Headquartered in Clifton, New Jersey, Clifton Savings Bank offers various banking products and operates 13 branches across New Jersey. In addition to its personal and business accounts, Clifton also offers competitive certificate of deposit (CD) rates that, especially at longer terms, are on par with some of the best CD rates out there. Furthermore, they also give you a wide range of CD terms to choose from.
Clifton’s features additionally include online and mobile banking, telephone banking and e-statements. Through these services, you’ll be able to fulfill a range of banking actions like accessing your accounts, making transfers or paying bills.
To calculate how much interest you could earn with a CD, try using SmartAsset's CD calculator.
Clifton Classic Certificates
Clifton offers two different types of CD accounts for both personal and business banking. These are its Classic certificates and Preferred certificates. But we’ll start with the Classic certificates.
Clifton’s Classic CDs function as the bank’s standard CDs and allow you to select a term ranging anywhere from three months to 84 months. In addition, the bank requires a minimum deposit of just $500, except for its eight-month certificate, which requires $10,000. As with most CDs, you’ll want to avoid withdrawing from your account before it reaches maturity. If you don’t, you’ll receive an early withdrawal penalty and lose interest.
|Classic CD||Minimum Deposit||APY|
|3 Month||$500||0.20%||Compare CD Rates|
|6 Month||$500||0.40%||Compare CD Rates|
|8 Month||$10,000||1.30%||Compare CD Rates|
|9 Month||$500||0.50%||Compare CD Rates|
|12 Month||$500||1.28%||Compare CD Rates|
|14 Month||$500||0.75%||Compare CD Rates|
|18 Month||$500||1.05%||Compare CD Rates|
|Classic CD||Minimum Deposit||APY|
|24 Month||$500||1.53%||Compare CD Rates|
|25 Month||$500||1.50%||Compare CD Rates|
|36 Month||$500||1.79%||Compare CD Rates|
|50 Month||$500||2.00%||Compare CD Rates|
|60 Month||$500||2.31%||Compare CD Rates|
|72 Month||$500||2.00%||Compare CD Rates|
|84 Month||$500||2.00%||Compare CD Rates|
Clifton Preferred Certificates
Unlike its Classic certificates, Clifton’s Preferred certificates’ terms range from six months to three years. However, like its Classic CDs, you’ll only have to pay a $500 minimum deposit to open one. Additionally, though Clifton’s Preferred certificates have fewer term options, they still allow you to build your wealth. These certificates just allow you to generate greater return in a shorter amount of time. For instance, you’ll earn at a 0.50% annual percentage yield (APY) if you open a nine-month classic certificate. Yet you’ll earn at a 1.25% APY if you open a Preferred certificate.
|Preferred CD||Minimum Deposit||APY|
|6 Month||$500||0.60%||Compare CD Rates|
|9 Month||$500||1.25%||Compare CD Rates|
|12 Month||$500||2.46%||Compare CD Rates|
|24 Month||$500||1.69%||Compare CD Rates|
|36 Month||$500||2.10%||Compare CD Rates|
12-Month CD Interest Rate Comparison
Overview of Clifton CDs
Contrary to most banks’ CDs, you won’t necessarily generate greater rates with longer terms. Whether you open a Classic or Preferred CD, the rates Clifton offers for each don’t increase as term lengths increase. However, if you’re looking to build more money over a greater amount of time, then Clifton’s Classic CDs may be the best option. If you’re hoping to generate more return within a shorter time frame, however, Clifton’s Preferred certificates may be a better option.
But how fast is your money growing with Clifton CDs? Interest compounds daily on all Clifton certificates. This means your money is constantly building upon itself on a daily basis. Therefore, your wealth is growing at a faster rate than a bank, for instance, with similar rates that compounds interest monthly.
Clifton charges a penalty for any withdrawals made on your account before it reaches maturity. In other words, you’ll lose interest if you pull out any money before your account reaches its end date. However, you can also continue to grow your wealth through Clifton’s automatic renewal feature. This will allow you to continue to build interest after your account reaches maturity.
Compare Clifton Savings Bank to Other Competitive Offers
How Much You Earn With Clifton Certificate of Deposits Over Time
Because interest compounds daily on Clifton’s CDs, your money will grow faster during your account’s duration. Clifton’s rates are fairly competitive, but you’ll start to generate more wealth if you open a Classic CD at the 12-month mark. The bank’s Preferred CDs, on the other hand, are excellent for users looking to grow its wealth over a shorter period of time. Nonetheless, larger deposits will ultimately generate more return.
|InitialDeposit||6-Month CD||12-Month CD||60-Month CD|
How Clifton CD Rates Compare to Other Banks’
Although Clifton offers competitive rates with a low minimum deposit requirement, Kearny Bank also offers similar rates. Kearny Bank, however, offers a wider range of CD terms. For instance, they allow you to select a term anywhere from 30 days to five years. In addition, its rates almost completely resemble Clifton’s. The key difference is that you’ll be able to earn at a greater APY with Kearny’s six-month term than you would with Clifton’s.
Ally, though an online-only bank, also offers similarly competitive rates. If you don’t mind not having access to physical locations, you’ll be able to generate interest on a range of CD terms without paying a minimum deposit. Therefore, if you want to earn at competitive rates without a minimum deposit, you should also consider Ally.
|CD Account||Clifton Savings Bank||Kearny Bank||Ally Bank||Navy Federal Credit Union|
Should You Get a Clifton CD Account?
Clifton Savings Bank is a suitable option for residents of New Jersey. Therefore, if you live near any of the bank’s physical locations, you should consider whether its certificates and rates align with your financial goals. While Clifton requires a minimum deposit of only $500, longer terms don’t always generate greater APYs. However, the bank offers two different certificate accounts, so you’ll have many options to choose from.