Banking » Compare Banks » Best CD Rates In New Jersey: 7 Great Options (February 2024)
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Best CD Rates In New Jersey: 7 Great Options (May 2024)

Seeking the best CD rates in New Jersey? We've handpicked options with competitive rates and reasonable early withdrawal penalties.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Looking for the best CD rates in New Jersey can be quite tough. There are so many options and different banks to choose from, and comparing them all is almost impossible. Each CD account has its pros and cons.

For example, some accounts offer higher interest rates for short-term CDs, while others are better for long-term investments. Some accounts may have good rates but have certain restrictions, while others give you more flexibility but with lower rates. You also need to consider how much money you need to deposit and if there are any fees for taking out your money early.

This article gives a quick overview of some of the top CD accounts in New Jersey. But remember, it's not just about getting the highest rates. You should also consider how long you want to invest, the minimum amount you need to deposit, and if there are any penalties for withdrawing your money early.

TIAA Bank

TIAA_Bank_logo
TIAA_Bank_logo

TIAA Bank

APY Range

3.95% – 5.15%

Minimum Deposit

$1,000

Terms

3 months – 5 years

Fees

$0

If you're in New Jersey and want a bank with good interest rates, TIAA Bank is a great option. They don't require a large initial deposit, and you can choose from different term options.

On top of that, there are no monthly fees, and they give you a heads-up 20 days before your CD matures. If you don't take out the money, they automatically renew it. They also have a bump rate CD, but the interest rate is slightly lower.

CD Term
APY
3 Months
4.00%
6 Months
4.00%
9 Months
5.25%
12 Months
5.00%
18 Months
4.60%
24 Months
4.40%
30 Months
4.10%
36 Months
4.10%
48 Months
4.05%
60 Months
3.95%

TIAA Bank is a well-known U.S. bank that provides various banking and lending services to individuals and institutions. It's a division of TIAA.

Pen Fed Credit Union

penfed personal loan
penfed personal loan

Pen Fed Credit Union

APY Range

2.00% – 4.35%

Minimum Deposit

early 

Terms

6 – 84 months

Fees

$0

PenFed Credit Union has a single branch in New Jersey and offers a variety of CD options with competitive interest rates for different durations.

On top of the regular rates, PenFed customers can open an 84-month CD, which is rare and provides a fixed and competitive interest rate of 3.40%.

Term
APY
Early Withdrawal Penalty
6 Months
3.00%
90 days of dividends
12 Months
4.20%
365 days / 30% of dividends
18 Months
4.20%
365 days / 30% of dividends
24 Months
4.20%
365 days / 30% of dividends
36 Months
3.60%
365 days / 30% of dividends
48 Months
3.50%
365 days / 30% of dividends
60 Months
3.50%
365 days / 30% of dividends
84 Months
3.40%
365 days / 30% of dividends

Initially, PenFed was only open to people working for defense-related organizations. However, their membership criteria have expanded to include individuals from all backgrounds.

If you're a U.S. citizen or a permanent resident with a valid government-issued photo ID, you can apply to become a member of PenFed.

Ally Bank

ally bank
ally bank

Ally Bank

APY Range

3.00% – 4.50%

Minimum Deposit

$0

Terms

3 – 60 months

Fees

$0

Ally Bank has some really good deals on CDs, with different options ranging from three months to five years. This gives people in Washington the flexibility to choose the best option. Plus, Ally has a special CD that lets you withdraw your money early without any penalties.

One of the great things about Ally is their low fees for early withdrawals. They charge much less compared to other banks and credit unions.

CD Term
APY
Early Withdrawal Penalty
3 Months
3.00%
60 days of interest
6 Months
4.40%
60 days of interest
9 Months
4.45%
60 days of interest
12 Months
4.50%
60 days of interest
11 Months – No Penalty
4.00%
/
18 Months
4.45%
90 days of interest
36 Months
4.00%
90 days of interest
60 Months
3.90%
150 days of interest

Even though Ally Bank is relatively new, starting in 2009, it has quickly gained a strong reputation in the industry. They offer a wide range of financial services, including savings accounts, money market accounts, loans, mortgages, checking accounts, investments, and retirement services.

Merrick Bank

Merrick bank logo
Merrick bank logo

Merrick Bank

APY Range

4.05% – 5.25%

Minimum Deposit

$25,000

Terms

3 months – 5 years

Fees

$0

Merrick Bank is a great choice for New Jersey residents who are willing to deposit a large amount of money. Their interest rates are usually higher than those offered by online banks and credit unions, and their short-term CDs are considered exceptional nationwide.

You can select a CD term from the available options and earn a good interest rate throughout the duration. However, there's one drawback: you need to deposit at least a certain minimum amount all at once, which might be too much for many people.

CD Term
APY
Early Withdrawal Penalty
3 Months
5.25%
90 days of interest
6 Months
5.25%
90 days of interest
9 Months
5.15%
90 days of interest
12 Months
4.95%
180 days of interest
18 Months
4.65%
180 days of interest
24 Months
4.40%
180 days of interest
36 Months
4.20%
180 days of interest
48 Months
4.10%
270 days of interest
60 Months
4.05%
270 days of interest

Merrick Bank is a subsidiary of Cardworks, a company based in New York. They've been in operation since 1997 and primarily focus on providing credit cards and loans.

Lafayette Federal Credit Union

Lafayette Federal Credit Union certificates (CDs)
Lafayette Federal Credit Union certificates (CDs)

Lafayette Federal Credit Union

APY Range

4.32% – 5.04%

Minimum Deposit

$500

Terms

7 months – 5 years

Fees

$0

Lafayette Federal Credit Union (LFCU) has different options for CDs with varying interest rates. The rates start at 4.37% for a 7-month term and go up to 4.32% for a 5-year term. You need to deposit at least $500 to open a CD at LFCU.

Compared to other credit unions and banks, LFCU is very competitive. Right now, their 1-year CD rates are among the best in the market, and their rates for other terms are also competitive.”

Term
APY
7 Months
4.37%
12 Months
5.04%
24 Months
4.78%
36 Months
4.52%
48 Months
4.42%
60 Months
4.32%

Regarding membership, you can join Lafayette Federal Credit Union by paying a one-time fee of $10 to the Home Ownership Financial Literacy Council (HOFLC). Even if you're not in Maryland, Washington, D.C., or Virginia, you can still join from anywhere in the US, including New Jersey.

Barclays Bank

barclays logo
barclays logo

Barclays Bank

APY Range

3.50% – 5.30%

Minimum Deposit

$0

Terms

12 to 60 months

Fees

$0

Barclays CDs have great interest rates for different periods, so they're trendy in New Jersey and everywhere else. You can open an account online easily and quickly without needing a minimum deposit. The only downside is that they don't offer CDs for three, six, and nine months, which can be a little inconvenient if you want to do CD laddering.

Barclays Bank USA gives you a 14-day grace period when your CD reaches maturity. You can close your Barclays CD and withdraw your money, renew it for a different period, or simply let it renew automatically.

CD Term
APY
Early Withdrawal Penalty
12 Months
5.00%
90 days of interest
18 Months
4.50%
90 days of interest
24 Months
4.00%
180 days of interest
36 Months
3.50%
180 days of interest
48 Months
3.50%
180 days of interest
60 Months
3.75%
180 days of interest

Barclays Bank US is a major credit card provider and is part of Barclays Bank, which is based in the UK.

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Bank of America

Bank_of_America
Bank_of_America

Bank of America

APY Range

0.05% – 5.00%

Minimum Deposit

$1,000

Terms

1 – 120 months

Fees

$0

Even though regular banks usually don't offer high CD rates, many still prefer to stick with a reputable bank they trust. That's why we've included one such bank on our list.

Bank Of America is one of the biggest banks in the US and has over 15 branches in New Jersey. They offer good CD rates, but only for specific periods called ‘featured CDs.' It's important to choose wisely because not all CD periods have good interest rates.

CD Term
APY
6 Months
0.03%
7 Months (Featured)
4.75%
12 Months
0.03%
13 Months (Featured)
4.30%
24 Months
0.03%
25 Months (Featured)
3.20%
36 Months
0.03%

To make the best decision, it's recommended to check out the available featured CD periods and talk to a bank representative about the current opportunities.

Furthermore, if you have a lot of money to deposit, Bank Of America, a traditional bank, allows for negotiating rates. So, if you're in this situation, it's a good idea to use this opportunity and get the best rate possible

Jumbo CDs In New Jersey

Jumbo CDs are basically like regular CDs, but you need to deposit a larger amount of money. The specific minimum deposit required can vary depending on the bank, but it's usually more than $100,000. Other than that, the terms and conditions are pretty much the same as regular CDs.

If you're interested in getting a jumbo CD in New Jersey, you have a couple of options.

  • The first option is to search online for better rates on jumbo CDs.  However, keep in mind that only a few online banks offer slightly higher rates on jumbo CDs, usually around 0.05% to 0.25% higher. Also, these comparison websites may not show you all the available options, so take that into consideration.
  • Another option is to check with your regular bank. Traditional banks are often willing to offer higher rates for large deposits, and they may be open to negotiating. Since you already have a relationship with your banker, have a chat with them and see what they can offer you. Don't forget to mention the rates you found online as a benchmark for comparison.
  • The last option is to visit 5-6 traditional banks in New Jersey. Before committing to your own bank, take some time to explore what other banks are offering. Traditional banks usually advertise their rates online, but by having a personal meeting or a phone call, you can often secure even better rates. 

How New Jersey CDs Compare?

The competition in the CD market is the toughest it has been in 15 years. With the interest rates going up, banks and credit unions are offering rates that were unimaginable just a few years ago.

That's why it's always better to compare rates, not just in New Jersey but across the country. Online banks are accessible from anywhere and usually have the highest rates.

Here are some attractive options that we didn't include in our CD list for New Jersey:

CD APY Range
Minimum Deposit
4.00% – 5.05%
$500
4.14% – 5.31%
$1,000
5.05%
$1
4.30% – 5.30%
$500
5.08%-5.20%
$1,000
4.00% – 4.95%
$2,500
4.25% – 4.75%
$1,500
4.00% – 5.10%
$0
3.00% – 4.75%
$1,000
2.00% – 4.70%
$2,500
0.30% – 3.50%
$1,000
0.05% – 4.75%
$500
3.51% – 4.85%
$5,000
4.95% – 5.35%
$1,000
5.00% – 5.40%
$1,000
4.05% – 5.40%
$1,000
0.05% – 4.50%
$1,000
4.75%- 5.01%
$2,500
2.05% – 5.15%
$0
2.75% – 5.50%
$1,000
1.00% – 5.00%
$250
4.85%
$1,000
4.00% – 5.15%
$2,500
3.95% – 5.15%
$1,000
0.05% – 0.25%
$500
0.05% – 5.00%
$1,000

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Best CD Rates In New Jersey: Research Methodology

The Smart Investor team extensively researched to identify the best CD rates in New Jersey. We assessed them based on four main categories:

  • Interest Rates and Terms (50%): We examined the interest rates offered by CD accounts in New Jersey and any accompanying terms, such as the duration of the CD term, early withdrawal fees and minimum deposit requirements. CD accounts with higher interest rates and more favorable terms received higher ratings in this category.
  • Account Features (20%): This category evaluated additional features offered by CD accounts, such as the option for automatic renewal at maturity, flexibility in terms of interest payout frequency (e.g., monthly, quarterly, or at maturity), and any special promotions or bonuses. CD accounts with extra features and flexibility earned higher scores.
  • Customer Experience (20%): We analyzed the ease of opening a CD account, communication with customer service representatives, the usability of online banking platforms (tested by our team), and the availability of support channels. CD accounts offered by banks with user-friendly interfaces, responsive customer support, and efficient digital banking tools received higher ratings.
  • Bank Reputation (10%): Our team scrutinized each bank's reputation based on factors such as customer satisfaction ratings, JD Power scores, TrustPilot reviews, and the bank's Better Business Bureau (BBB) profile. Banks with positive reputations and minimal customer complaints regarding CD account services received higher ratings.

We assigned weights to various features and qualities within each category to ensure a comprehensive evaluation of each CD account's offerings. Our ratings were based on a combination of these factors to assist consumers in selecting the best CD account in New Jersey to meet their financial needs.

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Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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