At the beginning of the year, I wrote about a Money Market promotion being offered by Oritani Bank. While that promo ended in August, Oritani Bank is offer a new product: Diamond Money Market Account (1.05% APY on qualifying balances from $.01 up to $250K).
With a minimum opening deposit of $100, the Diamond MMA is limited to one per person and only available as a consumer account.
One of my colleagues remarked that the Diamond MMA is, "like a reward checking account, but it's a money market account. The rate is a little low when compared to reward checking, but the balance cap is 10x higher." The following statement from Oritani Bank’s Diamond MMA page explains what prompted his comment:
In order to qualify for this account, you must either receive a recurring direct deposit or make 3 Online Bill Payments monthly from this account or any Oritani Bank checking account within 60 days of account opening.
If you do not receive a recurring direct deposit or make 3 online Bill Payments monthly within 60 days of account opening, this account will convert to a Regular Money Market Account (Type 81) and the corresponding APYs in effect for that account for the corresponding balance tier.
Oritani Bank also offers Loyalty CDs, which have been listed in DA’s CD Rates Summary for many months.
The Loyalty program (which adds an additional 15 basis points to the APY) requires either a recurring direct deposit, or one bill payment monthly on a new or existing Oritani Bank checking account. I wrote about these Loyalty CDs in greater detail in February.
Headquartered in the Township of Washington, Oritani Bank’s market area covers a large section of Northern New Jersey, including Bergen, Essex, Hudson, and Passaic Counties.
Opening the Diamond MMA requires an in-person visit to any of 26 branches located in Bergenfield, Cliffside Park, Clifton, Emerson, Fairview, Hackensack (2), Ho Ho Kus, Jersey City, New Milford, North Bergen, Palisades Park, Park Ridge (2), Paterson, Ramsey, Ridgefield, Ridgefield Park, Teaneck, Township of Washington (2), Union City (3), Upper Montclair, and Woodcliff Lake.
There is a "Contact Me" form on Oritani Bank’s website to expedite the application process.
Oritani Bank has an overall health grade of "A+" at DepositAccounts.com, with an excellent Texas ratio of 3.54%, based on June 30, 2015 data. In the past year, Oritani Bank increased its total deposits by $382.44 Million, an excellent annual growth rate of 23.81%. Please refer to our financial overview of Oritani Bank for more details.
Founded in 1911 as the Oritani Savings and Loan Association, Oritani Bank (FDIC Certificate # 28866) remained an S&L for 84 years before becoming a mutual savings bank; three years later, its organization type changed to a stock savings bank. A community-oriented institution with over $3.3 Billion in assets, Oritani Bank established the Oritani Bank Charitable Foundation in 2007 to assist not-for-profit organizations that help to improve the quality of life for residents in Bergen, Hudson, and Passaic Counties. Since its inception in 2007, the Foundation has donated more than $2 Million to local charitable organizations.
I mentioned this in an earlier blog post, but I still find it interesting.
Oratam (or Oritani) was sagamore (paramount chief), or sachem, of the Hackensack Indians living in northeastern New Jersey during the period of early European colonization in the 17th century. Documentation shows that he lived an unusually long life (almost 90 years) and was quite influential among indigenous and immigrant populations.
How the Diamond Money Market Compares
When compared to the 213 Money Market Accounts tracked by DepositAccounts.com, that require a similar minimum deposit and are available to New Jersey residents, Oritani Bank's Diamond Money Market Account currently ranks third.
The above rates are accurate as of 9/25/2015.
To look for the best nationwide Money Market Account rates and the best Money Market Account rates in your state, please refer to our Money Market rates table.