Top CD, Money Market and Reward Checking Rates at Grand Bank in NJ - Local Only

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APYMINMAXINSTITUTIONPRODUCTDETAILS
1.55%$1k-Grand Bank, N.A.60 Month CD
1.55%$1k-Grand Bank, N.A.60 Month IRA (Traditional, Roth)
1.12%$1k-Grand Bank, N.A.24 Month CD
1.12%$1k-Grand Bank, N.A.24 Month IRA (Traditional, Roth)
0.75*%--Grand Bank, N.A.Reward Checking
0.70*%$75k-Grand Bank, N.A.Business Money Market
0.50*%$50k-Grand Bank, N.A.Personal Money Market
Accounts mentioned in this post. Rates as of July 29, 2016.

Grand Bank, N.A. continues to offer competitive rates on several of its deposit products. These were good deals when in my last review in December 2010. These are now even better deals when compared to other banks.

The most competitive CDs and IRA CDs are the 2.80% APY 5-year CD, 2.00% APY 3-year CD and the 1.75% APY 2-year CD. Minimum deposit is $1,000.

The reward checking account rate has fallen, but it remains a good deal. The top rate is 2.79% APY for balances up to $25K. I first reviewed this reward checking account in April 2009.

The personal and business money market account rate is now 1.25% APY for balances of at least $50K.

These rates are listed in the bank's rates page as of 9/6/2011.

It appears a branch visit is required to open an account. Grand Bank branches are located in Hamilton and Hamilton Square, New Jersey

The bank isn't in the best financial shape. The bank has an overall health score at DepositAccounts.com of 2 stars (out of 5) with a Texas Ratio of 52.41% (below average) based on June 2011 data. Please refer to our financial overview of Grand Bank, N.A. for more details. The bank has been a FDIC member since 2002 (FDIC Certificate # 57274).

How These CD Rates Compare

The bank's 2-year, 3-year and 5-year CD rates are higher than the best CD rates available nationwide. As a comparison, the best nationally available 5-year CD rate is 2.68% APY at Melrose Credit Union and the best 2-year CD rate is 1.50% APY at Airbanking. Rates are accurate as of 9/6/2011.

Searching for the Best Money Market, Reward Checking & CD Rates

Comments
Anonymous
Anonymous   |     |   Comment #1
Cornell FCU still hodling 5 yr CD at 2.6% and w DD to a premiere checking account rate increases by additional 0.25%
Anonymous
Anonymous   |     |   Comment #2
OOps - Sorry for above typo - also Progressive CU just dropped 5 yr CD rate to 2.9% - last NY institution I know of that was above 3% except self reliance CU still shows 3.05% 5yr CD
Anonymous
Anonymous   |     |   Comment #3
I've had an RCA at Grand Bank for the last two years. They are a very small bank (two branches less than two miles apart) that don't appear to do much 'retail' banking - even the teller positions are 'sit-down'. Their main RCA competition is The Provident Bank, which just dropped their RCA rate from 2.51 to 2.15. I don't think Grand will stay at 2.79 much longer.
Anonymous
Anonymous   |     |   Comment #4
GrandBank is for locals only. They're 2.79% for too long; i think it'll drop too but still be higher than their competitors like Union Center National Bank, Raritan Bay Federal Credit Union, ABCO Federal Credit Union, Kearney Federal Savings Bank, and The Provident Bank,,whose rates fallen for both tiers.
larkin
larkin   |     |   Comment #5
Rate dropped to 0.80%...
Anonymous
Anonymous   |     |   Comment #6
Not only is it 0.80%APY, at 0-25k and 25k  to qualify for "Rewards Checking" interest rate, you must: (1) conduct zero debit point of sale transactions per 'qualification cycle, (2) receive your periodic account statement electronically, and (3)have 1 direct deposit or 1 auto debit processed through your account per qualification cycle. If you meet these requirements for the qualification cycle, GrandBk will refund domestic ATM fees upto $20 statement cycle. If you do not meet these qualifications, then you do not get ATM refunds, and only get 0.25%APY. 

The reason for this action: November 27, 2011: 3 banks in NJ received cease and desist orders from the Office of the Comptroller of the Currency (OCC). They were Saddle River Valley Bank (has ~$118.5mill assets), Wawel Bank (has ~$497.3mill assets), and Grand Bank (has ~$371.8mill assets). Grand Bank "was ordered to develop a strategic business plan as well as an approach to deal with large troubled assets on its books."
Competitive CD, Money Market and Reward Checking Rates at Grand Bank in NJ - Local Only

Grand Bank, N.A. continues to offer competitive rates on several of its deposit products. Rates have gone down since my last post in July, but the rates continue to better than what most banks are offering. The best CD rates include a 2.80% APY for 5 years and a 2.00% APY for 3 years. Minimum deposit is $1,000. The reward checking account rate has recently fallen from 4.01% to 3.01% APY. This applies to balances up to $25K. The money market account rate is now 1.25% APY for balances of...

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Top CD, Money Market and Reward Checking Rates at Grand Bank in NJ - Local Only

Grand Bank, N.A. has competitive rates on several of its deposit products. Its reward checking account yield is still 4.01% APY on balances up to $25K. This is the same rate that it was when I first reported on this in April 2009. However, the money market account rate has gone down since then. However, the rate is still competitive with a top rate of 1.50% APY on balances of at least $50K. The CD rates are also notable. The best ones include a 2.10% APY 24-month CD and a...

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High-Yield Reward Checking Account and Other Competitive Rates at Grand Bank, N.A. in New Jersey

Grand Bank, N.A. is offering competitive rates on its rewards checking account, money market accounts and CDs. The reward checking account offers the following rates and features if certain monthly requirements are met:

  • 3.01% APY on balances up to $25,000
  • 1.01% APY on balances over $25,000
  • 0.25% base rate if qualifications are not met
  • ATM refunds of up to $20

The monthly requirements include:

  • 10 debit card purchases
  • one direct deposit or ACH auto debit
  • receive e-statements

Additional features of the account regardless of the monthly requirements include:

  • $100 minimum initial deposit
  • No monthly service charge
  • No minimum balance requirements
  • Limit of 2...
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