Columbia Bank, based out of Fair Lawn, New Jersey is a regional bank with 60 branches and 3 lending offices throughout the state of New Jersey. They were founded in 1927 and hold roughly $9.8 billion in assets.
Despite operating mostly in New Jersey, Columbia Bank has a handful of CDs (certificates of deposit) with slightly above average yields that can be opened by anyone online throughout the country.
They have 9 standard CDs and 1 promotional “Bump Up” CD. You can open these CDs as stand alone accounts or within an IRA (individual retirement account). The interest rates provided on Columbia Bank’s IRA CDs are the same as their standard CDs.
To see if Columbia Banks’ CD rates are right for you, continue reading our review.
Columbia Bank CD Rates + Account Details
All of Columbia Bank’s CDs come with a minimum deposit requirement of $500. Columbia Bank is member FDIC and all deposit accounts are federally insured up to the applicable limits.
CD rates surveyed on September 1, 2023.
CD Rates
| CD Term | APY |
| 4 months | 4.20% |
| 9 months | 4.70% |
| 12 months | 2.25% |
| 18 months | 4.80% |
| 20 month Bump CD | 3.00% |
| 24 month | 3.30% |
| 36 month | 3.30% |
| 60 month | 3.30% |
| 72 month | 3.30% |
The 20 month Bump Up CD allows you to make a one-time rate increase during the life of this CD. You can increase it anytime Columbia Bank increases the yield for this account.
đź“Ś Please Note: The 60 month and 72 month CD options can not be opened online. All the remaining terms can.
To put these yields into perspective, the national average for 12 month CDs and 60 month CDs sits at just 1.76% and 1.41% APY, respectively, according to FDIC data.
That said, top yields from online banks and nationally available credit unions are now inching above the 5.50% APY and 4.50% APY mark for the same respective terms.
How Do Columbia Bank CD Rates Compare?
The table below shows the best CD rate offered at Columbia Bank compared to the best CD rates offered by other FDIC-insured banks.
| Bank | Best CD Rate (APY) |
| HomeStreet Bank | 4.65% |
| Morgan Stanley | 5.37% |
| PNC Bank | 5.00% |
| Santander Bank | 5.50% |
| Columbia Bank | 4.80% |
How Much Can You Make with a Columbia Bank CD?
The amount of money you can earn with a CD from Columbia Bank is going to depend on your deposit size, the term you choose and its going APY. Take a look at the table below. It shows potential earnings on a handful of Columbia Bank’s CDs assuming a deposit size of $25,000.
| CD Term | APY | Earnings |
| 4 months | 4.20% | $345.21 |
| 9 months | 4.70% | $876.17 |
| 18 months | 4.80% | $1,821.43 |
| 60 months | 3.30% | $4,406.38 |
IRA CD Rates
Columbia Bank’s IRA CDs also come with a minimum deposit requirement of $500 and cannot be opened online. Visit a local branch or give them a call at 1(800) 522-4167 to get started with an IRA CD.
| CD Term | APY |
| 4 months | 4.20% |
| 9 months | 4.70% |
| 12 month | 2.25% |
| 18 month | 4.80% |
| 24 month | 3.30% |
| 36 month | 3.30% |
| 60 month | 3.30% |
| 72 month | 3.30% |
The yields on the IRA CDs are the exact same as their standard CDs, however, we should note that Columbia Bank’s IRA CDs have provided better rates in the past than their standalone counterparts.
Compounding and Crediting Interest
Interest on all of Columbia Bank’s CDs are compounded monthly and credited to your account monthly.
Grace Period and Early Withdrawal Fees
When your Columbia Bank CD matures you will have a 7 calendar-day grace period in which you may close out the CD or change the terms and/or deposit amount. If nothing is done during this 7 day window, your CD will automatically renew into a new CD with the same term and the going rate at that time.
If you need your CD’s funds prior to its maturity you will incur an early withdrawal fee. The fee is based on your CD’s term. See fee structure below:
| CD Term | Fee |
| 5 months or less | 45 days of simple interest |
| 6 – 11 months | 90 days of simple interest |
| 12 – 23 months | 180 days of simple interest |
| 24 – 59 months | 270 days of simple interest |
| 60 months + | 365 days of simple interest |
How to Open and Fund a Columbia Bank CD?
Most of Columbia Bank’s CDs can be opened online other than the 5 year CD, 6 year CD and their IRA CDs. Regardless of whether you’re opening a CD online or stopping by a local branch, you’re going to need the following pieces of personal information to complete the application process.
These are:
- Full Legal Name
- Home Address
- Verifiable Email and Phone Number
- Driver’s License or State Issued ID
To fund the CD from an external source, you’ll need the following:
- Routing number of current bank or credit union.
- Account number where funds will be withdrawn from to fund the Columbia Bank CD.