Posted by William Charles on September 2, 2018
Savings Accounts

Published on September 2nd, 2018 | by William Charles

19

[NY/NJ] Kearny Bank 3.05% APY On Balances Up To $25,000 – Direct Deposit Not Required

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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Bob
Bob

There is no savings account that earns 2.28% or 2.58% at Kearny. There is a Tiered Money Market that pays 2.38% on all money greater than $1,000,000.
This accounts pays nothing on amounts less than $100,000 no matter how much you have in the account. The website even says “The first $99,999 of your balance never earns interest.” . This account is a blended rate.
I would stay far away from Kearny.

Brian
Brian

Was explicitly told by the manager that since these are NY only rates (not NJ) they are intentionally not listed on the website.

Spoke with Carol from the Brooklyn branch.

anon
anon

can they be opened online?

Brian
Brian

No.

Bingo
Bingo

I submitted this nearly a year ago when the rate was even higher… It never made it on the site.

IS250
IS250

What was the rate before?

Mepo
Mepo

This or heritage better?

Slip6
Slip6

DoC, you may also possibly want to link to this page, which spells out the T&C’s and has more info:

https://promo.kearnybank.com/high-yield-checking/

Slip6
Slip6

Also, the comments are a bit confusing..is it 3.05% in both NJ and NJ? According to Brian’s comment, it seems NY has a lower rate?

Tried calling the 888 # in my link, but went to VM lol. Anyone know if by “automatic payments” requirement they are referring to bill pay?

3.05% for a checking account seems great, way better than 2.25% for a savings account where you’re limited to 6 txns/month. Maybe I’m reading it wrong, but is there a reason a savings account with lower APR would be better?

I’d say for locals this is definitely one of the top checking accounts. Rare to find one that’s checking and also high APR with relatively easy requirements.

bb
bb

I visited and opened this account this week. A few notes:
1) The savings rate is only available in-branch in NY, which is difficult, given that they have one branch in Sunset Park and another in Staten Island. They’re opening a third branch in Greenpoint later this year, which isn’t surprising, given that this bank generally caters to the Polish community, at least in NYC.

2) They expect you to have the $10K ready for deposit at the time you open the account. I asked if I could just open the account and transfer online and the banker said no and then thought for a minute and talked to another employee and then acquiesced and said I could open it with $50 in checking and $100 in savings.

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

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 ?

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.

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