For a limited time, Credit Union of New Jersey (CUNJ) is offering a 20-month Certificate Special, (2.00% APY with a checking relationship; 1.50% APY without a checking relationship). The minimum opening deposit is $500 of new money and there is a balance cap of $25k.
The 20-month Certificate Special is also available as an IRA (Traditional, Roth, CESA) earning the same APYs, with the same funding requirements.
According to CSR, the Early Withdrawal Penalty is 90 days interest.
The fine print on the promotion page states,
A $5 Membership account is required for this promotion. For 2.00% APY, a CUNJ checking account must be established with monthly activity of at least one deposit into the account and one withdrawal, payment, or deduction from the account. For 1.50% APY, there is no checking requirement.
CUNJ has six checking accounts (Basic, Interest, Senior, Student, Right Turn, and NJ Consumer) and all qualify for the 20-month Certificate Special.
Note: the checking activity requirement and the $25k maximum deposit makes this Certificate Special feel like a variation on an RCA. The extra 50 basis points on $25k for twenty months works out to an additional $208.33. While the required checking activity is not particularly burdensome, the question becomes, is the effort worth $208.33 over twenty months?
Headquartered in Ewing, Credit Union of New Jersey field of membership is varied, with a way for almost anyone to join.
Easy Membership - Anyone, regardless of residency or employment status, can join CUNJ by joining either the Ewing Public Educational Foundation ($10 donation) or Credit Union of New Jersey Foundation ($5 donation). Joining either Foundation can be done through CUNJ’s online application.
SEGs - Individuals who are employed by nearly 300 SEGs also qualify for membership.
Employment - Individuals who work for the State of New Jersey, or a state agency, commission, or authority are eligible for membership.
Residency - Individuals who live, work, worship, or attend school in Ewing Township are eligible. Residents of parts of Burlington County or the city of Trenton also qualify.
Relationship Retirees of the above mentioned organizations and their family members related by blood or marriage (aunts, uncles, grandparents, cousins, in-laws), are also eligible to join.Complete details about membership eligibility are available on CUNJ’s website.
Joining CUNJ and/or opening the 20-month Certificate Special can be done online or any of six New Jersey branches located in Ewing (3), Princeton, Trenton, and Willingboro. The Membership Application is also available as a download.
Credit Union OverviewCredit Union of New Jersey (NCUA Charter # 65597) has an overall health grade of "C+" at DepositAccounts.com, with a Texas ratio of 22.36% (average) based on March 31, 2016 data. In the past year, CUNJ has increased its total deposits by $184k, an above average annual growth rate of 0.06%. Please refer to our financial overview of Credit Union of New Jersey for more details. Credit Union of New Jersey was established in 1943 to serve New Jersey State Highway Department employees. In the beginning, CUNJ only offered share accounts and personal loans. Credit Union of New Jersey is currently the 8th largest credit union in New Jersey, with more than 40,500 members and assets in excess of $332 million.
How the CD Compares
When compared to the 192 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to New Jersey residents, Credit Union of New Jersey’s 20-Month Certificate Special currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.00% APY||20-Month Certificate Special ($25k max)||Credit Union of New Jersey|
|1.50% APY||15-Month Special CD (no max)||Veridian Credit Union|
|1.45% APY||15-Month Share Certificate Special (no max)||NASA Federal Credit Union|
The above rates are accurate as of 9/6/2016.