Manasquan Bank 5-Year CD Has New Rate-Leading APY

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Deal Summary: CDs –5-year (4.75% APY) and 3-year (5.00% APY), $500 minimum opening deposit.

Availability: Online market area includes CT, DC, DE, FL, GA, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA, and VT.

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.00%$500-Manasquan Bank3 Year CD
3.00%$500-Manasquan Bank5 Year CD
3.00%$500-Manasquan Bank3 Year IRA (Traditional, Roth, CESA)
3.00%$500-Manasquan Bank5 Year IRA (Traditional, Roth, CESA)
Rates as of April 17, 2024.

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  • Early Withdrawal Penalty – 6 months interest on the amount withdrawn, whether earned or not.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.

Bank Overview

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.

Related Pages: New York CD rates, 5-year CD rates, IRA CD rates

Comments
Kaight
  |     |   Comment #1
Heckuva CD deal. Thanks to Ken for posting. Lotsa people will be goin' "down the shore" to get this one!

Unfortunately, for me personally, ChexSystems is a deal killer here. I appreciate Ken mentioning this negative. No sense even trying for this great deal. Oh, well. :-(
LovinSomeCDs
  |     |   Comment #2
Serious question here.... Why are so many people afraid of a credit check?? I have opened AND closed at least 2 credit cards per year for the sign on bonus, and applied for loans online many many times. My credit score is still 830.
Kaight
  |     |   Comment #4
Not certain if you're asking me. Seems like you might be:

I'm good with any credit check;  can easily pass muster.  But that's not what ChexSystems is. ChexSystems lowers the boom if you open a lot of bank accounts; and I do. I probably have opened twenty or more just in the last month. So while my credit score is good, my ChexSystems score is downright abysmal.
txFish1
  |     |   Comment #5
Kaight Question for you, have most or all of your 20 new account openings in the past month been approved and if they have there must be some other underlying issue why people get turned down so much from ChexSystems.
Kaight
  |     |   Comment #6
My many tens of CD openings happen within the context of a large number of pre-existing banking relationships. These financial institutions know me and know I offer a significant volume of honest business, which they welcome.

Once one has become a credit union member, ChexSystems is no longer an issue. Ditto with banks, once you have become an established customer with a clean history.

However, as I pointed to in my comment #1, when you are seeking to establish a banking relationship from scratch, ChexSystems can matter a whole lot. Unfortunately.
RYP
  |     |   Comment #7
Kaight... Have you noticed USSenate FCU has a 4.86 APY 5 year certificate with a $1,000.00 deposit. Higher rates with more funds. I've been a member for more than 10 years and never had any problems.
txFish1
  |     |   Comment #8
@RYP I too have been a member of USSFCU for about 10 years and have been more than pleased with them. I just took advantage of their 3 year jumbo CD at 5.34% and requested it be a 47 month CD which they do offer if you ask and it is available to receive the $200 promotion on top of that.
RYP
  |     |   Comment #9
Kaight.. If you're concerned about the 360 day EWP, that's never been a problem for me. In the last couple of months, they have allowed me to close lower rate Certificates without an EWP and open new ones at their higher rates. I have no idea if they are still allowing this.
LovinSomeCDs
  |     |   Comment #10
Kaight,
Ah ok, I worked in banking long ago, and I thought chexSystems just makes sure you dont have delinquent accounts elsewhere. I also thought maybe it somehow dinged your credit score. Now I will say, my Insurance score has been dinged from opening and closing too many credit cards.

Ok, so I still dont understand why Chexsystems is a "deal killer" for you. If there is a CD you want, and for some reason, Chexsytems denies you, just move on. Why avoid it?
CapitalClimate
  |     |   Comment #3
5-year Treasuries are currently hitting a new high of 4.52% not counting the boost from state tax exemption. #JustSaying
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