The Bank of Princeton Adds New Savings And Money Market Accounts

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Availability:

Market area is central New Jersey and the Philadelphia metro area.

Earlier this week, The Bank of Princeton (New Jersey) added two new products: Princeton Savings and Princeton Money Market. Both accounts require a minimum opening deposit of $5K of new money and have a rate guarantee through January 1, 2017. There is a maximum balance cap of $1M per tax ID.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.15%--The Bank of PrincetonPrinceton Savings
1.15%--The Bank of PrincetonPrinceton Money Market
Accounts mentioned in this post. Rates as of July 23, 2016.

The APY listed on The Bank of Princeton’s website is 1.15% for both accounts, but according to CSR, if there is a non-interest checking account relationship, with a minimum $5K balance, or with a Direct Deposit of a payroll or Social Security check, the guaranteed APY will be 1.20%. The $5K minimum balance in the non-interest checking must be maintained through January 1, 2017, for the APY to remain at 1.20%, UNLESS the Direct Deposit option is utilized. Complete details are available on the Bank's Promotions page.

Availability

The Bank of Princeton’s market area includes a large area of central New Jersey and the Philadelphia, Pennsylvania metro area, with ten New Jersey branches located in Hamilton, Lambertville, Lawrenceville, Monroe Township, New Brunswick, Pennington, and Princeton (4) and three Pennsylvania branches (operating under the MoreBank name) located in North Wales, and Philadelphia (2).

While the Bank does offer online banking for account maintenance and bill payment, opening an account requires an in-person visit to any of the above mentioned branches.

Bank Overview

The Bank of Princeton has an overall health grade of "C+" at DepositAccounts.com, with a Texas ratio of 14.92% (above average) based on September 30, 2015 data. The Bank of Princeton has an above average capitalization level of 9.72%, a result of holding $1.02 Billion in assets with $99.37 Million in equity. Please refer to our financial overview of The Bank of Princeton for more details.

The Bank of Princeton (FDIC Charter # 58513) is a young financial institution, having just celebrated its 10th anniversary. $30 Million of capital was raised to start the Bank, far exceeding the New Jersey Department of Banking’s minimum requirement of $6 Million. In 2010, the Philadelphia-based MoreBank was acquired, expanding the Bank’s market area into southeast Pennsylvania. In ten short years, The Bank of Princeton has grown to become New Jersey’s 25th largest bank, with assets in excess of $1 Billion.

How the Savings Account Compares

When compared to the 240 personal Savings Accounts tracked by DepositAccounts.com that are available to New Jersey residents, The Bank of Princeton’s Princeton Savings currently ranks first.

How the Money Market Account Compares

When compared to the 203 Money Market Accounts tracked by DepositAccounts.com that are available to New Jersey residents, The Bank of Princeton’s Princeton Money Market currently ranks second.

The above rates are accurate as of 2/12/2016.

To look for the best nationwide Savings Account rates and the best Savings Account rates in your state, please refer to our Savings Account rates table or our new Rates Map page.

Comments
Anonymous
Anonymous   |     |   Comment #1
I realize this may be off topic for this post, however, has there been any further information on Valor Credit Union. Are they still getting away with not allowing add-on deposits voiding their own terms and conditions!!!!!! Has everyone forgot about this?
Anonymous
Anonymous   |     |   Comment #3
The Bank of Princeton website does mention anything about a guarantee of the interest rate, nor do they mention the details about the Princeton Savings or MMA. But, after "guarantee through Jan 1, 2017", the rate will probably drop to the same rate as their Wise Savings or Priority Money Market..which currently pays 0.10% and 0.05% respectively on $5000 balance. Wise Checking is free with $50 minimum deposit; Premier Checking requires $50 deposit and $1000 average minimum daily balance to avoid $25 monthly fee.
Anonymous
Anonymous   |     |   Comment #4
The website DOES NOT..
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The Bank of Princeton is offering several competitive long-term CD and IRA CD rates. The best ones include a 1.75% APY 2-year CD, 2.00% APY 3-year CD and a 2.75% APY 5-year CD. Minimum deposit is $500. The Jumbo CDs actually have lower rates (10 basis points lower on all terms). These rates are listed in the bank's rates page as of 8/18/2011.

As a comparison to internet banks on 8/18/2011, the best 2-, 3- and 5-year CD rates are 1.50% APY, 1.90% APY and 2.50% APY at Airbanking.

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The Bank of Princeton is offering a special CD with a 3.35% APY for terms of 4 and 5 years. This special is listed in the bank's promotions page as of 2/28/2010. There are no details listed.

It appears a branch visit is required to open an account. Branches are located in the New Jersey cities of Princeton, Hamilton and Pennington.

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