bank rates

New Jersey Deal: 1.50% On 20-Month CDs


As we wait for the Fed to kick off what’s expected to be a multiyear period of rising rates, top-paying mid-term CDs carry extra appeal.

A good example is this offer from First Bank, which pays 1.50% APY on a 20-month certificate.

It allows eligible savers in New Jersey and Pennsylvania to earn virtually as much as the best nationally available 2-year CDs while tying up their money for four fewer months.

Even a search of Bankrate’s extensive database of the best CD rates from around the country is unlikely to turn up many options for out earning this local promotion.

First Bank’s certificates of deposit must be opened at one of their nine New Jersey branches (in Gloucester, Mercer, Middlesex, Somerset and Morris counties) or their Trevose, Pennsylvania, branch.

The minimum deposit requirement is a reasonable $500, but since the bank’s early-withdrawal penalty is a stiff full year’s interest, this is a CD best kept to maturity.

To find dozens of other local deals, be sure to visit our constantly updated roundup of the top-paying CDs from credit unions and community banks around the country.

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