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 August 2022 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 2.25% and 2.50% following the FED’s second major rate hike of 0.75% this summer on July 27th. The FED is expected to continue to raise rates through 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 August 2022.

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
Sun East Federal Credit Union (6 month promo)	$1,500	4.00%
NASA Federal Credit Union (9 month promo)	$10,000	3.55%
Live Oak Bank	$2,500	2.50%
Affinity Federal Credit Union	$500	1.30%

To put these yields into perspective, the national average for a 6 month CD sits at just 0.27% APY according to FDIC data.

All of the banks and credit unions in our 6 month CD list are available to consumers nationwide despite not having physical branch locations throughout the country.

Sun East FCU has just a handful of locations throughout the Northeast, but anyone can join the credit union by also joining the Sun East Foundation with a $10 donation. Their 6 month CD is a limited-time, promotional offer and comes with a higher minimum deposit requirement than their standard CDs.

Affinity Federal Credit Union is the only institution on this list headquartered in New Jersey, however they also have nationwide membership availability even if you don’t live within the state.

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
Bread Savings	$1,500	3.00%
Sun East Federal Credit Union	$500	3.00%
Live Oak Bank	$2,500	2.75%
Affinity Federal Credit Union	$500	2.25%

Both Bread Savings (formerly Comenity Direct) 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 0.46% nationally (according to FDIC data) while the average 12 month CD rate in New Jersey is 1.30% 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
Bread Savings	$1,500	3.50%
Live Oak Bank	$2,500	3.00%
Capital One	$0	3.00%
Affinity Federal Credit Union (22 month promo)	$500	2.65%

To put these offers above in perspective, the average 2 year CD rate sits at just 0.51% APY, nationally. The average 2 year CD rate in New Jersey is 1.51% APY.

The promotional certificate of deposit offered by Affinity Federal Credit Union requires balances of $100k or more to earn the advertised 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
Bread Savings	$1,500	3.55%
Connexus Credit Union	$5,000	3.26%
EFCU Financial	$500	3.25%
Affinity Federal Credit Union	$500	3.15%

To put these offers above in perspective, the average 3 year CD rate sits at just 0.54% APY, nationally. The average 3 year CD rate in New Jersey is 1.60% APY.

Both Connexus Credit Union and EFCU Financial can accept new members nationwide.

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
Bread Savings	$1,500	3.65%
Capital One	$0	3.25%
Pentagon Federal Credit Union	$1,000	3.20%
Affinity Federal Credit Union	$500	3.15%

To put these offers above in perspective, the average 5 year CD rate currently sits at just 0.64% APY, nationally. The average 5 year CD rate in New Jersey is 1.76% 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 August 2022.

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

CD Term	Avg. APY NJ	Avg. APY US
12 month	1.30%	0.46%
2 year	1.51%	0.51%
3 year	1.60%	0.54%
5 year	1.76%	0.64%