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Oritani Bank CD Rates

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Oritani Bank Oritani Bank 3-Month CD
0.25% APY

Oritani Bank, headquartered in Washington Township, New Jersey, operates 26 branch locations throughout four counties in Northern New Jersey. The bank offers a wide variety of certificate of deposit (CD) accounts with term lengths ranging from three months up to five years.

In addition to its standard CDs, the bank also offers three promotional accounts and four loyalty accounts, each with more competitive rates. The standard rates are good, but not quite on the level of the best CD rates out there. The Promo and Loyalty rates, however, are quite competitive, even against online alternatives.

If you’re interested in opening a CD with Oritani Bank, you’ll need to visit one of its branch locations, as online applications are not available. Continue reading below to learn more about the CD offerings at Oritani Bank.

Standard CD Rates

Term Length Minimum Deposit APY  
3 Month $1,000 0.25% Compare CD Rates
6 Month $1,000 0.50% Compare CD Rates
12 Month $1,000 0.90% Compare CD Rates
18 Month $1,000 1.00% Compare CD Rates
19-24 Month $1,000 1.25% Compare CD Rates
30 Month $1,000 0.90% Compare CD Rates
36 Month $1,000 1.25% Compare CD Rates
48 Month $1,000 1.50% Compare CD Rates
60 Month $1,000 1.75% Compare CD Rates

Promo CD Rates

With a Promo CD at Oritani Bank, you’re able to earn interest at a much more competitive rate than you would with the corresponding standard term length. Promo CD offerings tend to come and go or change more frequently than traditional CDs, meaning if you purchase the 24 Month CD, you might not have the opportunity to purchase it again in two years or the rate may be different. After your Promo CD matures, you’ll have seven days to withdraw, otherwise you’ll be renewed for a standard CD with a term you agreed upon when you purchased your Promo CD.

Term Length Minimum Deposit APY  
6 Month $1,000 1.75% Compare CD Rates
12 Month $1,000 2.25% Compare CD Rates
15 Month $1,000 2.50% Compare CD Rates
24 Month $1,000 2.40% Compare CD Rates
60 Month $1,000 2.50% Compare CD Rates

Loyalty CD Rates

Loyalty CDs at Oritani Bank are offered to existing Oritani customers who have a qualifying checking account with the bank. For a checking account to qualify, you must have either a recurring monthly direct deposit or a monthly bill pay attached to the account. If you close your Oritani checking account before your Loyalty CD matures, then your rate will be reduced the following month to the Promo rate that was in effect when you opened the CD.

Term Length Minimum Deposit APY  
6 Month  $1,000 2.00% Compare CD Rates
12 Month $1,000 2.50% Compare CD Rates
15 Month $1,000 2.75% Compare CD Rates
24 Month $1,000 2.65% Compare CD Rates
60 Month $1,000 2.75% Compare CD Rates

Oritani Bank 3-Month CD Interest Rate Comparison

Compare Oritani Bank to Other Competitive Offers

Overview of Oritani Bank CD Rates

The CD accounts offered at Oritani Bank are fairly diverse, with three distinct types and a wide variety of term lengths. If you have a qualifying checking account with the bank, you’ll earn the most interest with the Loyalty CDs. If you don’t have a qualifying checking account and you’re flexible about what term length you choose, the Promo rates will probably be your best bet.

If you need to withdraw some or all of your principal before your CD reaches maturity, then you’ll be forced to pay an early withdrawal penalty. However, the penalties at Oritani are pretty lenient, comparatively speaking. For a three-month CD, the early withdrawal penalty is one month worth of simple interest on the amount you’re withdrawing. If your term length is longer than three months but shorter than 12 months, you would pay three months worth of simple interest as a penalty. For all other longer term lengths, your penalty would be six months worth of simple interest.

So, for example, let’s say you invested $5,000 in a 24-month Standard CD. If you were to withdraw $2,500 of that before your maturity date, then you would pay a penalty of $12.50 (2,500 x 0.01 x 6/12). While that penalty may not seem prohibitive, paying it does somewhat defeat the purpose of opening the CD in the first place, so do your best to leave your CDs alone until they mature.

Once your CD reaches maturity, you will have a grace period of seven days either to withdraw your funds or place them in a different CD. If you do nothing, the bank will automatically renew you for another CD of the same term.

How Much You Earn With an Oritani Bank CD Account Over Time

Particularly with Promo and Loyalty rates, CDs at Oritani Bank are capable of netting you a nice return, especially if you invest a good chunk of change. Interest for all CDs is compounded daily and credited to your account monthly, at which point you’re free to let it sit or withdraw it. If you can, it’s always a good idea to leave your earned interest in the CD so that it can compound on itself and beef up the total amount you can earn.

Initial Deposit 3 Month CD 12 Month Promo CD 60 Month CD
$1,000 $1,000.62 $1,022.50 $1,090.62
$2,500 $2,501.56 $2,556.25 $2,726.54
$5,000 $5,003.12 $5,112.50 $5,453.08
$10,000 $10,006.24 $10,225 $10,906.17

How Oritani Bank CD Rates Compare to Other Banks'

Oritani Bank CD rates match up fairly well with some of the other options out there, especially if you’re only comparing with other physical banks. Even when looking only at the standard rates, Oritani far outpaces national competitors like Chase and regional competitors like PNC. Those same standard rates aren’t quite on the level of a strictly online establishment like Ally, although some of the Promo and Loyalty rates come pretty close.

Term Length Oritani Bank PNC Chase Ally
3 Month 0.25% 0.05% 0.02% 0.75%
12 Month 0.90% 0.15% 0.02% 2.75%
60 Month 1.75% 0.60% 1.01% 3.00%

Should You Get an Oritani Bank CD Account?

If you have a qualifying Oritani checking account, thereby qualifying for the Loyalty CD offerings, then an Oritani CD account could be an attractive option to consider. If you don’t have a qualifying checking account, but you live in Northern New Jersey and you’re looking for an in-person experience, you still may want to give Oritani Bank a look, especially the promotional offerings. If you don’t live in Northern New Jersey, you have little motivation to purchase a CD with Oritani Bank. You’ll be better served to look at banks in your area or head online.

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