It appears Oritani Bank is now Valley Bank, as of August 18, 2020.

Oritani Bank is headquartered in Washington Township, New Jersey, and operates 26 branches throughout the state. Oritani Bank offers a good selection of CD deposits with maturation dates ranging from a few months to 5 years. Along with CDs, Oritani bank offers typical banking services/products such as checking and savings accounts. 

Oritani Bank’s CD’s have a starting rate of 0.25% APY and range all the way up to 2.00% APY. This is a good range and has an average higher than a lot of other banks’ CD rates. The lowest DR rate they have is 0.25% APY over 3 months and the highest they have is 2.00% over 60 months (5 years). 

Oritani Bank CDs are also FDIC insured so no matter what happens, you will be guaranteed your money at the target date. These rates are higher than a traditional savings account and have a wider range of maturation dates. 

The bank also offers 3 special promotional accounts and 4 “loyalty” accounts that have different rates and conditions. These promo rates are not as common as standard rate CDs and may not be available all the time. With Oritani Bank’s promo rates you can get a CD with a 1.75% APY over 6 months starting with a $1,000 deposit all the way to a 60 months 2.5% APY over 60 months. 

The loyalty rates are similarly higher than the standard rates, starting at 200% APY over 6 months to a whopping 2.75% over 60 months. Oritani Bank’s 3-month CD rate on its standard accounts is 0.25% which is right at the national average, but the promo and loyalty accounts have a much higher average CD rate than the national average. 

You can sign up for a standard CD by opening a basic checking account with Oritani Bank. All CD accounts for Oritani Bank require a $1,000 initial deposit Only those with a qualifying Oritani checking account can apply for the loyalty CD rates. Those with standard accounts can choose a promo CD rate but they will have fewer selections to choose from. 

Withdrawing your principal before the maturation date will incur a penalty. If you withdraw a 3-month CD early, the penalty is one month of simple interest on the account. For a 6-12 month CD< the penalty is 3 months of simple interest. For a 12 month or longer CD, the penalty is 6 months of simple interest. 

Once your CD reaches its maturity date, you can either withdraw the money or put it into another CD account. If you wait 7 days before doing anything, the bank will automatically redeposit it. 

Overall, Oritani Bank offers much better CD options than some of the largest bank chains in the world. If you live in New Jersey and have a qualifying Oritani account, then the loyalty CD accounts could be a great idea. If you do not live in New Jersey, then your best decision would probably be to find a local bank in your region.