bank rates

7-Month CD Competes With Top MMAs

Smiling woman holding a small, pink piggy bank in her left handNew Jersey’s Lincoln Park Savings Bank is offering 7-month CD rates that actually make sense for those with a penchant for short-term savings.

It pays 1.10% APY with a $5,000 minimum deposit.

That’s more than a fifth of a percentage point higher than the top nationally available 6-month CD rates on our CD Rates Leaderboard.

And it ties the four money market accounts we’re tracking that offer the top rate to savers everywhere.

Of those money market account leaders, only one offers a rate guarantee, and that pledge lasts for six months.

Lincoln Park Savings Bank also pays 1.75% APY for 48-month CDs, which is a full quarter of a percentage point higher than the 36-month term leader.

To buy these certificates of deposit, you have live or work in the communities the bank serves – primarily Essex, Morris and Passaic counties – and do so in person.

(It’s probably a good idea to call and make sure you’re eligible before heading to a branch.)

Lincoln Park Savings Bank has two offices, at 31 Boonton Turnpike in Lincoln Park and at 193 Changebridge Road in Montville.

Learn more about Lincoln Park Savings Bank at www.lincolnparksavings.com or 973-694-0330.

Compare these returns with the best CD rates from scores of banks in our extensive database.

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Comments (2)
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  1. Kathy at Bankaholic said:
    on August 13th at 11:13 am

    Lincoln Park has dropped the 7-month rate to 0.50% APY and the 4-year rate to 1.50% APY.

  2. Laura Wilson said:
    on August 30th at 01:13 pm

    Let me know of highest rate CDs & Savings Accounts in the Philadelphia, PA area, please. Sincerely, Laura Wilson