Competitive IRA CD Rates and Bonuses at Columbia Bank - NJ Only

POSTED ON BY

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.75%$500-Columbia Bank (NJ)72 Month IRA (Traditional, CESA, Roth)
1.70%$500-Columbia Bank (NJ)60 Month IRA (Traditional, Roth, CESA)
1.60%$500-Columbia Bank (NJ)Online 72 Month CD
1.60%$500-Columbia Bank (NJ)72 Month CD
1.55%$500-Columbia Bank (NJ)60 Month CD
1.55%$500-Columbia Bank (NJ)Online 60 Month CD
1.40%$500-Columbia Bank (NJ)48 Month IRA (Traditional, Roth, CESA)
1.25%$500-Columbia Bank (NJ)48 Month CD
1.25%$500-Columbia Bank (NJ)Online 48 Month CD
1.00*%$10k$250kColumbia Bank (NJ)Yield Plus Checking
Accounts mentioned in this post. Rates as of October 1, 2016.

Last year I had mentioned the competitive IRA CD rates and the IRA cash bonuses at Columbia Bank in New Jersey. This promotion is still active. One thing that has changed is a higher 7-year IRA CD rate and a cash bonus for the 7-year IRA CD. The 7-year IRA CD rate is 2.30% APY, and the cash bonus is equal to 0.7% of a qualifying deposit of $10K or more. It’s a one-time bonus for funds that are rolled over into a new or existing IRA. For a $100K deposit, the bonus would equal $700. The promotion and IRA CD details are described in this Columbia Bank IRA page.

One thing I like about Columbia Bank is that it clearly lists the early withdrawal penalties in its rate table. For a 7-year CD or IRA CD, the early withdrawal penalty is 365 days of interest.

Thanks to the reader who emailed news of this promotion.

Other Bank Deals

In addition the competitive CD rates and the IRA bonus program, Columbia Bank offers a high-rate checking account with a $100 new-account bonus. I last reviewed this account and bonus in this March 2012 post. The rates have remained the same. It pays 1.00% APY for balances between $10K and $250K when a monthly requirement is met. That requirement is a qualifying direct deposit or an online bill payment transaction to post to your account each statement cycle.

New Jersey Only

There's an online application. However, the first page of the application states that "you must live or work in the State of New Jersey".

Bank Overview

Columbia Bank branches are located in several New Jersey cities. Some of the cities include Edison, Fair Lawn, Paramus and Wayne.

The bank has an overall health grade at DepositAccounts.com of a B+ with a Texas Ratio of 15.98% (above average) based on December 2013 data. Please refer to our financial overview of Columbia Bank for more details. The bank has been a FDIC member since 1937 (FDIC Certificate # 28834).

How The CD Rates Compare

The highest nationally available 5-year IRA CD rate is 2.25% APY at GE Capital Retail Bank. It’s hard to get higher rates by going for a longer term. The highest 7-year IRA CD rate is 2.20% APY at Apple Federal Credit Union. Navy Federal Credit Union has a 2.80% APY 7-year IRA CD, but Navy Federal has membership limitations. Rates up to 2.65% are available with brokered CDs that are available at Fidelity.

These rates are accurate as of 3/10/2014.

Searching for Top CD and IRA CD Rates

To search for nationwide CD/IRA rates and CD/IRA rates in your state, please refer to the best CD rates and best IRA CD rates sections of DepositAccounts.com.

Comments
Anonymous
Anonymous   |     |   Comment #1
I am thinking of opening a 7yr IRA CD. If I decide in 3 years that I want to close the account (i will obviously pay the EWP), can I close the CD while still keeping the funds in the IRA. Essentially, I would close it to find an IRA elsewhere if rates ever increase, but I do NOT want the funds out of the IRA and I do NOT want to pay the 10% IRS penalty. Any information would be appreciated. Thanks.
Anonymous
Anonymous   |     |   Comment #2
When you fill out your IRA transfer forms, you instruct on the forms to liquidate your CD immediately prior to maturity. The EWP will be taken out and the remaining amount will be transferred to the firm that you would plan to get the new IRA CD with the better rate.  Just be sure that you do an IRA transfer and then there will not be a 10% penalty.  Prior to doing this though, I think I would get in writing what the amount of the early withdrawal penalty is going to be. 
Top Long-Term CD & IRA CD Rates at Columbia Bank - NJ Only

Columbia Bank in New Jersey has several competitive rates on its long-term CDs. The IRA CDs have the best rates. The highest is 2.00% APY for a 6-year IRA CD. For a regular CD, the 6-year term has a 1.85% APY. Minimum deposit is $500, and the early withdrawal penalty is 365 days of interest. Kudos to the bank for listing both the rates and the early withdrawal penalties in its rate tables. Below is a summary of the long-term CD and IRA CD rates as listed in the bank's...

Continue Reading
Bonus & Top Checking Rate at Columbia Bank - New Jersey Only

Columbia Bank has a checking account called Yield Plus Checking which offers a competitive 1.00% APY for balances of $10K to $250K. It's a little like a reward checking account in that this rate is dependent on meeting monthly requirements. A direct deposit OR online bill payment transaction must post each statement cycle. Otherwise the rate falls to only 0.10%. There are no debit card usage requirements. These rates and requirements are listed this checking promotion page as of 3/12/2012.

Also shown in that promotions page is a $100 bonus for...

Continue Reading
Top 2-Year CD and IRA CD Rate at Columbia Bank in New Jersey - Local Only

Columbia Bank is offering a very competitive 2-year CD rate of 2.00% APY. Minimum deposit is $500. It's also available as an IRA CD. Most of its other CD rates aren't that great. The 4-year and 5-year CD rates are fairly competitive with a 2.25% APY and a 2.50% APY. One downside to these CDs is an early withdrawal penalty that's a little high: 270 days of interest for terms of 2 to 4 years and 365 days of interest for the 5-year CD. These CD rates and early withdrawal...

Continue Reading
4.65% 7-Month CD and Bonuses at a New Jersey Bank Branch
Columbia Bank has several bonus offers at its new Sicklerville branch. One is a 4.65% APY 7-Month CD with a minimum deposit requirement of $500. If a new certificate of deposit is funded with at least $1K, you have a choice between a $25 cash bonus or a George Foreman Grill.

The checking account bonus is $50 cash when opening a new Totally Free Advantage Checking account with $250 or more. There doesn't seem to be any direct deposit requirement for this checking account.

These deals were advertised in today's issue of...



Continue Reading