Haven Savings Bank (NJ) Offers Competitive 10-Month CD
Haven Savings Bank raised the rate on its 10-month CD (1.15% APY). This is the highest APY in 5 years for the 10-month CD and is an increase of 75 basis points from the January 2015 rate.
The minimum opening deposit is $500 with no maximum balance cap. According to CSR, the Early Withdrawal Penalty is one month’s interest.
Many thanks to DA member, PearlBrown, for her Forum post on this deal.
Availability
Headquartered in Hoboken, Haven Savings Bank is a community bank that offers its services and product line to all residents of New Jersey.
Opening an account at Haven Savings Bank requires an in-person visit to any of nine Northern New Jersey branches located in Berkeley Heights, Hoboken, Livingston, Madison, Montclair, Secaucus, Summit, Westfield, and Westwood. Haven Savings Bank’s online platform is currently limited to account management and bill payment services.
Bank Overview
Haven Savings Bank has an overall health rating of "B+" at DepositAccounts.com, with a Texas Ratio of 6.62% (excellent), as of March 31, 2015. In the past year, Haven Savings Bank (FDIC Certificate # 30039) has increased its total deposits by $5.15 Million, an above average annual growth rate of 0.75%. Please refer to our financial overview of Haven Savings Bank for more details.
Established in 1938, the original Haven Savings and Loan Association’s primary business was residential lending, serving Hoboken and its surrounding communities. In 1993, the name was changed to Haven Savings Bank, when the FDIC became the Bank’s primary regulatory agency. In late 2013, Haven Savings Bank acquired Hilltop Community Bank, a commercial bank founded in 2000.
Following the acquisition, John H. Wessling, President and CEO of Haven Bancorp, Inc., stated in an interview with Tapinto.net,
With this acquisition, Haven will move into three very strong local markets--Summit, Berkeley Heights and Madison, be able to provide a wider range of lending and deposit services, attain greater scale and efficiencies, diversify its balance sheet and increase earnings.
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, Haven Savings Bank’s 10-month CD is competitive regardless of whether it’s compared to 12-month CDs or 9- and 10-month CDs.
The above rates are accurate as of 6/3/2015.
To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.
