Wednesday, 25 November 2020

Oritani Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

Oritani Bank Review: Checking, Savings, CD, Money Market and IRA Accounts
28 Nov
10:49

Oritani Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.25%

Savings

Oritani Bank Statement Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

0.90%

CD Rates

Oritani Bank 12 – 15 Month Certificate

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.25%

CD Rates

Oritani Bank 36 Month Certificate

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

1.75%

CD Rates

Oritani Bank 60 Month Certificate

2.80%

Synchrony Bank 14 Month CD

on Synchrony Bank’s secure website

Member FDIC

Oritani Bank’s checking account options

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How Oritani Bank’s checking accounts compare

While most of Oritani Bank’s checking accounts come with low or no monthly fees and balance requirements, the interest rates on the accounts that offer it don’t stack up to the rates on our list of the best online checking accounts. Not only that, but the fact that you can only open an account in person could be an inconvenience if you don’t live near one of its branches. We say consider one of the accounts on our list instead.

Oritani Bank’s savings account options

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How Oritani Bank’s savings accounts compare

While the Platinum Savings account’s rate is on par with some of the accounts on our list of the best online savings accounts, none of the others are. Not only that, but on that specific account, you need to maintain a pretty steep balance to earn that rate. This — along with the fact that you can’t open any of these accounts online — would lead us to say that you should continue to shop around or consider one of our recommended products.

Oritani Bank’s CD rates

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How Oritani Bank’s CD rates compare

Although the bank claims its CD rates are competitive, only the promotional rates prove to be on par with the accounts on our list of the best CD rates. If there’s one product to go for at Oritani Bank, it’s these CDs. Get one while you can if it’s convenient for you to visit a bank branch in person and you’ve done your research to know this is the best product available to you.

Oritani Bank’s money market account options

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How Oritani Bank’s money market accounts compare

As far as rates are concerned, none of Oritani Bank’s money market accounts stack up against the competing accounts on our list of the best money market account rates. Not only that, but a few of the tier levels require an astronomical balance to even earn these subpar rates. Add to that the fact that you have to open these in person, and we say give these money market accounts a hard pass.

Oritani Bank’s IRA options

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How Oritani Bank’s IRA CD rates compare

Like with the regular CD products, Oritani Bank’s standard IRA CDs don’t compare to those on our list of the best IRA CD rates. But its promotional rates do, so if this bank is a convenient option for you (convenient enough that you can visit a branch to open an account, anyway), there’s no reason to not at least consider one of these products when doing your research.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Emilia Benton

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Source: https://www.magnifymoney.com/blog/reviews/oritani-bank/

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