Kearny Bank, based out of Fairfield, New Jersey, is a small community bank with just 45 locations within 10 counties in New Jersey as well as New York City and the surrounding boroughs.

Kearny Bank was founded in 1884 and has over $8 billion in assets today.

Despite their regional presence, they offer a handful of FDIC-insured deposit accounts that can be opened online by consumers nationwide.

These include:

• 2 fixed-rate CDs (certificates of deposit)
• 3 variable rate money market accounts
• 3 checking accounts
• 1 savings account

For the purpose of this review we will focus on Kearny Bank’s CD rates and their account terms. These are Kearny Bank’s most competitive deposit accounts in terms of interest rate and APY (annual percentage yield) and they are federally insured by the FDIC up to $250,000 per depositor.

Kearny Bank CD Rates + Account Details

Kearny Bank offers 11 CDs (certificates of deposit) with terms ranging from 30 days to 5 years. All of their CDs except for the 10 month and 11 month CD must be opened in a local branch. That said, their only competitive CD accounts per the time of this writing are the 10 and 11 month online options.

Most of their CDs have a minimum deposit requirement of just $500 to earn the advertised APY, however, their 30 day CD has a much steeper minimum deposit requirement of $25,000 and their 91 day and 6 month CD both have a minimum deposit requirement of $1,000.

All CDs except the 30 day, 91 day and 6 month options are available as IRA CDs.

CD Rates

CD rates surveyed on June 26, 2023.

To put these yields into perspective, the current national average for a 12 month and 60 month CD sit at just 1.63% and 1.37%, respectively, according to FDIC data.

The top yields from online banks and nationally available credit unions, however, are inching over the 5.00% and 4.50% APY mark for the same respective terms.

How do Kearny Bank’s CD Rates Compare?

To get a better idea of how Kearny Bank’s CD rates compare with the CD rates offered by other similar banks, take a look at the table below.

How Much Can You Make with a Kearny Bank CD?

The amount of money you can earn with a Kearny Bank CD is going to depend on your deposit size, the CD term you choose and its APY (annual percentage yield). Take a look at the table below displaying potential earnings on a $25,000 deposit.

Compounding and Crediting Interest

Kearny Bank doesn’t mention the compounding schedule on their website nor do they mention it in any of their CD disclosure forms (here and here).

Typically CDs feature daily, weekly or monthly compounding interest with interest payments automatically deposited back into the CD each month for further compounding. Some banks and credit unions allow for interest payments to be withdrawn or transferred to another account, but arrangements must be made with the institution prior to opening and funding the CD.

You’ll need to contact Kearny Bank directly or visit a branch to see these details.

Grace Period and Early Withdrawal Fees

Upon the maturity of your Kearny Bank CD, you will be provided with a 7 day grace period in which you may modify your CD or close it out without facing any early withdrawal penalty fees.

If nothing is done during this 7 day period, your CD will automatically renew with the same term and the going APY (annual percentage yield) at that time. Kearny Bank will send out notices to all account holders with CD terms of 3 months or longer prior to maturity.

If you need access to the funds in your Kearny Bank CD prior to its maturity you will face an early withdrawal fee. Penalties of this nature tend to be around 90 days’ to 18 months’ interest of the amount withdrawn, but you’ll need to check with Kearny Bank directly for their specific terms.

How to Open a CD with Kearny Bank

As mentioned, only 2 of Kearny Bank’s CDs can be opened online. If you’d like to open any of their other CDs you’ll have to stop by a local branch.

If you’re a new customer with Kearny Bank, you’ll need the following information to open a CD:

• A valid email address
• Phone number
• Home address
• Social security number
• Government-issued ID (driver’s license or equivalent)

Once you’ve opened the CD and are ready to fund it, you’ll need:

• your current bank or credit union’s routing number
• bank account number where the funds will be withdrawn from to fund your Kearny Bank CD