[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

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A
A

FYI high yield checking is now 1%

Dheeraj
Dheeraj
CardShark
CardShark

The rate on High Yield Checking has dropped… 2.75, then 2.15, now down to 1.50%. The Relationship Builder Money Market and 5-Year CDs are at 1.15%, so I won’t be surprised to see the rate drop yet again on the High Yield Checking, and it can do so at any time.

Kase
Kase

The annual yield changed on the checking account.

jay
jay
Bob
Bob

Open is EZ. Getting approval might not be…….

Dheeraj
Dheeraj

It’s now 2.75% according to the front page

Brian
Brian

FYI High-Yield Checking can now be opened online.

atexit8
atexit8

Is the 10 debit and the direct deposit a one-time requirement or is it every month?

Brian
Brian

Every month. You can automate a $1 billpay, no need for DD, but yes, 10 debit transactions as well (I do as low as $.02)

AG
AG

How do you do such low debit card transactions? Do the debit card transactions need to be in store or would amazon gift card reloads online be sufficient to meet this requirement?

Brian
Brian

Transactions do not need to be in-person.

Jack Burton 99
Jack Burton 99

Hey Brian. A bit confused about your DD comment. The offer page states that 1 DD per month is required for the higher APY, but you say “no need”. Do you mean a Billpay will satisfy the need for a DD? If so, I’m not not sure how that would work, and have never seen that work with other banks. Please explain what you do. Or did I read your comment wrong? Thanks!

Ron
Ron

Seems from the T&C direct deposit and 2 other conditions are required for getting the 3.05%. I am confused why doc mentions it as optional. Seems to me one won’t be eligible for the high interest rate of 3.05% merely by depositing 25k ? Any dp what their rate is if I only make 25K deposit ?

more info
more info

ChexSystem pull only, limited ACH capability if initiated from Kearny, bank still operates as an offline bank with less useful online capability