Earlier this week, Community Bank of Bergen County, NJ (CBBC) raised the rate on its 9-month CD (1.05% APY).
While CBBC’s website lists two different minimum opening deposits ($1K and $25K) for the 9-month CD, the APY is the same for both minimum deposits, and there is no maximum balance cap.
As stated on the CD Rates page, the Early Withdrawal Penalty reads as follows:
If any of the deposit is withdrawn before the maturity date, a penalty will be imposed which could result in partial loss of principal. Penalties are as follows: 91 day term - 1 month's interest; 182 day term - 2 month's interest; 9 months to 1 1/2 year terms - 3 month's interest; 2-3 year terms - 6 month's interest; 5 year term - 1 year's interest.
Prestige Statement Savings
In September 2014, I wrote about CBBC’s promotional Prestige Statement Savings account, which offered a 1.00% APY, guaranteed through March 31, 2015.
Good news: two months later, the 1.00% APY is still available. The Prestige Statement Savings account is for new money only and requires a minimum deposit of $25K to open. If the account balances below $25K, the rate drops to 0.10% APY, and there will be a $15 service fee.
The Community Bank of Bergen County N. J. is a community bank located in the most populous county in New Jersey, and offers its services and products to all New Jersey residents.
Although CBBC does have online account management and bill payment banking features, opening a CD or Prestige Statement Savings account must be done in-person at any of three branches located in Rochelle Park, Fair Lawn, and Maywood.
Community Bank of Bergen County N. J. has an overall health rating of "B" at DepositAccounts.com, with a Texas Ratio of 23.39% (average), based on December 31, 2014 data. CBBC has an above average capitalization level of 9.97%, a result of holding $298.03 Million in assets, with $29.9 Million in equity. Please refer to our financial overview of Community Bank of Bergen County N. J. for more details.
Community Bank of Bergen County N. J. (FDIC Certificate # 571) was established in 1928 in a small storefront in Rochelle Park. It continued to serve the community in that location for 25 years, before its first true branch opened not far from the original site. While CBBC lies in the shadow of the NYC metropolitan area, the bank is "dedicated to being an active corporate citizen in our communities’ social and financial lives."
How the CD Compares
When compared to other similar length of term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to New Jersey residents, Community Bank of Bergen County N. J.’s 9-month CD is competitive, ranking second.
The above rates are accurate as of 5/22/2015.
To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.