Magyar Bank serves individuals and businesses in Central New Jersey. The bank operates five branch locations in New Brunswick, North Brunswick, South Brunswick, and Branchburg. The Bank was founded in 1922 by Hungarian immigrants with the purpose of helping the community’s residents achieve the “American Dream”. The banks name comes from the Hungarian word to describe an individual from Hungary.
Magyar Bank has three primary savings vehicles available to consumers; a regular savings account, a money market account and certificates of deposit. The savings account is an interest bearing savings account that has no charge with $500.00 minimum daily collected balance. The money market account is a tiered-rate interest bearing checking account with limited transactions. The certificates of deposit come with competitive interest rates, various terms and a choice of maturity date.
Magyar Bank offers a premium money market that earns a higher rate than regular checking account or savings account. The money market account gives access to deposited by funds by allowing up to six withdrawals each monthly statement cycle, three of which can be checks. The money market account also comes with free online banking and bill pay, free telephone banking and a Magyar Bank debit card with no annual fee.
The premium money market account requires a $10,000 minimum opening deposit. For balances of $10,000 and larger, the money market account rate is 1.50% APY.
For a secure, guaranteed investment in which the rate does not adjust or change, Magyar Bank CD earns a fixed rate of return. The bank has a variety of terms and competitive rates, each FDIC-insured. There is a penalty for early withdrawal from CDs and fees may reduce earnings. Early withdrawals from the bank CDs are subject to the following penalties:
Bank CDs with maturities of less than 12 months, loss of 3 months interest.
Bank CDs with maturities of 12-35 months, loss of 6 months interest.
Bank CDs with maturities of 36 months & over, loss of 9 months interest.
Current CD rates and terms presently offered:
91 day CD rate is 1.00% APY
182 day CD earns a rate of 1.25% APY
7 month CD has an interest rate of 1.50% APY
One year CD rate is 1.40% APY
18 month CD earns a rate of 1.75% APY
Two year CD rate is 2.00% APY
Three year CD has a rate of 2.50% APY
Four year CD yields an interest rate of 3.00% APY
Five year CD rate is 3.25% APY
There is a $1,000 minimum balance to open the 91 day bank CD. There is a $500 minimum balance to open the 182 day bank CD and the one year CD. The remainder of the listed bank CDs requires a $2,500 minimum balance to open.
Bank rates and CD rates subject to change and additional conditions may apply to open these accounts. For current CD rates and account information the bank can be reached directly at 732.342.7600. Magyar Bank’s website contains a plethora of information on bank rates and bank products, the bank web address is www.magbank.com.
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