Updated: Jun 5, 2024, 7:06pm
Certificate of deposit (CD) accounts can help you save for short- or long-term goals while earning interest. Comparing CDs at different banks and credit unions makes it easier to choose an account that fits your savings goals while also maximizing your earnings. If you’re looking for the best CD rates in New Jersey, here are the accounts that stand out.
Best CD Rates In New Jersey
We compared 356 CD accounts at 134 nationally available banks and credit unions to find some of the best certificates available in New Jersey. Read on to learn why we picked each account and to discover its pros and cons. Then access individual bank reviews for a deeper look.
Annual percentage yields (APYs) and account details are accurate as of June 5, 2024.
Summary : Best CD Rates In New Jersey
Company | Forbes Advisor Rating | Annual Percentage Yield | Minimum Deposit Requirement | Compounding Frequency | Learn More | ||||
---|---|---|---|---|---|---|---|---|---|
Capital One® 360 CDs | 5.0 | 3.75% to 4.50% | $0 | Monthly | Learn more | Read Our Full Review | |||
Navy Federal Credit Union EasyStart Certificate | 4.9 | 4.05% to 4.65% | $50 | Daily | Learn More | Read Our Full Review | |||
PenFed Money Market Certificate | 4.6 | 3.00% to 4.00% | $1,000 | Daily | Learn more | Read Our Full Review | |||
Santander Certificates of Deposit | 4.6 | 4.50% to 5.00% | $500 | Daily |
Methodology
To determine the best CD rates in New Jersey, Forbes Advisor looked at 356 CD accounts at 134 financial institutions in New Jersey, including traditional brick-and-mortar banks, online banks and credit unions. For the star ratings, we rated each certificate on 10 data points in the categories of APY, minimum deposit requirements, compound interest schedule, customer service, digital experience, available terms and overall availability.
The following is the weighting assigned to each category:
- APY: 50%
- Minimum deposit requirement: 21.5%
- Compound interest schedule: 7.5%
- Digital experience: 6%
- Customer service: 5%
- Availability: 5%
- Available terms: 5%
Based on these categories, we ranked certificates in New Jersey from best to worst. Certificates offering high APYs rose to the top. Those CD accounts with a minimum deposit requirement below $10,000 received preference, as did CDs that earn compound interest daily rather than monthly or quarterly. To make the list, the CD must be available in New Jersey.
To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.
Short-Term CDs in New Jersey
Short-term CDs may be suited for savers who want to earn interest on their money ahead of a planned purchase or other expenses. All of the CDs on this list offer term options as short as six months.
When comparing short-term CDs, it’s a good idea to consider the minimum deposit requirement and how often interest compounds. Daily compounding can help grow your money faster than monthly or quarterly compounding. You can also shop around for short-term CD specials, which many banks may offer to attract new customers.
Long-Term CDs in New Jersey
Of the banks we’ve reviewed, the best CD rates in New Jersey tend to accompany CDs with longer terms. However, you don’t necessarily need to lock your money up for several years at a time.
PenFed CDs offer some of the best CD rates in New Jersey for long-term savers overall, but short-term savers can also enjoy a higher rate with that credit union. Terms on Navy Federal’s EasyStart certificates only go up to 24 months, but with a low minimum deposit requirement, these certificates make it easy to build a CD ladder.
Laddering involves depositing money into several CD accounts with different maturity terms. You can take advantage of different CD rates—and since a maturity date may always be around the corner—you may also avoid early withdrawal penalties. If rates increase, you can roll maturing CDs into a new account at a higher APY.
Jumbo CDs in New Jersey
Jumbo CDs are best for savers in New Jersey who want to deposit $100,000 or more in a CD. A jumbo CD usually requires a minimum opening deposit of at least $100,000 and offers a higher APY in exchange for maintaining a larger balance. Santander Bank offers jumbo CDs but doesn’t publish rates for those products.
CDs with lower minimum deposit requirements ranked higher on this list, however, all the CDs on this list offer a competitive APY on all balances. Some of the above certificates have a tiered APY system, meaning they pay higher rates to customers with larger balances. Look for those CDs if you plan to deposit a large amount of money.
Find The Best CD Rates Of 2024