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.
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.
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.
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.