It’s no secret that long-term CD rates have been lagging for quite a while, with short-term CDs having the most competitive APYs. The rates offered on the New Jersey-based Manasquan Bank 5-year CD (4.75% APY) and 3-year CD (5.00% APY) might be dismissed out of hand, but DA’s long-term CD Rates table reveals the 5-year CD has a near rate-leading APY. While not as competitive, the 3-year CD nonetheless has a rate that is higher than nearly all the 3-year CDs (in the market area) tracked by DA.
|5.00%||$500||-||Manasquan Bank||3 Year CD|
|5.00%||$500||-||Manasquan Bank||3 Year IRA (Traditional, Roth, CESA)|
|4.75%||$500||-||Manasquan Bank||5 Year CD|
|4.75%||$500||-||Manasquan Bank||5 Year IRA (Traditional, Roth, CESA)|
Both CDs are available as IRA CDs (Traditional, Roth, CESA), earning the same APYs with the same deposit requirements.
Manasquan Bank CDs offered unremarkable rates for several years, but the 5-year and 3-year CDs rates shot up last week after increases of 325 and 350 bps, respectively. The five other CDs in the product line continue to not impress, having APYs between 1.50% and 3.00%.
Availability and Account Opening
Headquartered in the borough of Manasquan on the New Jersey shore, Manasquan Bank offers its product line to U.S. citizens and resident aliens (18 years or older) who live in 16 East Coast states (from Maine to Florida) and the District of Columbia.
A CD can be opened online, or at any of 15 New Jersey branches located in Bay Head, Brick, Colts Neck, Howell (2), Little Egg Harbor Township, Manasquan (2), Metuchen, Ocean, Point Pleasant, Shrewsbury, Spring Lake Heights, Stafford Township, and Wall Township.
Funding and Other Details
The following information is from a conversation with CSR.
- Funding – ACH (online opening default); wire ($10 fee), check, or internal transfer (in-branch opening).
- Ownership – Individual or joint.
- Early Withdrawal Penalty – 6 months interest on the amount withdrawn, whether earned or not.
- Interest – Compounded/credited monthly; withdrawable penalty-free by check.
- Maturing Funds – Cashier’s check to the address on file.
- Beneficiaries – Unlimited with equal shares, Social Security numbers are required for all beneficiaries.
- Grace Period –7 calendar days before automatic renewal.
- Credit Check – None for current customers, ChexSystems for new customers.
Manasquan Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 0.76% (excellent) based on March 31, 2023 data. In the past year, Manasquan Bank has increased its total non-brokered deposits by $106.22 million, an excellent annual growth rate of 4.41%. Please refer to our financial overview of Manasquan Bank (FDIC Certificate # 30470) for more details.
Founded in 1874 as the Manasquan Savings and Loan Association, Manasquan Bank is currently New Jersey’s 14th largest bank, with nearly 64,000 customer accounts and assets in excess of $2.7 billion. The Bank’s name was changed to Manasquan Savings Bank in 1992, and became known by its present name in 2015. According to Wikipedia,
The borough's name (Manasquan) is of Lenape origin, variously described as
deriving from "Man-A-Squaw-Han" meaning "stream of the island of squaws",
"an island with enclosure for squans", "island door", or "point" / "top".
How the 5-Year CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available within the market and have minimum deposit requirements of $10k or less, only one credit union has a higher rate than currently offered on the Manasquan Bank 5-year CD. The following table compares the 5-year CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.
The above information and rates are accurate as of 9/19/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.