Manasquan Bank is one of the oldest banks in operation, having opened its doors in 1874. Its headquarters are in Manasquan, New Jersey, and since its incorporation and chartering, it has maintained a sparkling customer service reputation. It currently has ten brick-and-mortar branches across Monmouth County and Ocean County in New Jersey.
If you’re wondering why the annual percentage yields (APYs) can’t be higher, look no further than those ten storefronts mentioned earlier. The downside of maintaining a vast physical presence is the need to devote monetary resources to operating the brick-and-mortar branches. Even so, with Manasquan Bank, you’ll nevertheless find many account options available to you.
You can decide which one best suits your needs based on factors like when you’ll need to tap into your savings, how much you’re able to stow away currently and how long you can afford to wait for the investment’s maturity.
You can open a CD at Manasquan Bank from anywhere as short as 30 days to as long as seven years. Unlike most banks, the APY rates attached to the CD accounts, which we have reproduced below, do not steadily climb. They increase incrementally until the three-year mark, after which they begin to fall. Speaking to a teller at Manasquan Bank is a great way to decide which account is best for you.
|CD Term||Minimum Deposit||APY|
182-Day CD Interest Rate Comparison
Overview of Manasquan Bank CDs
When it comes to its CD Accounts, Manasquan Bank offers ten different terms, with its peak rate of 1.00% coming in at its seven-year term. In order to earn an APY on a Manasquan CD account, you must maintain an account minimum balance of $500, which is also the minimum opening deposit. If you are capable of putting away $500 right now, you’re in a good spot: Manasquan CD Rates are right on par for a small, regional chain, particularly when comparing CD rates elsewhere.
Indeed, for a chain of its small size and limited presence, Manasquan Bank offers both an impressive range of CD account term lengths and a handful of good APYs. In fact, the APY rates offered for CD accounts that last three years, five years and seven years respectively outrank a handful of the best CD rates in the country. Because it serves a small local population, Manasquan Bank suggests an in-person consultation with one of its bankers—assuming you do indeed live in the area—so as to pair you with a CD that will best fit your financial goals.
Unfortunately, if you try to withdraw any amount of money before your CD reaches maturity, you will have to pay an early withdrawal penalty. Early withdrawal on a 30-day CD will incur a penalty of 30 days’ interest penalty. If you withdraw funds prematurely from a 91-day CD, you’ll incur a penalty on all interest earned over a minimum of 30 days. A 182-day or 1-year CD early withdrawal will incur a penalty of three months’ interest, and take money early from CD 13 months to seven years in length will incur a penalty of six months’ interest.
How Much You Earn With Manasquan Bank CDs Over Time
Once they’ve reached maturity, your Manasquan Bank CD accounts may be more profitable than you might expect. Here’s the breakdown of some of Manasquan’s most common initial deposits and most-used CD terms, and how much you can expect to make on them:
|Initial Deposit||6-Month CD||18-Month CD||5-Year CD|
How Manasquan Bank CDs Rates Compare to Other Banks’
For such a small chain, Manasquan Bank’s Certificate of Deposit rates stacks up pretty well against much larger competitors such as Ally Bank and Marcus by Goldman Sachs. While they are indeed lower than those at Ally and Sachs—though certainly not Chase’s—at most terms, one must take into account that Manasquan is a small regional bank that operates in one state alone. In addition, its client count and total assets are far lower than at those nationwide competitors. In fact, there aren’t any Manasquan Bank branches outside of New Jersey, so its entire business operations are small and handled locally. Even so, operating physical branches is an enormous expenditure, which is reflected in the very low APYs at giants like Chase.
All things considered, here’s how Manasquan Bank APY rates measure up to those at Ally and Marcus by Goldman Sachs, two online banks, and Chase, a national bank with particularly low rates:
|CD Term||Manasquan Bank||Ally Bank||Marcus by Goldman Sachs||Chase|
Compare Manasquan Bank to Other Competitive Offers
Should You get a Manasquan Bank CD Account?
If you live in either Monmouth or Ocean County, New Jersey, and have at least $500 to put away, opening a CD account with Manasquan Bank may serve you as an intelligent investment. Manasquan Bank only has 10 physical branches, ensuring that more time and energy are devoted to helping you with your particular financial needs and queries. If you are looking for all of the account options of a giant bank—such as IRAs, Coverdell Education Benefits, Savings Accounts, CDs, and business, lending and digital banking accounts—Manasquan has the range to meet your financial needs. It doesn’t hurt that its CD rates are comparatively solid, but if you’re looking for big returns on your investments—and quickly—it may be best to keep looking.