APY GUY tracks and publishes noteworthy APYs (annual percentage yields) on both fixed and variable rate deposit accounts from hundreds of FDIC-insured banks and NCUA-insured credit unions nationwide.
In this January 2023 report, we’ve published what we’ve found to be the top CD (certificate of deposit) rates available to residents in New Jersey. While we do our best to keep rates updated on a monthly basis at the minimum, we advise that you check with each financial institution individually to get updated CD and savings rates.
We should also note that although all of the CDs on this list are available to residents in the state of New Jersey, many are issued by institutions based outside of the state and/or without locations in the state.
According to FDIC state profile data (download here) there are 58 banks serving the state of New Jersey with combined assets of just over $195.5 billion.
There are also 144 credit unions with headquarters in New Jersey serving 960,000+ members with combined assets of just over $15.65 billion according to CreditUnionsOnline.com.
The largest credit union in New Jersey by member size and assets held is Affinity Federal Credit Union, serving ~135,000 members in the state and holding $2.3 billion in assets.
Credit unions and banks of all sizes within the state of New Jersey and throughout the country offer federally insured CDs with varying terms, generally ranging from a few months to 5 to 10 years. The FDIC insures bank deposits up to $250,000 per depositor and the NCUA insures credit union deposits up to $250,000 per depositor.
Generally speaking, with fixed-rate CDs, the longer you lock up your funds (i.e. the greater the term) the higher the APY you will earn.
That said, savings rates – both fixed and variable – at banks and credit unions are generally correlated to Federal Reserve rates which are now anchored between 4.25% and 4.50% following the FED’s final rate hike of last year on December 14th. The FED is still expected to raise rates (albeit by smaller increments) in Q1 of 2023. You can read more in our CD rate forecast.
Below is our report on the best CD Rates in New Jersey for the month of January 2023.
In this post you'll learn:
Best 6 Month CD Rates
Below are the top three 6 month CD rates available to residents in New Jersey. These products may not be exclusive to New Jersey residents in all cases.
| Bank or Credit Union | Min. Deposit | APY |
| Bask Bank | $1,000 | 4.30% |
| ConnectOne Bank (7 month promo) | $1,500 | 3.00% |
| Pentagon Federal Credit Union | $1,000 | 2.70% |
| Affinity Federal Credit Union | $500 | 2.00% |
To put these yields into perspective, the national average for a 6 month CD sits at just 0.81% APY according to FDIC data.
ConnectOne Bank, based out of Englewood Cliffs, NJ, has 23 locations throughout New Jersey and New York state.
Affinity Federal Credit Union is New Jersey’s largest credit union. If you don’t live near a local branch, you can still join the credit union by joining the New Jersey Coalition for Financial Education.
Best 12 Month CD Rates
Below are the top four 12 month CD rates available to residents in New Jersey.
| Bank or Credit Union | Min. Deposit | APY |
| Live Oak Bank | $2,500 | 4.60% |
| ConnectOne Bank (13 month promo) | $1,500 | 4.50% |
| Bask Bank | $500 | 4.45% |
| Financial Resources Federal Credit Union (14 month promo) | $500 | 4.39% |
Financial Resources Federal Credit Union is headquartered in Bridgewater, New Jersey and has branches in Bridgewater, Flemington, Green Brook, Hillsborough, Jersey City and Somerset New Jersey.
They have a number of competitive CD rates at the moment and membership is available to consumers nationwide. If you’re outside of the state of New Jersey and can’t stop by a local branch, but would like to open a CD, you may join by becoming a member of the American Consumer Council. There is no fee to join.
Bask Bank and Live Oak Bank are online-only institutions that can accept deposits from consumers across the country.
To give the offers above some context, the average APY on a 12 month CD sits at just 1.28% nationally (according to FDIC data) while the average 12 month CD rate in New Jersey is 1.72% APY according to Bankrate data.
Best 2 Year CD Rates
Below are the top four 2 year CD rates available to residents in New Jersey.
| Bank or Credit Union | Min. Deposit | APY |
| PenFed | $1,000 | 4.45% |
| Affinity Federal Credit Union (22 month promo) | $100k | 4.10% |
| Capital One | $0 | 4.30% |
| Ascendia Bank (18 month bump CD) | $500 | 3.00% |
Ascendia Bank is a small bank based out of Glen Rock, New Jersey. They have just 5 branches in the state with 2 in Glen Rock, 2 in West Orange and 1 in Hawthorne, New Jersey.
To put these offers above in perspective, the average 2 year CD rate sits at just 1.21% APY, nationally. The average 2 year CD rate in New Jersey is 1.97% APY.
Best 3 Year CD Rates
Below are the top five 3 year CD rates available to residents in New Jersey.
| Bank or Credit Union | Min. Deposit | APY |
| Valley Bank | $500 | 4.60% |
| PenFed | $1,000 | 4.10% |
| Financial Resources Federal Credit Union | $500 | 3.90% |
| Affinity Federal Credit Union | $500 | 3.40% |
Valley Bank is headquartered in Wayne, New Jersey but has 200 branches through New Jersey, New York, Florida, and Alabama.
To put these offers above in perspective, the average 3 year CD rate sits at just 1.16% APY, nationally. The average 3 year CD rate in New Jersey is 2.01% APY.
Best 5 Year CD Rates
Below are the top five 5 year CD rates available to residents in New Jersey.
| Bank or Credit Union | Min. Deposit | APY |
| Financial Resources Federal Credit Union | $500 | 4.39% |
| Capital One | $0 | 4.10% |
| Pentagon Federal Credit Union | $1,000 | 3.90% |
| Affinity Federal Credit Union | $500 | 3.55% |
To put these offers above in perspective, the average 5 year CD rate currently sits at just 1.21% APY, nationally. The average 5 year CD rate in New Jersey is 2.15% APY.
New Jersey CD Rates VS National Average
Banks and credit unions operating in New Jersey and serving the residents therein, are currently featuring higher CD rates and APYs than what we find at the national level.
We’ve compiled a chart comparing average CD rates in New Jersey vs average CD rates in the US using both Bankrate and FDIC data. You can see the results below. These are accurate as of January 2023.
Average CD Rates in New Jersey – vs – Average CD Rates Nationally:
| CD Term | Avg. APY NJ | Avg. APY US |
| 12 month | 1.72% | 1.28% |
| 2 year | 1.97% | 1.21% |
| 3 year | 2.01% | 1.16% |
| 5 year | 2.15% | 1.21% |
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