New Jersey

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Local Bank Savings and Money Market Rates

You are viewing savings rates from banks around: New Jersey, NJ 07601

If you have your savings dollars in a big bank or a bank with low savings rates, then you are losing money. We've found FDIC insured banks that will pay you more. Take a few minutes to explore the options below and see how you can boost your savings by more than 6X the national average rate. There is competition for your money. Take advantage of it!

Hackensack, NJ - April 23, 2025

Savings Account National Average Rate: 0.45% ?

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Apply for an account in minutes for maximum savings with no account fees and unlimited transfers while making an impact towards a brighter future. Member FDIC.

BestCashCow has labeled Forbright Bank a sustainable bank based on the bank’s commitment to the environment and work financing projects around solar energy, green building upgrades, and accessible healthcare.

Promotional rate for 3 months up to $11,000. Requires $25,000 in new deposits within 10 days of registration. After 3 month promotional period, rate reverts to between 0.03% and 0.12%.
Rate History: 5.00% → 4.75% → 5.00% → 4.50% → 4.35%

| Feb 25, 2022

I joined Citi with a Costco-VISA card. An Accelerate followed, and then a checking account. Costco-VISA is necessary for using a credit card at Costco, otherwise cash is necessary. Accelerate Savings w... Read More

Requires checking account.
Rate History: 5.14% → 5.24% → 4.73% → 4.48% → 4.23%

| Mar 25, 2020

I was told on the phone by a bank rep that my present money market acct interest rate would continue at 2.25% until June 30, 2020 and would be FDIC covered up to $250,000. Please verify if this is true???... Read More

Rate History: 4.29% → 3.87% → 4.29% → 4.08% → 4.03%

| Apr 29, 2020

I called this banl there is no this rate Read More

Rate History: 4.25% → 4.00%

Rate History: 1.80% → 1.75% → 1.70% → 4.00%

Rate History: 5.00% → 4.40% → 4.25% → 4.15% → 4.00%

| Oct 2, 2015

I have a CD maturing on 11/15 please email your CD Rates and contact info. Read More

3.80%

$50,000

-

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Rate History: 4.50% → 4.15% → 3.90% → 3.70%

| Mar 20, 2016

Good solid bank. Read More

Rate History: 4.10% → 4.00% → 3.85% → 3.75% → 3.70%

| Apr 14, 2020

I call HSBC they told me they don't have 1.85 1 year CD. current CD is 0.8 / year Read More

Rate History: 4.00% → 3.70%

| May 19, 2018

Experience Read More

Rate History: 4.10% → 4.00% → 3.90% → 3.80% → 3.60%

| Jan 2, 2024

Like others, I've been with Capital One and its predecessor ING Direct since 2007. I've also been getting cheap bank rates on my savings account and didn't realize that there was something better, although... Read More

Rate History: 1.00% → 3.50%

3.25%

$10,000

-

Learn More

| Mar 26, 2021

Spencer Bank is by far, the ABSOLUTE WORST Banking institution there is. The Bank - and the Headquarters - display a host of shortcomings and clearly are the most substandard bank - dealing with numerou... Read More

| Dec 3, 2019

Have done business with "Hope's" San Diego branch for a few years. Always courteous and helpful. Looking forward to doing business with them in the future. Read More

Rate History: 1.00% → 3.00%

| Mar 20, 2016

Good solid bank. Read More

Rate History: 3.50% → 3.00% → 2.75% → 2.50%

| Jan 18, 2024

Hi, We've noticed your website is at risk due to spammy comments and contact form submissions, making it susceptible to issues like spammy backlinks and data breaches. Don't worry—there's a simple sol... Read More

| Jan 2, 2024

Like others, I've been with Capital One and its predecessor ING Direct since 2007. I've also been getting cheap bank rates on my savings account and didn't realize that there was something better, although... Read More

Rate History: 2.60% → 2.25%

| Jun 26, 2022

ACH transfers are not allowed. Called and was told that I had to set up wire transfers (and pay fees) or I could come in to the bank and get a bank check. Read More

| Jul 1, 2022

Very easy opening process and wonderful staff. Read More

Rate History: 1.75% → 0.70% → 1.75%

| Dec 2, 2022

No such limits as referred to by Jonathan. Perfectly Happy with service and keep adjusting the rate! Read More

1.50%

$50,000

-

Learn More

| Mar 26, 2021

Spencer Bank is by far, the ABSOLUTE WORST Banking institution there is. The Bank - and the Headquarters - display a host of shortcomings and clearly are the most substandard bank - dealing with numerou... Read More

1.25%

$2,500

-

Learn More

| Jul 31, 2020

Reduced savings rate from 1.88% to .75% a day after I deposited a substantial amount of money and no notice given or reduction in rate told to me Read More

Rate History: 1.01% → 1.02% → 1.01%

| Feb 6, 2023

after over 100k in transactions through this bank in the course of a year not only did i suffer from fraud but this bank closed my accounts and i have been lliable for all the losses and to top it off with... Read More

0.60%

$100,000

-

Learn More

| Jun 15, 2017

Just a great group of people to interact with at the Mineola branch. Been working with them for years. Everybody at all of the branches has always been a pleasure. Read More

0.51%

$25,000

13.72

Learn More

| Aug 19, 2021

Best Service! Read More

Rate History: 1.36% → 1.11% → 0.85% → 0.60% → 0.50%

Rate History: 0.60% → 0.50%

| Oct 2, 2015

I have a CD maturing on 11/15 please email your CD Rates and contact info. Read More

Rate History: 0.75% → 0.65% → 1.75% → 0.50%

| Dec 2, 2022

No such limits as referred to by Jonathan. Perfectly Happy with service and keep adjusting the rate! Read More

0.50%

$10,000

8.11

Learn More

| May 10, 2021

NVE Bank can change the amount of my deposit later days. Without my permission they can change and do whatever they like. On 4/17/2021 I deposit $ 9000.00. Two days later he call me asked me a questio... Read More

0.50%

$25,000

21.12

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0.50%

$25,000

12.75

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0.50%

$2,500

12.35

Learn More

Rate History: 4.65% → 0.35%

| Apr 25, 2022

We would not be having all this trouble with people sealing money out of other people's bank accounts if we were to just stop using fancy banking like onlinebanki Read More

0.35%

$25,000

14.50

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0.30%

$2,500

13.72

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| Aug 19, 2021

Best Service! Read More

0.30%

$25,000

3.83

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| Mar 10, 2021

I think that it is absolutely despicable that I have been a customer of the Bank for more than 8 years and I bring in rolled coins with my account number on each wrapper and I am charged 5% fee. Cost me $3... Read More

0.30%

$2,500

14.50

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0.25%

$2,500

4.83

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0.25%

$2,500

10.27

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Rate History: 0.35% → 0.25%

0.25%

$2,500

14.50

Learn More

| Mar 28, 2023

On line banking gives a confirmation number when paying bills. But it doesn’t confirm that the bill will be paid only that they have the information. Ridiculous. Read More

0.20%

$0

-

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0.20%

$25,000

20.91

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0.20%

$10,000

4.83

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0.20%

$2,500

21.12

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0.20%

$2,500

3.83

Learn More

| Mar 10, 2021

I think that it is absolutely despicable that I have been a customer of the Bank for more than 8 years and I bring in rolled coins with my account number on each wrapper and I am charged 5% fee. Cost me $3... Read More

0.20%

$10,000

22.77

Learn More

| Jan 30, 2017

Bank is offering 1.74% for 17 months, minimum deposit $17,000. This CD promotion ends on Feb 02, 2020 Read More

0.20%

$2,500

18.42

Learn More

| Jul 31, 2020

Reduced savings rate from 1.88% to .75% a day after I deposited a substantial amount of money and no notice given or reduction in rate told to me Read More

0.20%

$2,500

17.79

Learn More

0.20%

$2,500

12.35

Learn More

Rate History: 0.60% → 0.40% → 0.30% → 0.15%

| Dec 2, 2022

No such limits as referred to by Jonathan. Perfectly Happy with service and keep adjusting the rate! Read More

0.15%

$1,000

-

Learn More

0.15%

$10,000

20.91

Learn More

0.15%

$2,500

4.83

Learn More

0.15%

$25,000

8.11

Learn More

| May 10, 2021

NVE Bank can change the amount of my deposit later days. Without my permission they can change and do whatever they like. On 4/17/2021 I deposit $ 9000.00. Two days later he call me asked me a questio... Read More

| Apr 29, 2020

I called this banl there is no this rate Read More

0.15%

$25,000

23.90

Learn More

| Jul 11, 2020

A great bank. Rates are competitive and they have outstanding customer service. Read More

0.15%

$2,500

12.75

Learn More

0.15%

$25,000

17.45

Learn More

0.10%

$2,500

16.53

Learn More

0.10%

$2,500

20.91

Learn More

0.10%

$2,500

8.11

Learn More

| May 10, 2021

NVE Bank can change the amount of my deposit later days. Without my permission they can change and do whatever they like. On 4/17/2021 I deposit $ 9000.00. Two days later he call me asked me a questio... Read More

0.10%

$2,500

3.95

Learn More

0.10%

$100

-

Learn More

0.10%

$2,500

22.77

Learn More

| Jan 30, 2017

Bank is offering 1.74% for 17 months, minimum deposit $17,000. This CD promotion ends on Feb 02, 2020 Read More

0.10%

$10,000

23.90

Learn More

| Jul 11, 2020

A great bank. Rates are competitive and they have outstanding customer service. Read More

0.10%

$2,500

16.71

Learn More

0.10%

$2,500

18.42

Learn More

0.10%

$2,500

12.75

Learn More

Rate History: 0.25% → 0.10%

0.10%

$10,000

9.65

Learn More

0.10%

$2,500

17.45

Learn More

Rate History: 4.00% → 3.55% → 3.50% → 0.08%

| Apr 4, 2016

I been with trustco for years and it is well run. They really are a home town bank. As a small business person i appreciate the business card stand they have in the branches for there customers. I was w... Read More

Rate History: 4.00% → 3.55% → 3.50% → 0.07%

| Apr 4, 2016

I been with trustco for years and it is well run. They really are a home town bank. As a small business person i appreciate the business card stand they have in the branches for there customers. I was w... Read More

You must have a Premier Checking account to obtain this rate.

| May 11, 2023

They made mistakes twice and would not correct them Read More

0.05%

$2,500

12.43

Learn More

0.05%

$1

-

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0.05%

$0

-

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0.05%

$500

-

Learn More

| May 14, 2015

looking to refinance into a fixed equity 15 yr loan, I have now a 1st Mortg & equity line total of about 218000. looking to get about 360 & pay off the old ones & have extra, I have a 4 unit house were we ... Read More

0.05%

$2,500

16.53

Learn More

0.05%

$2,500

3.95

Learn More

0.05%

$2,500

23.90

Learn More

| Jul 11, 2020

A great bank. Rates are competitive and they have outstanding customer service. Read More

0.05%

$2,500

9.70

Learn More

0.05%

$0

-

Learn More

| Jun 15, 2017

Just a great group of people to interact with at the Mineola branch. Been working with them for years. Everybody at all of the branches has always been a pleasure. Read More

0.05%

$2,500

17.79

Learn More

0.05%

$2,500

17.48

Learn More

| Mar 15, 2023

Oh Natty natty natty, haha the fact you need to take out (probably a second) loan for $160,000 on a $625,000 sends up all kinds of red flags. The bank was right to run away from YOU dear hahaha. Read More

0.05%

$1

-

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0.05%

$2,500

9.71

Learn More

0.05%

$2,500

17.45

Learn More

0.04%

$2,500

-

Learn More

| Jul 24, 2023

BOFA is a den of people thieves camouflaged as bank operatives. There’s a soon to be uncovered carrel of money laundry there. They took all my money and don’t want to release it to me for no particular... Read More

0.03%

$0

-

Learn More

| May 11, 2023

They made mistakes twice and would not correct them Read More

Rate History: 1.00% → 0.05% → 0.02%

| May 18, 2019

Had checking and savings for years when living in Philly. Went into PNC 2.35 APY high yield savings. They have thus far maintained rate. Easy web site and great customer phone service. Still maintain check... Read More

0.02%

$2,500

9.46

Learn More

| Jan 2, 2023

Terrible customer service by investment side. Fees too high , too full of themselves Read More

Rate History: 0.03% → 0.01%

| May 18, 2019

Had checking and savings for years when living in Philly. Went into PNC 2.35 APY high yield savings. They have thus far maintained rate. Easy web site and great customer phone service. Still maintain check... Read More

0.01%

$1

-

Learn More

| Mar 28, 2023

On line banking gives a confirmation number when paying bills. But it doesn’t confirm that the bill will be paid only that they have the information. Ridiculous. Read More

| Aug 5, 2020

I used to go to M&T when it was still Provident Bank. M&T has been very responsive to my needs and I have been pleased with the banking experience. Read More

0.01%

$0

-

Learn More

0.01%

$2,500

9.46

Learn More

0.01%

$1

9.61

Learn More
All rates listed are Annual Percentage Yield (APY). The APY rate in a savings account or money market account is a variable rate that is subject to change at any point. The Min listed is the minimum deposit account balance required to obtain the rate listed.


BestCashCow strives to maintain the most accurate rates. If you believe a rate is not accurate, please let us know.

PRODUCT INFORMATION


Local Savings Accounts 2025

Savings accounts offer depositors flexibility along with the stability of FDIC insurance (assuming your deposit amounts are within FDIC limits – see below). Savings accounts are a good place to keep money for unforeseen expenses, as well as money that you may be preparing to use and want to keep safe. Individuals often use savings accounts for a home down payment, a vacation, a wedding, a car, an emergency fund, or other near-term expenditures. However, if you have cash that you do not believe you will need for at least a year, you may want to consider investing in a certificate of deposit.

While online savings account have grown in popularity and usage dramatically over the past fifteen years, some consumers prefer opening an account in a branch and having a personal relationship with the people who safeguard their money. Physical branches also provide an easy way to get cash instantly, to deposit checks, to access to notaries, and sometimes to get free coffee and donuts.

You will find a map with all banks that are close to you here.

FDIC Insurance

BestCashCow strongly recommends that when depositing money, you stay within the insured limits of the Federal Deposit Insurance Corporation (“FDIC”). You should not deposit over $250,000 at a single bank across all products (savings or share certificates, certificates of deposit or time deposits, etc.) unless these deposits are made across different ownership categories (individual, joint, etc). Learn more about FDIC insurance and different product types here. If you are still uncertain whether you are within FDIC limits, you should visit the FDIC's website to determine your coverage limits based on your circumstances.

Advantages of Local Savings or Money Market Accounts:

  • Higher interest rate than a checking account, usually.
  • Personal service and interaction. Unlike an online account you are building a relationship with your banker by opening it in a branch.
  • Online access. Often, depending on the size of the bank, banks enable transactions and deposits to be performed online or through a mobile application.
  • Liquidity. Depositors can withdraw their money at any time.

Disadvantages:

  • A variable interest rate. Rates can change at any time. In a falling rate environment, this is a negative. In a rising rate environment, this is a positive.
  • A lower rate than an online bank. Branches are expensive and non-online banks often can't afford to pay as much interest as an online bank.

FREQUENTLY ASKED QUESTIONS ABOUT LOCAL SAVINGS RATES


Why do savings rates vary so much?

Even though rates are at levels that are historically very low, there is competition for your money. Like any active marketplace, there are buyers and sellers of goods and services at different prices. Banks have different cost structures and they also have different needs for capital. This leads to different rates.

BestCashCow’s surveys show that online banks offer higher savings and CD rates because they have lower expenses from not having to maintain brick-and-mortar locations. Therefore, we strongly recommend that all depositors consider the rates at online banks as savings and money market accounts online can easy be set up to enable quick transfers to your favorite local bank.

What is the difference between a savings account and a money market account?

The differences between a savings account and a money market account are largely arcane. Some money market accounts offer more ways access deposits by issuing checks and debit cards, but prudent consumers will compare the two interchangeably, focusing primarily on rates and service among FDIC-insured banks (or NCUA-insured, for credit unions). Most savvy consumers who plan their expenses and financial needs ahead find the additional functionality offered by money markets to be of little value and will choose whichever account (savings or money market) has the higher rate.

What does annual percentage yield (APY) mean?

Savings rates are displayed in terms of APY to indicate the effective annual-interest return, including the compounding of interest, of the course of a single year. $100,000 deposited in a savings or CD account with a 1.20% APY will earn $1,200 in the course of the year, but monthly interest in the first few months may be less than $100 a month (this also depends on the number of days in the month). Hence, the APY rate is ordinarily a couple of basis points above the real interest rates. Unlike with a Certificate of Deposit, your actual APY in a savings may vary if the rate changes.

How do I choose the right savings account and should I consider CDs?

Begin your search with the table here on BestCashCow.com that you have found. In addition to checking online savings rates, you should also check local bank rates and local credit union rates. If you are unlikely to require access to your cash for some time, you may also consider certificates of deposit (CDs). While CDs have penalties for early withdrawal that may even eat into your principal, the rates on 2, 3, 4 and 5 year CDs are ordinarily significantly higher than savings rates. Several other sections and articles on BestCashCow can also help you to identify your proper cash allocation between savings and CDs. Access these below. You should also familiarize yourself with our Savings & CD Calculator in order to understand the importance of compounding interest at higher rates on your savings over time.

8 POINT CHECKLIST FOR A GREAT BANKING RELATIONSHIP WITH YOUR LOCAL BANK

  • Find a bank with a location convenient to you. Location counts.
  • Choose a bank with good rates. Rates are important to get continued growth of your capital.
  • Choose a bank with an extensive network of fee-free ATM machines or which reimburses out-of-network ATM fees, if you still need to regularly access cash.
  • Avoid fees. Choose a bank which doesn’t have service fees provided you maintain a certain balance, which doesn’t charge for ACH inbound and outbound transfers, and which has low fees for things like international wire transfers and bounced checks.
  • Choose a healthy bank. If you click on a bank above, you’ll be taken to the bank’s financial detail. A healthy bank has happy employees and provides loyal service to its customers. No matter how healthy your bank is, stay within FDIC insurance limits.
  • Find something of value to offset what may be slightly lower rates than online accounts offer. Develop personal relationship with your bankers. Personal relationships can help you to get appropriate financial advice, and to navigate financial challenges and needs in the future. (Be careful with the financial advice you receive. Inappropriate financial advice is worth a lot less than no financial advice.) They can also put you in touch with others in your community who could be valuable personally and professionally to know. If you don't use your local savings account as an opportunity to build these relationships, you may find that you are better of banking online.
  • Choose a bank that is going to let you access your cash when you need. The great benefit of savings accounts over any other financial product (including CDs) is that you have absolute liquidity. If your bank in creating impediments to accessing your cash (paperwork, fees, etc.), then you need another bank.
  • Be aware that you can have more than one account. Having a great local savings account at a large or small bank near you can be great, but it doesn't need to stop you from opening one or more online savings accounts, or even developing a relationship with another local bank or credit union.

SAVINGS & CD CALCULATOR

Find out how much extra money you can earn by moving your bank money into an account that pays more.