Hudson City Bank is making its way into the homes of average Americans. Their slogan is “bank on better values” and provides reason behind this slogan by offering higher deposit yields, lower fees and competitive mortgage rates. In Forbes magazine, they are included in the list of best-managed banks in America.

This bank started its production three years after the end of the Civil War when the State of New Jersey Legislature granted a special charter to 29 individuals to open a savings bank in the small City of Hudson. Since its beginning, Hudson City Bank has thrived and as of March 21, 2010, it had over $60 billion in assets.

As one of the most efficient banks in America, Hudson City provides a wide array of deposit services and accounts to meet individual’s financial goals. They primarily service those who are located in New York, New Jersey and Connecticut and provide over 130 locations.

Free means free at Hudson City and they take pride in the fact that they don’t nickel-and-dime there customers like some other banks do. There are no per-check fees, monthly service fees (if the minimum balance is met), no statement fees and no fees for their specialized Online Banking and Bill Pay.

Review: Hudson City Bank

Checking Accounts: They offer four checking accounts and one money market checking account. The interest rates on the accounts are a little higher than what is currently being offered at other banks; however, the balance fees (if the minimum balance is not met) are steep, ranging from $10.00 to $20.00. If you are looking for a totally free checking account, then their Free Personal Checking will be able to meet your financial needs.

Savings Accounts: Hudson City does not offer a wide variety of savings account, but make up for it with their slightly above average interest rates. They offer a Regular Savings account, which can be opened with an initial deposit of $50.00. They other savings account they currently have are the Money Market Savings and Club Accounts. Typically, banks will offer a Christmas club account, but Hudson City also offers a vacation club account. This account is definitely appealing for those wishing to save for a dream vacation.

Hudson City Bank also carries mortgage loans, consumer loans and credit cards in order to adequately meet their client’s needs.

Hudson City Savings Bank is one of the largest banks in New Jersey, New York and Connecticut. Being large thrift bank in these states, their deposit rates are pretty attractive.

Hudson City is an FDIC insured bank that has the typical bank offerings including mortgages, credit cards, loan, retirement accounts, savings, checking, money market accounts, online banking and more.

Hudson City Savings Bank – CD Rates

Hudson City rates are quite impressive. These one-year certificate of deposit rates are some of the highest rates I’ve seen.  The minimum investment for Certificate of Deposits (C.D.s) are $500. The options include passbook format, internet accessible,

New Jersey Rates

  • 6-Month CD yields 0.75%
  • 7-Month CD yields 0.75%
  • 9-Month CD yields 0.75%
  • 1-Year CD yields 1.00%
  • 13-Month CD yields 1.00%
  • 18-Month CD yields 1.10%
  • 2-Year CD yields 1.50%
  • 30-Month CD yields 1.50%
  • 3-Year CD yields 1.75%
  • 4-Year CD yields 2.25%
  • 5-Year CD yields 2.50%

New York Rates

  • 6-Month CD yields 0.75%
  • 7-Month CD yields 0.75%
  • 9-Month CD yields 0.75%
  • 1-Year CD yields 1.00%
  • 13-Month CD yields 1.00%
  • 18-Month CD yields 1.10%
  • 2-Year CD yields 1.50%
  • 30-Month CD yields 1.50%
  • 3-Year CD yields 1.75%
  • 4-Year CD yields 2.25%
  • 5-Year CD yields 2.50%

Connecticut Rates

  • 6-Month CD yields 0.75%
  • 7-Month CD yields 0.75%
  • 9-Month CD yields 0.75%
  • 1-Year CD yields 1.00%
  • 13-Month CD yields 1.00%
  • 18-Month CD yields 1.10%
  • 2-Year CD yields 1.50%
  • 30-Month CD yields 1.50%
  • 3-Year CD yields 1.75%
  • 4-Year CD yields 2.25%
  • 5-Year CD yields 2.50%

Hudson City Savings Bank – Savings Rates

Their savings account rates includes: FDIC insured, Choose passbook or statement format, Competitive interest rate, Free ATM card with statement account, Internet accessible, and Telephone Banking accessible.

New Jersey Rates

  • Passbook Account yields 0.65%
  • Statement Account Yields 0.65%
  • Money Market: $10 – $2,499 Yields 1.00%
  • Money Market: $2,500 & up Yields 1.25%

New York Rates

  • Passbook Account yields 0.65%
  • Statement Account Yields 0.65%
  • Money Market: $10 – $2,499 Yields 1.00%
  • Money Market: $2,500 & up Yields 1.25%

Connecticut Rates

  • Passbook Account yields 0.65%
  • Statement Account Yields 0.65%
  • Money Market: $10 – $2,499 Yields 1.00%
  • Money Market: $2,500 & up Yields 1.25%

Hudson City Savings Bank also offers a full suite of banking products and services including mortgages ( Hudson City Savings Bank Mortgage Rates ), credit cards, online banking, consumer loans, etc.

Hudson City Savings Bank is one of the largest banks in New Jersey, New York and Connecticut. Being large thrift bank in these states, their deposit rates are pretty attractive.

Hudson City is an FDIC insured bank that has the typical bank offerings including mortgages, credit cards, loan, retirement accounts, savings, checking, money market accounts, online banking and more.

Hudson City Savings Bank – CD Rates

Hudson City rates are quite impressive. These one-year certificate of deposit rates are some of the highest rates I’ve seen.  The minimum investment for Certificate of Deposits (C.D.s) are $500. The options include passbook format, internet accessible,

New Jersey Rates

  • 6-Month CD yields 0.75%
  • 7-Month CD yields 0.75%
  • 9-Month CD yields 0.75%
  • 1-Year CD yields 1.00%
  • 13-Month CD yields 1.00%
  • 18-Month CD yields 1.10%
  • 2-Year CD yields 1.50%
  • 30-Month CD yields 1.50%
  • 3-Year CD yields 1.75%
  • 4-Year CD yields 2.25%
  • 5-Year CD yields 2.50%

New York Rates

  • 6-Month CD yields 0.75%
  • 7-Month CD yields 0.75%
  • 9-Month CD yields 0.75%
  • 1-Year CD yields 1.00%
  • 13-Month CD yields 1.00%
  • 18-Month CD yields 1.10%
  • 2-Year CD yields 1.50%
  • 30-Month CD yields 1.50%
  • 3-Year CD yields 1.75%
  • 4-Year CD yields 2.25%
  • 5-Year CD yields 2.50%

Connecticut Rates

  • 6-Month CD yields 0.75%
  • 7-Month CD yields 0.75%
  • 9-Month CD yields 0.75%
  • 1-Year CD yields 1.00%
  • 13-Month CD yields 1.00%
  • 18-Month CD yields 1.10%
  • 2-Year CD yields 1.50%
  • 30-Month CD yields 1.50%
  • 3-Year CD yields 1.75%
  • 4-Year CD yields 2.25%
  • 5-Year CD yields 2.50%

Hudson City Savings Bank – Savings Rates

Their savings account rates includes: FDIC insured, Choose passbook or statement format, Competitive interest rate, Free ATM card with statement account, Internet accessible, and Telephone Banking accessible.

New Jersey Rates

  • Passbook Account yields 0.65%
  • Statement Account Yields 0.65%
  • Money Market: $10 – $2,499 Yields 1.00%
  • Money Market: $2,500 & up Yields 1.25%

New York Rates

  • Passbook Account yields 0.65%
  • Statement Account Yields 0.65%
  • Money Market: $10 – $2,499 Yields 1.00%
  • Money Market: $2,500 & up Yields 1.25%

Connecticut Rates

  • Passbook Account yields 0.65%
  • Statement Account Yields 0.65%
  • Money Market: $10 – $2,499 Yields 1.00%
  • Money Market: $2,500 & up Yields 1.25%

Hudson City Bank offers a very competitive money market rate. The rate is up to 1.25% APY on balances of $2,500. The yield is higher than the current online money market accounts. The only draw back is that for balances below $2,500 you are better off by going with an online money market account rates.

Features of their money market rates include: telephone banking, internet banking, FDIC insured. There are limited withdrawals and transfers.

Hudson City Bank: New Jersey Money Market Rates

  • $10 – $2,499 – 1.00% APY –  Minimum balance to receive interest $10
  • $2,500 & up – 1.25% APY – Minimum deposit of $2,500 must be maintained to receive posted rate

Hudson City Bank: New York Money Market Rates

  • $10 – $2,499 – 1.00% APY –  Minimum balance to receive interest $10
  • $2,500 & up – 1.25% APY – Minimum deposit of $2,500 must be maintained to receive posted rate

Hudson City Bank: Connecticut Money Market Rates

  • $10 – $2,499 – 1.00% APY –  Minimum balance to receive interest $10
  • $2,500 & up – 1.25% APY – Minimum deposit of $2,500 must be maintained to receive posted rate

Terms from Hudson City Savings Bank: All interest rates are subject to change without notice. Interest compounded daily and credited monthly of last business day. Fees may reduce earnings. Accounts are available to individuals who live or work in New Jersey, New York, Pennsylvania, Connecticut & Delaware.

Hudson City Savings Bank offers several different mortgage options including adjustable rate mortgages, fixed-rate mortgages, and low-income/moderate income mortgages.

The rates below are advertised for each state they operate in including: New Jersey, New York, Connecticut, and Pennsylvania. Some properties must reside in specific counties.

Note on New York Mortgages: New York sees higher interest rate than all other states combined. Hudson City Bank requires that New York Mortgages must be based on homes that reside in these counties: Bronx, Columbia, Dutchess, Kings, Nassau, New York, Orange, Putnam, Queens, Richmond, Rockland, Suffolk, Westchester.

Adjustable Rate Mortgages (ARM) Rates in New York

Hudson City Bank ARM Mortgage Rates Current as of 04/20/2011

  • 3 Year ARM – 3.875% Interest Rate – 3.323% APR – 360 Month Term – $4.70 Payment per $1,000
  • 5 Year ARM – 4.000% Interest Rate – 3.465% APR – 360 Month Term – $4.77 Payment per $1,000
  • 5 Year ARM (Interest Only) 4.250% Interest Rate – 3.539% APR – 360 Month Term – $3.54 Payment per $1,000
  • 7 Year ARM 4.375% Interest Rate – 3.747% APR – 360 Month Term – $4.99 Payment per $1,000
  • 7 Year ARM (Interest Only) 4.625% Interest Rate – 3.836% APR – 360 Month Term – $3.85 Payment per $1,000
  • 10 Year ARM 4.750% Interest Rate -4.176% APR – 360 Month Term – $5.22 Payment per $1,000
  • 10 Year ARM (Interest Only) 5.000% Interest Rate – 4.277% APR – 360 Month Term -$4.17 Payment per $1,000

New Jersey, Connecticut and Pennsylvania: Adjustable Rate Mortgages (ARM) Rates

Hudson City Bank ARM Mortgage Rates Current as of 04/20/2011

  • 3 Year ARM – 3.750% Interest Rate – 3.283% APR – 360 Month Term – $4.63 Payment per $1,000
  • 5 Year ARM – 3.875% Interest Rate – 3.408% APR – 360 Month Term – $4.70 Payment per $1,000
  • 5 Year ARM (Interest Only) 4.125% Interest Rate – 3.483% APR – 360 Month Term – $3.44 Payment per $1,000
  • 7 Year ARM 4.250% Interest Rate – 3.674% APR – 360 Month Term – $4.92 Payment per $1,000
  • 7 Year ARM (Interest Only) 4.500% Interest Rate – 3.765% APR – 360 Month Term – $3.75 Payment per $1,000
  • 10 Year ARM 4.625% Interest Rate – 4.082% APR – 360 Month Term – $5.14 Payment per $1,000
  • 10 Year ARM (Interest Only) 4.875% Interest Rate – 4.186% APR – 360 Month Term -$4.06 Payment per $1,000

New Jersey, Connecticut and Pennsylvania : Fixed-Rate Mortgage Rates

  • 10 Year ¹ Mortgage 4.250% Interest Rate – 4.303% APR – 120 Month Term – $10.24 Payment per $1,000
  • 10 Year ² 4.250% Interest Rate – 4.284% APR – 120 Month Term – $10.24 Payment per $1,000
  • 15 Year ¹ 4.375% Interest Rate – 4.412% APR – 180 Month Term – $7.59 Payment per $1,000
  • 15 Year ² 4.375% Interest Rate – 4.398% APR – 180 Month Term – $7.59 Payment per $1,000
  • 20 Year ¹ 4.500% Interest Rate – 4.529% APR – 240 Month Term – $6.33 Payment per $1,000
  • 20 Year ² 4.500% Interest Rate – 4.518% APR – 240 Month Term – $6.33 Payment per $1,000
  • 30 Year ¹ 5.000% Interest Rate – 5.022% APR – 360 Month Term – $5.37 Payment per $1,000
  • 30 Year ¹ Interest Only 5.250% Interest Rate – 5.270% APR – 360 Month Term – $4.38 Payment per $1,000
  • 30 Year ³ 5.125% Interest Rate – 5.139% APR – 360 Month Term – $5.44 Payment per $1,000
  • 30 Year ³ Interest Only 5.375% Interest Rate – 5.388% APR – 360 Month Term – $4.48 Payment per $1,000
  • 30 Year 4 5.250% Interest Rate – 5.259% APR – 360 Month Term – $5.52 Payment per $1,000
  • 30 Year Interest Only 4 5.500% Interest Rate – 5.509% APR – 360 Month Term – $4.58 Payment per $1,000
  1. Loans up to $417,000
  2. Loans from $417,100 to $1 Million
  3. Loans from $417,100 to $729,000
  4. Loans from $729,100 to $1 Million

New York: Fixed-Rate Mortgage Rates

  • 10 Year ¹ Mortgage 4.375% Interest Rate – 4.462% APR – 120 Month Term – $10.30 Payment per $1,000
  • 10 Year ²4.375% Interest Rate – 4.430% APR – 120 Month Term – $10.30 Payment per $1,000
  • 15 Year ¹ 4.500% Interest Rate – 44.560% APR – 180 Month Term – $7.65 Payment per $1,000
  • 15 Year ² 4.500% Interest Rate – 4.538% APR – 180 Month Term – $7.65 Payment per $1,000
  • 20 Year ¹ 4.625% Interest Rate – 4.672% APR – 240 Month Term – $6.39 Payment per $1,000
  • 20 Year ² 4.625% Interest Rate – 4.655% APR – 240 Month Term – $6.39 Payment per $1,000
  • 30 Year ¹ 5.125% Interest Rate – 5.161% APR – 360 Month Term – $5.44 Payment per $1,000
  • 30 Year ¹ Interest Only 5.375% Interest Rate – 5.407% APR – 360 Month Term – $4.48 Payment per $1,000
  • 30 Year ³ 5.250% Interest Rate – 5.273% APR – 360 Month Term – $5.52 Payment per $1,000
  • 30 Year ³ Interest Only 5.500% Interest Rate – 5.521% APR – 360 Month Term – $4.58 Payment per $1,000
  • 30 Year 4 5.375% Interest Rate – 5.390% APR – 360 Month Term – $5.60 Payment per $1,000
  • 30 Year Interest Only 4 5.625% Interest Rate – 5.639% APR – 360 Month Term – $4.69 Payment per $1,000
  1. Loans up to $417,000
  2. Loans from $417,100 to $1 Million
  3. Loans from $417,100 to $729,000
  4. Loans from $729,100 to $1 Million

Low Income and Moderate Income Mortgage Rates in New Jersey

Maximum Permissible Income Levels For Low/Moderate Program  (By Counties in New Jersey)

  • Atlantic $55,360
  • Middlesex $74,880
  • Bergen $52,480
  • Monmouth $74,880
  • Burlington $66,800
  • Morris $71,040
  • Camden $66,800
  • Ocean $74,880
  • Essex $71,040
  • Passaic $52,480
  • Gloucester $66,800
  • Somerset $74,880
  • Hudson $52,480
  • Union $71,040
  • Hunterdon $71,040
  • Warren $56,000
  • Mercer $73,040

Low-Income/Moderate-Income Fixed Rate Mortgage Rates

  • 5 Year ARM 3.375% Rate – 3.244% APR – 360 Term – $4.42 (per $1k)
  • 10 Year ARM 4.125% Rate – 3.776% APR – 360 Term – $4.85 (per $1k)
  • 30 Year Fixed 4.750% Rate – 4.782% APR – 360 Term – $5.22 (per $1k)
  1. All interest rates are subject to change without notice
  2. Property must be located within the eligible counties shown above
  3. Maximum mortgage amount $250,000
  4. For loan amounts greater than $250,000, in a defined Low/Moderate census tract, a maximum loan amount of $400,000 will be considered

Low Income and Moderate Income Mortgage Rates in New York

Maximum Permissible Income Levels For Low/Moderate Program  (By Counties in New York)

  • Bronx $52,480
  • Queens $52,480
  • Kings $52,480
  • Richmond $52,480
  • Nassau $82,880
  • Rockland $52,480
  • New York $52,480
  • Suffolk $82,880
  • Putnam $52,480
  • Westchester $52,480

Low-Income/Moderate-Income Fixed Rate Mortgage Rates

  • 5 Year ARM 3.500% Rate – 3.310% APR – 360 Term – $4.49 (per $1k)
  • 10 Year ARM 4.250% Rate – 3.879% APR – 360 Term – $4.92 (per $1k)
  • 30 Year Fixed 4.875% Rate – 4.932% APR – 360 Term – $5.29 (per $1k)
  • All interest rates are subject to change without notice
  • Property must be located within one of the following eligible counties (Bronx, Kings, Nassau, New York, Putnam, Queens, Richmond, Rockland, Suffolk, Westchester)
  • Maximum mortgage amount $250,000
  • For loan amounts greater than $250,000, in a defined Low/Moderate census tract, a maximum loan amount of $400,000 will be considered

Low Income and Moderate Income Mortgage Rates in Connecticut

Maximum Permissible Income Levels For Low/Moderate Program  (By Counties in Connecticut)

  • Fairfield $83,440

Low-Income/Moderate-Income Fixed Rate Mortgage Rates

  • 5 Year ARM 3.375% Rate – 3.244% APR – 360 Term – $4.42 (per $1k)
  • 10 Year ARM 4.125% Rate – 3.776% APR – 360 Term – $4.85 (per $1k)
  • 30 Year Fixed 4.750% Rate – 4.782% APR – 360 Term – $5.22 (per $1k)
  • All interest rates are subject to change without notice
  • Property must be located within the eligible counties shown above
  • Maximum mortgage amount $250,000
  • For loan amounts greater than $250,000, in a defined Low/Moderate census tract, a maximum loan amount of $400,000 will be considered

Low Income and Moderate Income Mortgage Rates in Pennsylvania

Maximum Permissible Income Levels For Low/Moderate Program  (By Counties in Pennsylvania)

  • Philadelphia $76,200

Low-Income/Moderate-Income Fixed Rate Mortgage Rates

  • 5 Year ARM 3.375% Rate – 3.244% APR – 360 Term – $4.42 (per $1k)
  • 10 Year ARM 4.125% Rate – 3.776% APR – 360 Term – $4.85 (per $1k)
  • 30 Year Fixed 4.750% Rate – 4.782% APR – 360 Term – $5.22 (per $1k)
  • All interest rates are subject to change without notice
  • Property must be located within Philadelphia County
  • Maximum mortgage amount $250,000
  • For loan amounts greater than $250,000, in a defined Low/Moderate census tract, a maximum loan amount of $400,000 will be considered