2.00% Savings Account at Unity Bank in NJ & PA - Local Only

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Unity Bank continues to offer a high-yield savings account called Loyalty Savings. The rate has dropped some since my June post, but it remains very competitive. The current rate is 2.00% APY for balances up to $500,000. The rate is listed at the bank's rate table as of 10/25/09. Minimum deposit is only $1, and there are no monthly service charges. However, to qualify for the top rate, you are required to maintain an active checking account. Here are some important details that the bank describes about the active checking requirement:
An active checking account is defined as 3 transactions per month. Qualifying transactions include direct deposit, third party payments, debit card purchases, and bill pay. Payments to account holder and transfers do not qualify. Account will default to Regular Savings if checking account becomes inactive.

This is a little bit like a reward checking account but the rate is a lower. On the plus side, the high rate applies to balances up to $500,000, and the transaction requirement is easier than any reward checking account.

It appears that a branch visit is required to open this savings account. An online application is available at the bank's Savings & CDs Page. However, the application form is only for CDs, and it only allows the user to select the state of New Jersey or Pennsylvania. Most branches are located in New Jersey. Two branches are located in Easton, PA.

Unity bank's rating for safety and soundness has gone down from 3 stars to 2 stars (below peer group) at Bankrate.com. Its rating at BauerFinancial has remained at 3½ stars (good). Both ratings are based on 6/30/09 financial data. The bank has been a member FDIC since 1991 (FDIC Certificate # 33503).

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Related Pages: Unity Bank, Minneapolis, La Crosse, Fargo, Missoula, savings account

2.35% Savings Account at Unity Bank in NJ and PA - Local Only
Unity Bank is offering a savings account called Loyalty Savings that offers a 2.35% APY if an active checking is maintained. The rate is listed at the bank's rate table as of 6/14/09. It applies to all balances up to $500,000. Minimum deposit is only $1, and there are no monthly service charges. Here are some important details that the bank describes about the active checking requirement:

This is a little bit like a reward checking account but the rate is a lower. On the plus side, the high rate applies...

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5.25% 60-Month / 4.50% 24-Month CD at a NJ/PA Bank (Unity)
Unity Bank has a CD promotion with some competitive rates. These include a 5.25% APY 60-month CD, a 4.75% APY 36-month CD and a 4.50% APY 24-month CD. The minimum deposit is $2,000. The promotion expires on 9/01/08.

For those who want FDIC insurance for deposits well above $100K, the bank also offers CDARS. The CDARS rates are also listed in the rate table. Note, these rates are much lower than the promotional CD rates. The highest CDARS yield is 4.80% APY for the 60-month term.

An online application is available at...



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