Kearny Bank (NJ/NY) High Yield Checking Earns 3.05% APY

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Deal Summary: High Yield Checking, 3.05% APY on qualifying balances up to $25k, $50 minimum opening deposit.

Availability: Market area includes nine northern New Jersey counties and the New York Boroughs of Brooklyn and Staten Island.

Kearny Bank’s High Yield Checking (HYC) currently earns 3.05% APY on qualifying balances up to $25k. Qualifying balances of $25k+ earn 0.25% APY, with non-qualifying balances earning 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.05%-$25kKearny BankHigh Yield Checking
Rates as of July 22, 2019.

I last wrote about the HYC in late 2017 when the APY was increased by 52 bps. Coincidentally, the latest increase was also 52 bps, giving the HYC its highest APY since 2010.

As stated on Kearny Bank’s High Yield Checking Account page, the qualifying requirements are as follows:

  • Have at least 10 debit card purchases.
  • Have at least one direct deposit or automatic payment post and clear.
  • Sign up to receive eStatements.

The High Yield Checking has no monthly service fee, but does require a minimum $50 opening deposit and a $1 minimum balance. Unlimited monthly nationwide ATM fees will be refunded if the qualifying requirements are met. The HYC is available only as a personal account, with a limit of one account per depositor.

Availability

Headquartered in Fairfield, New Jersey, Kearny Bank’s primary market area covers nine northern New Jersey counties (Bergen, Essex, Hudson, Middlesex, Monmouth, Morris, Ocean, Passaic, and Union).

In 2014, Kearny Bank expanded its market area into Brooklyn and Staten Island through its acquisition of Atlas Bank.

The High Yield Checking account can be opened at any of 52 New Jersey branches located counties of Bergen (14), Essex (4), Hudson (3), Middlesex (2), Monmouth (12), Morris (3), Ocean (7), Passaic (6), and Union (1). There are also three New York full-service branches in Brooklyn (2) and Staten Island.

Bank Overview

Kearny Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.86% (excellent), based on December 31, 2018 data. In the past year, Kearny Bank has increased its total non-brokered deposits by $1.1 billion, an excellent annual growth rate of 38.63%. Please refer to our financial overview of Kearny Bank (FDIC Certificate # 28765) for more details.

Founded in 1884 as the Kearny Federal Savings and Loan Association, Kearny Bank became a federally-chartered stock savings bank in 1941. Between 1999 and 2014, the Kearny Federal Savings Bank acquired four New Jersey banks and Atlas Bank in Brooklyn. The Bank rebranded in 2015, becoming Kearny Bank. The April 2018 acquisition of Clifton Savings Bank added 12 branches, expanded Kearney Bank’s presence in Bergen, Essex, Hudson and Passaic Counties. Wholly owned by Kearny Financial Corporation, Kearney Bank currently holds assets in excess of $6.6 billion.

How the High Yield Checking Account Compares

When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com that have maximum qualifying balances of at least $25k and are available in the Bank’s market area, Kearny Bank’s High Yield Checking APY currently ranks fourth.

The above rates are accurate as of 5/24/2019.

To look for the best Reward Checking Account rates, both nationwide and in your state, please refer to our High Yield Reward Checking Account Rates Table page.

Related Pages: New York checking accounts, reward checking accounts

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Kearny Bank (NJ/NY) Boosts High Yield Checking
Deal Summary: High Yield Checking, 2.53% APY on qualifying balances up to $25k.

Availability: Market area includes nine northern New Jersey counties and the New York Boroughs of Brooklyn and Staten Island.

At the beginning of the week, Kearny Bank raised the rate on its High Yield Checking (HYC) to 2.53% APY on qualifying balances up to $25k. Qualifying balances of $25k+ earn 0.25% APY, with non-qualifying balances earning 0.05% APY.

I wrote about the HYC two years ago, when the APY was increased to 2.01%....

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Kearny Bank (NJ) Adds Competitive 18-Month CD
Availability: Market area includes nine northern New Jersey counties and two New York counties.

As of this week, Kearny Bank (New Jersey) has added a new 18-month CD (1.50% APY) to its product line.

The minimum opening deposit for either CDs is $500, with no balance cap.

The 18-month CD is also available as an IRA (Traditional, Roth, and CESA), earning the same APY with the same funding requirements.

According to CSR, the Early Withdrawal Penalty for the 18-month CD is 6 months interest.

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Kearny Bank (NJ) Boosts Rate On High Yield Checking

Availability:

Market area is nine northern New Jersey counties.

Last December, New Jersey-based Kearny Bank (formerly known as Kearny Federal Savings Bank) raised the rate on its High Yield Checking account to 1.51% APY on qualifying balances up to $25K.

The 1.51% APY has held for almost a year, and as of today, the rate has been raised to 2.01% APY on qualifying balances up to $25K; qualifying balances over $25K earn 0.25% APY. Non-qualifying accounts earn 0.05% APY.

As stated on Kearny Bank’s High Yield Checking Account page,...

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Kearny Bank (NJ) Adds Two New Short-Term CD Specials

UPDATE 9/14/2015: Checking relationship required, details below

Availability: Market area is nine northern New Jersey counties.

Kearny Bank (NJ) has added two new promotional specials to their product line: 7-month CD (1.01% APY) and 15-month CD (1.51% APY). Of the two, the 15-month CD has the more attractive rate.

The minimum opening deposit for either CDs is $500, with no balance cap. Both CDs are limited-time offerings, but no specific date is stated on Kearny Bank's website.

According to CSR, the Early Withdrawal Penalty for the 7-month...

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Kearny Federal Savings Bank Raises Rate on High Yield Checking - Local

Availability:

Market area is nine northern New Jersey counties.

Kearny Federal Savings Bank (NJ) has raised the rate on its High Yield Checking account to 1.51% APY for qualifying balances up to $25K; balances over $25K earn 0.25% APY. Non-qualifying accounts earn 0.05% APY.

As stated on Kearny Federal Savings Bank’s checking account page, the qualifying requirements for the High Yield Checking are as follows:

  • Have at least 10 debit card purchases.
  • Sign up to receive eStatements.
  • Have at least one direct deposit or automatic payment post and clear.
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