• Written By
    Christian Simmons

    Christian Simmons

    Financial Writer and Certified Educator in Personal Finance

    Christian Simmons is a financial writer who has worked professionally as a journalist since 2016. As an active member of the Association for Financial Counseling & Planning (AFCPE), Christian prides himself on his ability to break down complex financial topics in ways that Annuity.org readers can easily understand.

    Read More
  • Edited By
    Lamia Chowdhury
    Lamia Chowdhury

    Lamia Chowdhury

    Financial Editor

    Lamia Chowdhury is a financial editor at Annuity.org. Lamia carries an extensive skillset in the content marketing field, and her work as a copywriter spans industries as diverse as finance, health care, travel and restaurants.

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  • Financially Reviewed By
    Stephen Kates, CFP®
    Stephen Kates, CFP® Headshot

    Stephen Kates, CFP®

    Founder of Clocktower Financial Consulting

    Stephen Kates is a Certified Financial Planner™ and personal finance expert specializing in financial planning and education. Stephen has expertise in wealth management, personal finance, investing and retirement planning.

    Read More
  • Updated: August 24, 2023
  • 7 min read time
  • This page features 5 Cited Research Articles
Fact Checked
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These reviewers are industry leaders and professional writers who regularly contribute to reputable publications such as the Wall Street Journal and The New York Times.

Our expert reviewers review our articles and recommend changes to ensure we are upholding our high standards for accuracy and professionalism.

Our expert reviewers hold advanced degrees and certifications and have years of experience with personal finances, retirement planning and investments.

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Our Criteria

When examining available CD rates, Annuity.org’s editorial staff set several criteria that needed to be met for a bank or credit union to be considered. Each choice must:

  • Offer CDs in New Jersey or have nationally available options.
  • Be federally insured.
  • Rank as one of the top 25 banks or top 10 credit unions by assets.

Understanding Our Methodology

Annuity.org employed a strict and research-focused methodology when selecting banks and certificates of deposit for consideration.

A bank or credit union must have ranked in the top 25 or top 10, respectively, by total assets nationally to be considered. The bank also needed to offer its CD rates in New Jersey.

CD rates often vary by location, but companies sort this information in different ways. For banks that provide rates by zip code, a standard New Jersey zip code with a high population was used. Keep in mind that the exact rate could potentially vary throughout the state. Banks that offer standardized nonstate-specific rates were also included.

On top of comparing available rates, Annuity.org evaluated numerous other factors including minimum deposits, specialty offerings versus standard offerings, withdrawal penalties and the reputability of each bank or credit union.

Saving is exciting again! Savings accounts, CDs, and most fixed income products are offering yields not seen in over a decade. CDs are beneficial today because they allow investors to lock in the guaranteed rate for a set period of time.

Editor’s Choice: Best Overall

GREAT FOR: Consistently High Rates

Bank Details

BMO Harris is the 13th largest bank in the U.S. by consolidated assets and with over 1,000 domestic branches. The bank offers CD terms that range from three months to 60 months.

5.10% APY on a 1-Year CD

Pros & Cons


  • High rates across many terms
  • Strong one-year rates
  • Reasonable minimum deposit


  • Poor short-term rates

Our Take:

BMO Harris takes the spot for best CD offerings in New Jersey thanks to its wide array of high rates available to customers. Many banks offer just a handful of decent rates mixed in with a lot of choices that are not worth considering.

But BMO Harris’s selections include many strong choices. The bank leads the pack in one-year rates, offering an impressive 5.10% APY on one-year CDs.

Competitive APYs are also available on terms that range from 18 months to five years. BMO Harris requires a minimum deposit of $1,000, which is largely the industry standard. 

The only place where the bank falls short is on short-term rates. A solid 3.50% APY is offered on 9-month CDs, but the selections for 3-month and 6-month terms are very poor.

Best for Short-Term CDs

GREAT FOR: CDs With Terms Under a Year

Bank Details

Bank of America is the 2nd largest bank in the U.S. by consolidated assets and with over 3,800 branches. The bank offers CD terms that range from one month to 120 months.

4.00% APY on a 3-Month CD

Pros & Cons


  • Strong short-term rates
  • Stability of a huge, reputable bank


  • Many poor rates offered

Our Take:

Bank of America is not a strong player in the CD space across the country and offers poor rates across many of its terms. But in the New Jersey area, its surprisingly strong options for short-term CDs help it stand out.

The bank requires a standard $1,000 minimum deposit and offers 4.00% APY on short terms of three months, four months or five months. It can be rare to find such an attractive rate for a term of just a few months, making Bank of America a strong choice for those looking for quick investments.

Featured CD rates also include a 7-month term with a 4.50% APY. 

Bank of America falls well short of competitors across many traditional terms, but its strong short-term offerings do stand out for those who want to add some immediate investments to their personal finance plan.

Best for Long-Term CDs

GREAT FOR: Long-Term Investments

Bank Details

Capital One is the ninth-largest bank in the U.S. by consolidated assets and has 292 physical branches. The bank offers terms from six months to 60 months and does not require a minimum deposit.

4.35% on a 24-month CD

Pros & Cons


  • Strong long-term rates
  • No minimum deposit 
  • Rates are consistent nationally 


  • Beaten on some short-term rates

Our Take:

For those looking to lock in a long-term CD at a high rate, Capital One offers numerous strong choices. The bank advertises six different terms that are over a year in length, with each of them offering competitive APYs.

This includes 4.75% APY on an 18-month CD and 4.35% on a 24-month CD. Its longest available term is five years, which is accompanied by an APY of 4.10%.

Capital One offers online CDs, meaning their options do not vary based on location and there is no required minimum deposit. You can invest in a CD with any amount you see fit.

Best for Low Deposits

GREAT FOR: Small Investments

Bank Details

Ally Bank is the 23rd largest bank in the U.S. It is an online bank with no physical branches. Its CD offerings include terms ranging from three months to five years.

5.00% APY on an 18-Month CD

Pros & Cons


  • No minimum deposit
  • Strong rates over numerous terms


  • No physical branches

Our Take:

Ally Bank is an entirely online operation, meaning its rates are standard nationally and it has no physical branches. It can be a strong choice for those looking to open a CD with a smaller investment.

Ally requires no minimum deposit paired with strong rates in multiple terms. The bank provides a competitive APY on all seven terms that it offers.

Its most impressive choice is the 18-month CD that comes with a 5.00% APY. Ally can be a solid option if you want to invest a custom amount that does not need to meet a threshold.

Others We Considered

The following banks met the initial criteria and were also considered but were eliminated due to numerous factors, including uncompetitive rates, competitive rates that were beaten out by a listed bank, lack of available information or high minimum deposits.

Frequently Asked Questions

How do New Jersey CD rates compare to national CD rates?

New Jersey generally has strong CD rates, with numerous banks offering competitive terms and APYs.

Where can I find the current New Jersey CD rates?

The easiest place to find current CD rates is from a bank’s website. Banks typically list out their current CD offerings by term and by rate.

What factors determine New Jersey CD rates?

Many factors go into determining CD rates, which is why there is often such a great fluctuation in offerings. The state of the economy and marketplace can play a significant role.

How often do New Jersey CD rates change?

There is no set rule for how often CD rates change. Some banks maintain stable rates over months while others may shuffle their rates frequently.

What is the minimum deposit required for New Jersey CD rates?

There is no standard state-wide minimum deposit to invest in a CD. This is determined by each bank. $1,000 is a typical minimum but this can vary.

Please seek the advice of a qualified professional before making financial decisions.
Last Modified: August 24, 2023