New Jersey-based New Millennium Bank recently raised the rate on its 12-month CD Special (2.95% APY). This special rate requires a minimum $10k deposit of new money.
The 12-month CD Special was added to the product line in September, earning 2.40% APY. The 55 bps increase at the end of November was its first rate change.
According to CSR, the Early Withdrawal Penalty for the 12-month CD Special is only one month’s interest, but no partial withdrawals are allowed, only an early closure.
Thanks to DA reader, RichardFeder, who emailed me about New Millennium Bank’s newest offering.
Headquartered in Fort Lee, New Jersey, New Millennium Bank’s market area includes the New Jersey counties of Bergen and Middlesex, and the New York Boroughs of Manhattan and Queens.
The 12-month CD Special can be opened at any of the three northern New Jersey branches, located in Fort Lee, New Brunswick, and Palisades Park, or the two New York branches, located in Manhattan and Bayside (Queens).
New Millennium Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 5.20% (excellent) based on September 30, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $65.06 million, an excellent annual growth rate of 26.44%. Please refer to our financial overview of New Millennium Bank (FDIC Certificate # 35151) for more details.
Established in 1999, New Millennium Bank will be celebrating its 20th anniversary next July. In 2014, an investor group raised more than $16 million to help recapitalize the Bank, which resulted in the termination of an FDIC consent order. New Millennium Bank is currently the 52nd largest bank in New Jersey, with assets in excess of $359 million.
How the CD Special Compares
When compared to 401 similar length-of-term CDs tracked by DepositAccounts.com, which are available within the Bank’s market area and require a similar minimum deposit of $10k or less, New Millennium Bank's 12-month CD Special APY currently ranks first.
|Interest Rate||Length of Term||Credit Union/Bank|
|2.95% APY||12-month CD Special ($10k min)||New Millennium Bank|
|2.89% APY||Online 13-Month CD ($500 min)||MutualOne Bank|
|2.85% APY||1-Year Popular Direct CD ($10k min)||Popular Direct|
The above rates are accurate as of 12/6/2018.
To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.