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%. This week’s 52 bps increase has boosted the APY to its highest point in seven years.
As stated on Kearny Bank’s High Yield Checking Account page, the qualifying requirements 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.
The High Yield Checking has no minimum balance requirement or monthly services fees, but does require a minimum $50 opening deposit. Unlimited monthly nationwide ATM fees will be refunded if the qualifying requirements are met.
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 June 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 40 New Jersey branches located counties of Bergen (9), Essex (3), Hudson (2), Middlesex (2), Monmouth (13), Morris (2), Ocean (7), Passaic (1), and Union (1). There are also two New York full-service branches in Brooklyn (Sunset Park) and Staten Island.
Kearny Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.36% (excellent), based on June 30, 2017 data. In the past year, Kearny Bank has increased its total non-brokered deposits by $76.7 million, an above average annual growth rate of 2.75%. 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. Wholly owned by Kearny Financial Corporation, Kearney Bank currently holds assets in excess of $4.8 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 Kasasa High Yield Checking APY currently ranks first.
The above rates are accurate as of 11/30/2017.