eleven New Jersey branches, which are located in Clifton (4), Fair Lawn, Garfield (2), Hoboken, Lyndhurst, Wallington, and Wayne.
Clifton Savings Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.92% (excellent) as of March 31, 2017 data. In the past year, CSBK has increased its total non-brokered deposits by $113.6 million, an excellent annual growth rate of 17.46%. Please refer to our financial overview of Clifton Savings Bank (FDIC Certificate # 28633) for more details.
Established in 1928 as the Botany Building & Loan Association, CSNK is currently 19th largest bank in New Jersey, with assets in excess of $1.4 billion. In 1930, the B&L’s name was changed to East Clifton Building & Loan Association, with several name changes over the next 75 years, all of which were variations of Clifton Building & Loan. The most recent and comprehensive changes happened between 2004 and 2007.
Clifton Savings Bank, S.L.A. reorganized from a New Jersey chartered mutual savings and loan association to a New Jersey chartered stock savings and loan association in the federal mutual holding company format. In connection with the Plan of Reorganization and Stock Issuance, Clifton Savings Bank formed a new federal mid-tier stock holding company, Clifton Savings Bancorp, Inc., and sold a minority of the common shares to the public in a subscription and community offering. A majority of the mid-tier stock holding company's common stock was issued to a federal mutual holding company, Clifton MHC. On March 4, 2004 Clifton Savings Bancorp, Inc. began trading on the NASDAQ National Market under the symbol "CSBK." On September 12, 2007 Clifton Savings Bank converted to a federally chartered savings bank.
How the Rate Raiser Compares
When compared to the 241 Standard Checking accounts tracked by DepositAccounts.com that are available in the Bank’s market area, Clifton Savings Bank’s Rater Raiser™ APY currently ranks second.
The above rates are accurate as of 5/29/2017.