Bogota Savings Bank CD Rates

In an era marked by financial uncertainty and evolving economic landscapes, the choice of where to invest one’s money becomes increasingly critical. Among the hustle of financial instruments available, Bogota Savings Bank Certificates of Deposit offer a stable and secure avenue for individuals seeking to grow their savings.

Bogota Savings Bank CD Rate Offers

The most popular CD rates offers include;

12-Month CD

Features

• Interest Rate (APY): 0.35%
• The CD matures in 12 months.
• The interest rate is fixed for the entire term.
• $1000 is required to open the CD.

Consideration

Funds are locked in until maturity, with penalties for early withdrawal.

Pros & Cons

24-Month CD

Features

• Interest Rate (APY): 0.50%
• The CD matures in 24 months.
• Like other CDs, the interest rate remains constant.
• $1000 is required to open the CD.

Consideration

Withdrawal before maturity may incur penalties.

Pros & Cons

36-Month CD

Features

• Interest Rate (APY): 0.75%
• The CD matures in 36 months.
• The interest rate is fixed throughout the term.
• $1000 is the minimum required to open the CD.

Consideration

Withdrawal before maturity is subject to penalties.

Pros & Cons

48-Month CD

Feature

• Interest Rate (APY): 0.75%
• The CD matures in 48 months.
• The interest rate remains constant for the entire term.
• $1000 is needed to open this CD.

Consideration

Early withdrawal may result in penalties.

Pros & Cons

60-Month CD

Features

• Interest Rate (APY): 0.75%
• The CD matures in 60 months.
• The interest rate is fixed for the entire term.
• Minimum Deposit: $1000

Consideration

Funds are locked in until maturity, and early withdrawal comes with penalties.

Pros & Cons

Are Bogota Savings Bank CD Rates Competitive?

Bogota Savings Bank’s Certificate of Deposit (CD) rates, as presented with Annual Percentage Yields (APY), reflect a mix of competitiveness across various terms.

• The 12-month and 24-month CDs offer rates of 0.35% and 0.50% APY, respectively, which are relatively competitive in the current market.
• The 36-month, 48-month, and 60-month CDs stand at 0.75% APY.

While these rates may not be the highest in the industry, they demonstrate reasonable competitiveness, and the overall appeal depends on individual preferences, risk tolerance, and the specific investment horizon.

To gauge the competitiveness more precisely, prospective investors should compare these rates with those offered by other financial institutions and consider additional factors such as minimum deposit requirements and any special terms or promotions.

Overview Bogota Savings Bank 

Bogota Savings Bank is one of the oldest banks in New Jersey. It was founded in Bergen County, New Jersey as a bank to serve the employees of Bogota Paper Mills. From there, the founder partnered with an experienced banker to open another location in town to serve the community at large. 

They offered savings accounts and loans to the people of Bogota, which helped the community grow. In 1996 the state chartered bank officially changed their name to Bogota Savings Bank.

For over 125 years this bank has been a resource to the people of Bogota and the surrounding areas. They make high-quality financial services accessible. You can open a checking account, savings account, or investment account, or get a loan through them. Even though they are one of the oldest banks in New Jersey, they have remained a small community-based bank that has two locations: one in Bogota and one in Teaneck, NJ.

Throughout the many changes the bank has made, its commitment to excellent customer service has remained the same. They help families and small businesses take advantage of opportunities to grow their community.

The bank makes charitable donations to Habitat for Humanity, United Way, Children’s Aid, Center for Food Action and Family Services, and higher educational scholarships for local students. As the times change, so has the bank. They recently released a streamlined mobile banking app as well as a new website. 

Availability

These rates are eligible to change at any time, so call a branch today to book an appointment. You can also purchase CD’s online through their website with competitive rates. You need to be a member of the bank to be eligible for their CD products. Start by opening a checking or savings account.

Locations Bogota Savings Bank

• Upper Saddle River Branch
• Spring Lake Mortgage Office
• Newark Branch
• Oak Ridge Branch
• Parsippany Branch
• Hasbrouck Heights Branch
• Teaneck Branch
• Bogota Branch

Frequently Asked Questions