2.50% 12-Month CD & Competitive Money Market Account at RomAsia Bank in New Jersey - Local Only

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Update 8/07/09: The CD rates have fallen. Please check the bank's website for the latest rates.

RomAsia Bank is offering a 2.50% APY 12-month CD. Minimum deposit is $2,500. The rates for the other terms are not quite as good, but they're competitive. These include a 1.90% APY 3-month CD, a 2% APY 6-month CD, a 2.65% APY 18-month CD and a 2.75% APY 24-month CD. Higher rates may be available for Jumbo CDs with a $100K minimum.

The bank also has a money market account with a 2.25% APY for balances of $25K and above. The rate is 1% APY for balances from $5K to $25K. This money market account has a history of top rates. Last year the top rate was 3.95% APY.

These rates are listed at the bank's rate sheet as of 7/10/09.

A branch visit appears to be required to open an account. The bank's office is located in Monmouth Junction, New Jersey. It's a new bank that was just established with FDIC membership in 2008 (FDIC Certificate # 58702). Since the bank is so new, neither BauerFinancial nor Bankrate has safety and soundness ratings for it.

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Anonymous
Anonymous   |     |   Comment #1
The CD rates have dropped. The August 3 rate sheet shows 2.00% APY for the 12 mo. term, and 2.25% APY for the 18 mo. term. Not as competitive anymore.
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Update 3/27/09: The CD rates have fallen. Please check the bank's website for the latest rates.

RomAsia Bank continues to have competitive CD rates. Below is a list of these CD rates as shown in the bank's rate table as of 3/20/09:
  • 2.50% APY 6-month
  • 2.75% APY 9-month
  • 3.00% APY 12-month
  • 3.25% APY 18-month
  • 3.30% APY 24-month
  • 3.75% APY 30-, 36- & 48-month
Minimum deposit is $2,500. These rates are available for both regular and IRA certificates. When I posted on this bank in December, these CD rates had required a checking/savings relationship. Otherwise, the rates are 1%...


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RomAsia Bank has some competitive CD rates. Below is a list of these CD rates as shown in the bank's rate table (pdf) as of 12/04/08:
  • 4.05% APY 6-month
  • 4.10% APY 9-month
  • 4.25% APY 12- & 13-month
  • 4.35% APY 18-month
  • 4.50% APY 24-month
These rates require a checking/savings relationship. Otherwise, the rates are 1% lower. A reader had mentioned that the free checking qualifies. The initial minimum deposit is $50. Minimum CD deposit is $2,500.

The bank continues to offer a competitive money market account with a top yield of 3.75% APY for balances of at least...


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4.25% 6-Month / 4.35% 12-Month CD at a New Jersey Bank (RomAsia)
RomAsia Bank has some very competitive CD promotions including a 4.15% APY 3-month CD, a 4.25% APY 6-month CD, a 4.30% APY 9-month CD and a 4.35% APY CD with terms of 12 and 13 months. The minimum deposit is $2,500. The 6 and 12-month promotional CDs are also available in an IRA. Please refer to the bank's rate table (pdf) for more details.

The bank also has a competitive money market account with a top yield of 3.95% APY for balances of at least $25K. A lower yield...

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