3.25% 49-Month IRA CD at Spencer Savings Bank in Northern NJ - Local Only

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Spencer Savings Bank is offering a competitive 3.25% APY 49-month IRA CD. Unfortunately, it's not available as a regular CD. Minimum deposit is $500. This rate is listed at the bank's IRA rates page as of 2/16/2010. This same rate is also listed in the Coverdell Education Savers rate table.

One flexible IRA CD feature mentioned in this bank's page includes:

One term change is allowed per year for customers over age 59 1/2 years of age without penalty.

I'm not sure exactly what this means. It sounds like you are allowed to change to a shorter or longer term CD. Changing to a short-term CD could come in handy if rates go up.

There's an online application but it states that you have to visit a branch with two forms of ID to complete the application. Branches are located in 18 Northern New Jersey cities.

The bank's ratings for safety and soundness are above average: 5 stars (superior) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 9/30/09 financial data. The bank has been a FDIC member since 1939 (FDIC Certificate # 30076).

Comments
Anonymous
Anonymous   |     |   Comment #1
Hudson City Savings Bank which is also in North Jersey has a 4 year 3.15% CD.
Anonymous
Anonymous   |     |   Comment #2
A branch manager told me you can switch once each year after the first year ends to a different term of 12 months or more.
Wil
Wil (anonymous)   |     |   Comment #3
You can get a 48-month CD at 3.25% APY at Bogota Savings Bank (branches in Bogota and Teaneck, NJ), which serves the same North Jersey market as Spencer Savings, if interested in a regular (non-IRA) CD. By the way, Indus American Bank's 30-month CD at 3.00% APY is still available for New Jersey residents (according to Bankingmyway.com).
$100 Checking Account Bonus at a New Jersey Bank (NJM Bank)
NJM Bank is offering a $100 bonus for opening either its Free Acces Checking or its Stewardship Banking Checking. Here's the promotional page. The bonus requires Direct Deposit and using the bank's Online Bill Pay at least 3 times in the first 90 days. Direct Deposit must be at least $100 per month of your pay, pension or Social Security in the first 90 days. The offer ends on 9/30/2007.

The Free Checking is the best deal in my opinion. It has no minimum balance requirements or maintenance fees. Also, you...

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