Best CD Rates in New Jersey
New Jerseyans are always looking for the most effective ways to make their money work harder for them. CDs offer a safe and reliable method to save money while earning a higher interest rate compared to traditional savings accounts
In this regard, the CDs are making them an attractive option with a variety of banks and credit unions offering competitive rates. Finding the best CD rates in New Jersey requires a bit of research but is well worth the effort for those looking to maximize their savings potential.
Whether you’re saving for a short-term goal or planning for the future, understanding and accessing the best CD rates can help pave the way to financial security.
Overall Best CD rates in New Jersey
No. | Bank Name | APY | Term Length | Address |
1 | Cross River Bank | 5.26% | 12-month | 2115 Linwood Ave Fort Lee, NJ 07024 |
2 | Goldman Sachs Bank USA | 5.25% | 12-month | 30 Hudson St Jersey City, NJ 07302 |
3 | NewBank | 5.20% | 12-month | 189 Homans Ave Closter, NJ 07624 |
4 | Citadel Federal Credit Union | 5.15% | 12-month | 7730 Maple Ave Pennsauken, NJ 08109 |
5 | New Millennium Bank | 5.12% | 12-month | 20 Jersey Ave # 50 New Brunswick, NJ 08901 |
6 | New Millennium Bank | 5.12% | 12-month | 57 Livingston Ave New Brunswick, NJ 08901 |
7 | Andrews Federal Credit Union | 5.05% | 12-month | 25 Wrightstown Cookstown Rd Wrightstown, NJ 08562 |
8 | Navy Federal Credit Union | 5.05% | 12-month | 18 Broadway Browns Mills, NJ 08015 |
9 | Habib American Bank | 5.00% | 12-month | 1585 Oak Tree Rd Iselin, NJ 08830 |
10 | Parlin DuPont Employees Federal Credit Union | 4.86% | 6-month | Online |
11 | HSBC Bank USA, National Association | 4.80% | 12-month | 289 Rt 18 East Brunswick, NJ 08816 |
12 | PenFed Credit Union | 4.65% | 12-month | 1 Munro Ave Cape May, NJ 08204 |
13 | Aspire Federal Credit Union | 4.65% | 12-month | 67 Walnut Ave Clark, NJ 07066 |
14 | McGraw Hill Federal Credit Union | 4.65% | 12-month | 120 Windsor Center Dr East Windsor, NJ 08520 |
15 | Valley National Bank | 4.50% | 12-month | 2818 Rt 27 North Brunswick, NJ 08902 |
16 | Bay Atlantic Federal Credit Union | 4.45% | 6-month | 101 West Elmer Road, Vineland, NJ 08360 |
17 | Santander Bank, N.A. | 4.40% | 12-month | 1970 Rt 70 E Cherry Hill, NJ 08003 |
18 | Garden Savings Federal Credit Union | 4.30% | 12-month | 15 Scotland Rd South Orange, NJ 07079 |
19 | Baker Federal Credit Union | 4.17% | 12-month | 501 Baltimore St Phillipsburg, NJ 08865 |
20 | Pinnacle Federal Credit Union | 4.17% | 12-month | 135 Raritan Center Pkwy Edison, NJ 08837 |
21 | Credit Union of New Jersey | 4.05% | 12-month | 1301 Parkway Avenue, Ewing, NJ 08628 |
22 | Financial Resources Federal Credit Union | 4.04% | 6-month | 520 US Highway 22 East, Bridgewater, NJ 08807 |
23 | Raritan Bay Federal Credit Union | 4.01% | 6-month | 491 Raritan Street, Sayreville, NJ 08872 |
24 | Magyar Bank | 4.00% | 18-month | 400 Somerset Street, New Brunswick, NJ 08901 |
25 | Liberty Savings Federal Credit Union | 4.00% | 6-month | 666 Newark Avenue, Jersey City, NJ 07306 |
26 | Community Financial Services Federal Credit Union | 4.00% | 6-month | 149 St. George Avenue, Roselle, NJ 07203 |
27 | HSBC Bank | 3.93% | 3-month | Online |
28 | Jersey Shore Federal Credit Union | 3.93% | 6-month | 3002 English Creek Ave, Egg Harbor Township, NJ 08234 |
29 | Princeton Federal Credit Union | 3.76% | 6-month | 104 Carnegie Center, Suite 103, Princeton, NJ 08540 |
30 | First Bank | 3.69% | 3-month | 2465 Kuser Rd, Suite 101, Hamilton, NJ 08690 |
31 | New Jersey Credit Union League | 3.68% | 18-month | 299 Ward Street, Hightstown, NJ 08520 |
32 | Visions Federal Credit Union | 3.68% | 6-month | Online |
33 | Provident Bank | 3.50% | 3-month | 239 Washington St, Jersey City, NJ 07302 |
34 | Columbia Bank | 3.45% | 24-month | 19-01 Route 208 North, Fair Lawn, NJ 07410 |
35 | Investors Bank | 3.45% | 12-month | 101 JFK Parkway, Short Hills, NJ 07078 |
36 | McGraw-Hill Federal Credit Union | 3.45% | 24-month | Online |
37 | Aspire Federal Credit Union | 3.45% | 6-month | 67 Walnut Avenue, Suite 401, Clark, NJ 07066 |
38 | Atlantic Federal Credit Union | 3.45% | 6-month | 37 Market Street, Kenilworth, NJ 07033 |
39 | Hamilton Horizons Federal Credit Union | 3.45% | 6-month | 3535 Quakerbridge Road, Suite 600, Hamilton, NJ 08619 |
40 | Fort Dix Federal Credit Union | 3.44% | 6-month | Online |
41 | Amboy Bank | 3.25% | 12-month | 3590 U.S. Highway 9, Old Bridge, NJ 08857 |
42 | Deepwater Industries Federal Credit Union | 3.07% | 6-month | 565 N. Broadway, Deepwater, NJ 08023 |
43 | Lakeland Bank | 3.01% | 24-month | 250 Oak Ridge Rd, Oak Ridge, NJ 07438 |
44 | OceanFirst Bank | 3.00% | 6-month | 975 Hooper Ave, Toms River, NJ 08753 |
45 | Peapack-Gladstone Bank | 3.00% | 18-month | 500 Hills Dr, Suite 300, Bedminster, NJ 07921 |
46 | Manasquan Bank | 3.00% | 12-month | 2221 Landmark Place, Manasquan, NJ 08736 |
47 | Garden State Federal Credit Union | 3.00% | 24-month | 144 W Route 38, Moorestown, NJ 08057 |
48 | XCEL Federal Credit Union | 3.00% | 6-month | 1460 Broad Street, Bloomfield, NJ 07003 |
49 | Central Jersey Federal Credit Union | 3.00% | 6-month | 380 Berry Street, Woodbridge, NJ 07095 |
50 | Elizabeth NJ Firemen’s Federal Credit Union | 3.00% | 6-month | 411 Irvington Avenue, Elizabeth, NJ 07208 |
51 | Spencer Savings Bank | 2.90% | 12-month | 611 River Drive, Elmwood Park, NJ 07407 |
52 | Kearny Bank | 2.75% | 3-month | 120 Passaic Ave, Fairfield, NJ 07004 |
53 | Citibank, N.A. | 2.71% | 12-month | 101 John F Kennedy Pkwy Short Hills, NJ 07078 |
54 | First Atlantic Federal Credit Union | 2.43% | 24-month | 468 Industrial Way West, Eatontown, NJ 07724 |
55 | Fulton Bank of New Jersey | 2.40% | 3-month | 533 Fellowship Road, Suite 250, Mount Laurel, NJ 08054 |
56 | Unity Bank | 2.25% | 3-month | 64 Old Highway 22, Clinton, NJ 08809 |
57 | United Teletech Financial Federal Credit Union | 2.09% | 6-month | 205 Hance Avenue, Tinton Falls, NJ 07724 |
58 | 1st Constitution Bank | 2.00% | 36-month | 2650 Route 130, P.O. Box 634, Cranbury, NJ 08512 |
59 | Northfield Bank | 1.45% | 24-month | 581 Main Street, Suite 810, Woodbridge, NJ 07095 |
60 | Affinity Federal Credit Union | 1.00% | 48-month | 73 Mountainview Blvd, Basking Ridge, NJ 07920 |
Current CD Rates of New Jersey
The current CD rates in New Jersey rates greatly influence the individual financial planning
and savings strategies. It offers a relatively low-risk investment avenue that can provide higher returns than standard savings accounts, especially in a fluctuating interest rate environment.
Best 6-Month CD Rates
For those seeking short-term investment opportunities, the best 6-month CD rates offer an ideal blend of higher interest earnings than savings accounts without the long-term commitment.
- First Internet Bank of Indiana
Minimum Amount: $1000.00
APY / Rate: 4.75% APY
Pros:
- Only $1,000 minimum balance to open
- Interest is compounded daily and credited monthly
- Rates are locked for the term chosen and cannot go down
Rules:
- In order to open a CD, you’ll need to deposit a minimum amount of money, which may vary depending on the term and rate of the CD.
- The term of the CD is the amount of time that you agree to keep your money in the CD. At Greenwood Credit Union, CD terms range from 3 months to 60 months.
- The interest rate on the CD is the rate at which your money will earn interest. Generally, longer-term CDs will offer higher rates than shorter-term CDs. Greenwood Credit Union offers both fixed-rate and variable-rate CDs.
- If you need to withdraw money from your CD before the maturity date, you will typically be charged an early withdrawal penalty. The specific penalty amount will depend on the term and type of CD you have.
- You can open a CD as an individual or joint account holder. You may also be able to open a CD as an IRA account.
- Popular Direct
Minimum Amount: $10000.00
APY / Rate: 4.50% APY
Pros:
- Highly competitive rates for 6-month CDs
- 24/7 access to the bank account
- No hidden fees or charges
- Customer support for all sorts of queries and concerns
- FDIC insured bank up to maximum
Rules:
- APY can be earned assuming the interest and the principal remains on deposit until maturity.
- Interest is compounded monthly and added to the account at the end of the month.
- APY can be earned assuming the interest and the principal remains on deposit until maturity.
- Interest is compounded monthly and added to the account at the end of the month.
- Early withdrawal fetches a penalty and there is a grace period after maturity to add additional funds to the CD
- Early withdrawal fetches a penalty and there is a grace period after maturity to add additional funds to the CD
Best 1 Year CD Rates
When it comes to finding a balance between a decent yield and maintaining access to your funds within a reasonable timeframe, the best 1-year CD rates stand out as a compelling choice for investors.
- Popular Direct
Minimum Amount: $10000.00
APY / Rate: 4.80% APY
Pros:
- Highly competitive rates for 6-month CDs
- 24/7 access to the bank account
- No hidden fees or charges
- Customer support for all sorts of queries and concerns
- FDIC insured bank up to maximum
Rules:
- APY can be earned assuming the interest and the principal remains on deposit until maturity.
- Interest is compounded monthly and added to the account at the end of the month.
- Early withdrawal fetches a penalty and there is a
- Alliant Credit Union
Minimum Amount: $1000
APY Rate: 4.60% APY
Pros:
- Funds are insured up to $250,000 by NCUA
- Low minimum deposit of only $1,000; no maximum
- Great dividend rates
Rules:
- Dividends compounded every month and at maturity.
- Incur an early withdrawal penalty
Best 3 Year CD Rates
For those willing to lock away their savings for a bit longer in exchange for higher interest, the best 3-year CD rates present an opportunity to benefit from more attractive returns.
- CFG Community Bank
Minimum Amount: $500.00
APY / Rate: 4.60% APY
Pros:
- The high yield rate of interest
- A decent minimum amount required
- FDIC insured banking option
- Strong customer support system
Rules:
- To open a CD an investor can approach the bank online or in-branch.
- The minimum deposit allowed in a CD is $500 and the maximum limit is set at $250,000.
- The interest on the CD is compounded monthly.
- Premature withdrawal from the CD is subject to a penalty.
- Bread Savings
Minimum Amount: $1500
APY / Rate: 4.50% APY
Pros:
- Excellent for earning a competitive interest rate on a savings account or CD.
- Without monthly services.
- Free domestic incoming wire transfers on savings account
Rules:
- APYs are subject to change at any time without notice
- The penalty will be applied for early withdrawals on CDs
- At maturity, your CD will automatically renew and earn the base interest rate
Best 5 Year CD Rates
5-year CD rates cater to the long-term investors who prioritizes maximum interest over time, providing a secure investment avenue with some of the highest fixed interest rates available in the market.
- Popular Direct
Minimum Amount: $10000.00
APY / Rate: 4.55% APY
Pros:
- Online-only CD options are available
- Highly competitive CD rates in a 1-year term
- Early withdrawal penalties are decent
- FDIC insured bank with investment covered to the max
- Terms ranging from 3 months to 5 years
Rules:
- Interest on CDs is compounded monthly and added to the account at the month’s end.
- Early withdrawal incurs a penalty amounting to:
1- 90 days interest for a 3-month term
2- 180 days interest for a 6-18 month term
3- 365 days interest for 24-60 month term
- BMO Harris
Minimum Amount: $1000
APY / Rate: 4.50%
Pros:
- Competitive CD rates
- Decent minimum balance requirement
- Easy CD withdrawal methods
- 3-months to 60-month term available
Rules:
- A CD can be opened via mobile, online,, or telephone.
- The interest on the CD is compounded monthly and added to the account on a fixed date every month.
- There is a penalty for early withdrawal which depends on the term and amount of the CD.
- Any changes to the CD regarding the amount or term can be made within the grace period of penalty days post maturity.
New Jersey Economic Statistics
New Jersey, with its diverse economic landscape and a population of approximately 9.2 million, stands as a robust financial hub in the United States.
The state boasts an average household income of around $85,000, which is significantly higher than the national average, and an average home value of approximately $342,000, reflecting the state’s high standard of living and the vibrant real estate market.
Statistic | Value | Context |
Population | 9.2 million | Reflects the state’s large and diverse population. |
Average Household Income | $85,000 | Significantly higher than the national average, indicating a relatively affluent population. |
Average Home Value | $342,000 | Highlights the vibrant real estate market and high standard of living in New Jersey. |
These economic statistics are crucial for investors, as they highlight the financial health and potential for wealth growth within the state.
For those considering investment in CD rates in New Jersey, these figures suggest a relatively affluent population with the financial capability to invest in higher-yield savings options.
How to Get Best CD Rates in New Jersey
To secure the best CD rates in New Jersey, it’s essential to conduct thorough research and comparison across various financial institutions.
- Start by reviewing CD rates from a broad range of banks and credit unions, including both large national banks and local community banks, to ensure you’re getting the most competitive rates available.
- Consider factors such as the term length, minimum deposit requirements, and early withdrawal penalties, as these can all affect the overall return on your investment.
- Additionally, keep an eye on economic trends and rate forecasts, as these can influence CD rates. Leveraging online financial comparison tools can also streamline the process, making it easier to compare rates at a glance.
CD Rates Methodology
Our methodology for identifying the best CD rates in New Jersey involved a comprehensive review of CD rates from 87 banks, encompassing a mix of large national banks, regional banks, and local credit unions.
To ensure the list was both relevant and useful for investors, we considered factors such as interest rates, term lengths, minimum deposit requirements, and the financial stability of the institutions.
After a thorough evaluation, 60 banks made the list, distinguished by their competitive rates, favorable terms, and strong customer service reputations. This approach ensures that our recommendations cater to a wide range of financial goals and preferences.
Conclusion
By reviewing rates from a variety of institutions and considering the broader economic context, investors can maximize their earnings and achieve their savings objectives. As the financial landscape evolves, staying informed and adaptable will continue to be key in navigating the world of CD investments successfully.
FAQs
Cross River Bank in New Jersey currently offers one of the best CD rates for a 12-month term at 5.26%.
Citadel Federal Credit Union, while primarily based outside of New Jersey, offers its members highly competitive CD rates, with a 12-month CD rate at 5.15%.