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.
|1.15%||-||-||The Bank of Princeton||Princeton Savings|
|1.15%||-||-||The Bank of Princeton||Princeton Money Market|
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.
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.
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.