Kearny Bank offers more than a dozen certificate of deposit (CD) term options to New Jersey and New York City customers. Interest rates vary by term but some of the highest rates stack up well with the best CD rates on the market. You should contact a local branch to get the current rates in your area.
The minimum deposit of $500 means that more customers can afford to open an account. At the same time, short-term CDs and some special CDs require a higher minimum.
To calculate how much interest you could earn with a CD, try using SmartAsset's CD calculator.
Below we go into more detail about how Kearny Bank CDs work, how much interest they will earn you and whether or not you should consider an account.
| CD Term | Minimum Deposit | APY | |
| 30 Day | $25,000 | 0.05% | Compare CDs |
| 91 Day | $1,000 | 0.05% | Compare CDs |
| 6 Month | $1,000 | 0.05% | Compare CDs |
| 7 Month Special | $500 | 4.50% | Compare CDs |
| 1 Year | $500 | 3.80% | Compare CDs |
| 18 Month | $500 | 3.75% | Compare CDs |
| 2 Year | $500 | 0.40% | Compare CDs |
| 3 Year | $500 | 0.55% | Compare CDs |
| 4 Year | $500 | 0.70% | Compare CDs |
| 5 Year | $500 | 0.90% | Compare CDs |
12-Month CD Interest Rate Comparison
Overview of Kearny Bank CDs
Kearny Bank primarily serves New Jersey but has recently expanded into New York City as well. You will need to visit a branch in person to open a CD account.
CD terms from Kearny Bank range from 30 days to five years in length. Most CDs require a $500 minimum deposit but terms of six months or less have higher requirements. Step-up CDs, which allow you to increase the interest rate on your CD once during your term, have a $1,000 minimum.
Interest compounds daily in all CD accounts and credits to your account monthly. You then have the option to transfer the interest earnings to another Kearney Bank account. However, you cannot withdraw any of your principal deposit before your CD reaches maturity. If you do, the bank will charge an early withdrawal penalty. The penalty is usually six months’ simple interest but may be more with longer account terms. You should ask your local branch for the exact penalty amounts.
To withdraw principal without penalty, you need to wait until your CD reaches maturity. You will receive a seven-day grace period at the end after your term (the maturity date plus six business days). Any changes, additions or withdrawals that you make during that period will not lead to a penalty.
If you don’t close your CD account during the grace period, it will automatically renew for another CD of the same term length. The interest rates on the new CD will depend on the currently available rates.
How Much You Earn With Kearny Bank CDs Over Time
How much you earn from a Kearney Bank account will depend on which term you choose. Most standard CDs have competitive interest rates but rates vary by term length.
The table below shows what your approximate total balance will be based on different initial deposits and term lengths. This table uses rates for standard CDs. Notice that even depositing the minimum amount to a six-month CD could earn you a couple of dollars in interest.
An important thing to note is that promotional CDs and special CDs, like step-up CDs, typically offer higher interest rates than standard CDs.
| Initial Deposit | 6-Month CD | 12-Month CD | 36-Month CD | 60-Month CD |
| $1,000 | $1,000.25 | $1,038 | $1,016.59 | $1,045.82 |
| $2,500 | $2,500.62 | $2,595 | $2,541.48 | $2,614.54 |
| $5,000 | $5,001.25 | $5,190 | $5,082.95 | $5,229.09 |
| $10,000 | $10,002.50 | 10,380 | $10,165.91 | 10,458.17 |
How Kearny Bank CD Rates Compare to Other Banks
Depending on the term length, the interest rates from Kearny Bank could be competitive with other banks. However, you can find higher rates. This is especially true with terms of one year or less. Make sure to compare CD rates from different banks before opening an account.
If you are looking for a short-term CD, consider an online bank. As an example, Ally Bank has short-term rates that are higher than Kearny Bank rates. It’s also significant that Ally does not require a minimum deposit. Kearny Bank has a $1,000 minimum for terms of less than one-year long.
Another bank to consider is Capital One. Capital One, like Ally, has no minimum deposit and offers competitive interest rates. In particular, the interest rates on terms of one year or longer are relatively high.
| CD Account | Kearny Bank | Ally Bank | Capital One |
| 6 Month | 0.05% | 4.50% | 4.25% APY (as of 4/11/24) |
| 1 Year | 3.80% | 4.75% | 4.80% APY (as of 4/11/24) |
| 3 Year | 0.55% | 4.00% | 4.00% APY (as of 4/11/24) |
| 5 Year | 0.90% | 3.90% | 3.90% APY (as of 4/11/24) |
Compare Kearny Bank to Other Competitive Offers
Should You Get a Kearny Bank CD Account?
Kearny Bank is only an option for people living in New Jersey or in some parts of New York City. But if you live in one of those areas, you should consider Kearny Bank. The interest rates are on par with those of other banks but certain terms having better rates than others. As mentioned above, terms of one year or less are the least competitive for Kearny Bank.
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