bank rates

New Jersey MMA Deal Offers Guarantee

Oritani Bank offers this deal if you also open a checking account.New Jersey residents can take advantage of a money market account with a rate that rivals the best nationally available deal — and is guaranteed for the next four months.

Oritani Bank pays 1.25% APY if you open a money market account combined with a checking account with direct deposit.

We like this deal because the rate is guaranteed until July 2.

After that date, the account converts to a regular MMA with tiered interest rates.

And those rates are pretty low.

They pay as little as 0.25% APY on balances below $5,000 and top out at 0.70% APY for balances of $25,000 and higher.

The promotional rate is good on balances up to $49,999. Any portion of your balance greater than that amount earns 0.70% APY.

Oritani Bank (www.oritani.com) has 25 branches in Bergen, Essex, Hudson and Passaic counties. You’ll need to open the account in person.

At its branches in Upper Montclair and Clifton, you’ll receive 1.35% APY for opening a money market account and combine it with a checking account with direct deposit.

That special promotional rate is good on balances up to $99,999. Balance portions above that earn 0.70% APY.

Even if you opt out of the checking account, Oritani is pays a respectable promotional rate of 1.00% APY for MMAs.

Just four other banks with nationally available savings or money market accounts pay a bigger rate. Oritani’s rate is good on balances to $49,999. Balance portions above that amount earn 0.70% APY.

You need a $100 minimum deposit to open any of the MMAs at Oritani.

The best nationally available MMA rate comes from a new online bank, TIAA Direct (tiaadirect.com), which pays 1.25% APY on all balances. A $25 minimum deposit is required to open an account.

TIAA Direct is a division of TIAA-CREF Trust Co., whose core focus has been providing financial services and planning for those in the academic, medical, cultural, government and research fields.

Oritani has several checking accounts available, but your best bet is Choice Plus Checking, which has no monthly service charge if you have direct deposit. It pays 0.50% APY on balances of at least $1,000. It only takes $100 to open an account.

Its TGIF Checking account is also free, but it pays no interest. However, there is a $125 bonus on this account when you sign up and receive a direct deposit, complete three online payments and sign up for eStatements.

You can see how these offers compare to the best savings and money market account rates from scores of banks in our database.

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