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 June 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.

CD and savings rates are generally correlated to Federal Reserve rates which are now anchored between 5.00% and 5.25% following the Fed’s most recent rate hike back in May. The Fed may still raise rates again before the end of the year. 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 June 2023.

Best 6 Month CD Rates

Below are the top four short term CD rates. Originally we kept this list to just 6 month CD rates, but have expanded it to cover new promotional CD offers with short terms. All of the CD rates below are available to residents in New Jersey. These products may not be exclusive to New Jersey residents in all cases.

To put these yields into perspective, the national average for a 6 month CD sits at just 1.26% according to FDIC data.

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.

Bask Bank is an online-only institution that can accept deposits from consumers across the country.

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.

ConnectOne Bank is based out of Englewood Cliffs, NJ, and has 23 locations throughout New Jersey and New York state.

To give the offers above some context, the average APY on a 12 month CD sits at just 1.63% nationally (according to FDIC data) while the average 12 month CD rate in New Jersey is 2.29% according to Bankrate data.

Best 2 Year CD Rates

Below are the top four 2 year CD rates available to residents in New Jersey.

United States Federal Credit Union only has branches in Washington D.C. and Virginia, however, their promotional 24 month CD can be opened online once you become a member. Membership is available to all U.S. citizens.

M&T Bank CDs must be opened in one of their 65 branches within the state of New Jersey.

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 1.45%, nationally. The average 2 year CD rate in New Jersey is 2.40%.

Best 3 Year CD Rates

Below are the top five 3 year CD rates available to residents in New Jersey.

Valley Bank is headquartered in Wayne, New Jersey but has 200 branches through New Jersey, New York, Florida, and Alabama. The 36 month variable rate CD is their newest CD offer and a highly competitive one, but the rate can change at any time.

To put these offers above in perspective, the average 3 year CD rate sits at just 1.36%, nationally. The average 3 year CD rate in New Jersey is 2.57%.

Best 5 Year CD Rates

Below are the top five 5 year CD rates available to residents in New Jersey.

The Department of Commerce Federal Credit Union is open to all U.S. citizens and resident aliens. Their CDs can be opened online during the application process for the credit union.

The 5 year CD offered by Columbia Bank must be opened over the phone or in one of their 61 branches within the state of New Jersey.

To put these offers above in perspective, the average 5 year CD rate currently sits at just 1.37%, nationally. The average 5 year CD rate in New Jersey is 2.68%.

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 June 2023.

Average CD Rates in New Jersey – vs – Average CD Rates Nationally:

All of the CD rates featured in this report were surveyed on June 27, 2023.