[NY/NJ] Kearny Bank 1.5% APY On Balances Up To $25,000 – Direct Deposit Not Required

Update 3/30/20: Rate now 1.5%

Offer at a glance

• Interest Rate: 3.05% APY
• Minimum Balance: None
• Maximum Balance: $25,000
• Availability: NY & NJ, in branch only [Branch locations]
• Direct deposit required: Optional
• Additional requirements: See below
• Hard/soft pull: Unknown
• ChexSystems: Unknown
• Credit card funding: None
• Monthly fees: None
• Insured: FDIC

The Offer

Direct link to offer (shows rates) and more information here

• Kearny Bank is offering a high yield checking account that earns 3.05% APY on balances up to $25,000 when the following requirements are met:
  • 10 debit card purchases
  • eStatements
  • One direct deposit or automatic payment
• Additionally reader Brian was told that customers who opened this account in NY can also open a savings account:
  • 2.28% APY with no requirements or cap
  • 2.58% APY  $10,000 minimum required no maximum cap (I think no requirements?)

The Fine Print

• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

This account has no monthly fees to worry about.

Our Verdict

Always nice to see a rewards checking account without a direct deposit being required. It’s not a huge difference between this rate and the best basic high yield savings accounts though (2.25% vs 3.05%). What’s really interested are the two other accounts that don’t have requirements.

Hat tip to reader Brian