CD Rates in New Jersey for November 2024
Updated November 1, 2024
If you have cash you don't need for a while, it may be worth opening a certificate of deposit (CD). Interest rates for CDs have skyrocketed over the last couple of years, giving consumers a wide array of high-yield options with minimal downsides. Narrowing down your list of options for the best annual percentage yields (APY) in New Jersey may feel overwhelming. Here's how to find the best CDs in New Jersey.
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The following accounts can be found at most banks and credit unions. They’re federally insured for up to $250,000 and offer a safe place to put your money while earning interest.
CDs are best for individuals looking for a guaranteed rate of return that’s typically higher than a savings account. In exchange for a higher rate, funds are tied up for a set period of time and early withdrawal penalties may apply.
Checking accounts are best for individuals who want to keep their money safe while still having easy, day-to-day access to their funds. ATM and other transactional fees may apply.
Savings and MMAs are good options for individuals looking to save for shorter-term goals. They’re a safe way to separate your savings from everyday cash, but may require larger minimum balances and have transfer limitations.