1.25% APY Savings Account at NJM Bank: One of the Best Interest Rates in the Market
It’s always good to save a little something for the rainy day—whether it’s for your kid’s college fund or a wedding. The best way to do it is to look for a savings or trust fund which will yield you the highest interest rates. NJM Bank is still offering its high yield savings account, the Save for the Future account. This savings account yields up to 1.25% APY and has no minimum balance requirement. To open it, you just need to deposit at least $50 into the account.
No penalty fees will be charged even if you go below $50 for this money in the bank deal, but you do need to have at least $50 if you want to earn 1.25% interest. Unquestionably, it’s a high interest savings account, which, unlike CD accounts, won’t tie you and your funds with the bank for years. You can save any amount from $50 to $2000 every month, and you can be sure that your weekly earnings will be transferred to your savings account.
The only clincher here is that you’re limited to one withdrawal every month, and you need a checking account to take advantage of this competitive savings account. You can only get your money by transferring it to your checking account. Transfers can be done online or through a phone banker, depending on your preference.
Online transactions are also not free. You need to pay $3 for every online transaction. However, you won’t be charged a dime for transactions made through a phone banker.
While savings account interest rates and APYs are less fickle than other bank deal rates, it’s still best for you to check the bank’s website for updates. Branch visits might be necessary to open an account, but you can call their 24/7 hotline for inquiries. They have branches across New Jersey, mainly in West Trenton and Parsipanny.
In terms of safety and soundness, the banks rates well. NJM Bank was first chartered in 1999, but its parent company, the New Jersey Manufacturers Insurance company, has been around since 1913. It earned five stars from BauerFinancial.com and four stars from Bankrate.com. The bank is federally covered under FDIC Certificate # 35057.
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