New Jersey CD Rates for June 12, 2009 from SelectCDrates.com

PR Log (Press Release) – Jun 16, 2009 – New Jersey CD rates were mostly down for the week with the exception of the two year term CDs.  The six month CD rates in New Jersey were hurt the most with the average of the best six month CD rates tumbling 13 basis points or 13/100 or a percent to end the week at 2.14%.  The one year CD rates in the Garden State dipped modestly, falling from 2.43% to 2.41%.  The two year CD rates bucked the trend and gained two basis points to 2.75%.  The average of the five year CD rates held steady with an average rate of 3.51%.

The best six month CD rate in New Jersey was unmoved at 2.52%.  This rate is a promotion from Wilshire State Bank that is due to expire at the end of the week.  The next best rate drops rather appreciably to 2.20%.  Oritani Bank offers the 2.20% rate on their eight month CD.  The bank is headquartered in Washington Township and has 21 total bank branches in the region.  

The best one year CD rate in New Jersey is promoted by Mutual Bank on their 16 month CD special that has an interest rate of 2.56%.  Wilshire State Bank follows that rate with one year CD that yields 2.52%.  First Choice Bank is only two basis points behind with a one year CD that earns a rate of 2.50%.  The best national rate is currently at 2.53% making New Jersey’s highest one year CD rates very competitive.

Even with the two year CD rates gaining yield for the week, the best two year CD rates are tagging behind the best national rates.  The highest two year CD rate in New Jersey is offered by four separate banks.  First Bank of Williamstown, NJ offers a two year CD with a rate of 2.75% as does The Bank of Princeton, First Choice Bank and RomAsia Bank.  The highest rate is now at 2.75%, the leader was Liberty Bell Bank on their 21 month CD special; however that rate has just recently been reduced.

The top five year CD rates in Jersey are also trailing the best national rates.  The Bank of Princeton is the term leader with a five year CD rate of 3.55%.  This rate is a full 20 basis points below the best national rate.  Following The Bank of Princeton’s lead is a four year CD from Metuchen Savings Bank that has an interest rate of 3.53%.  The list concludes with several banks in New Jersey offering five year CD rates at 3.50% including; City National Bank, First Bank, Marathon Bank and NVE Bank.

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