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

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Updated on Sunday, November 1, 2020

Oritani Bank’s checking account options

TGIF Checking

This basic, no-frills account does not earn interest, but it’s a solid fee-free checking account.
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: None
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

The selling point for this account is that it is very easy to open and maintain with such a low opening deposit requirement and no monthly fee or minimum balance to maintain. This account also comes with free online and mobile banking, bill pay, a free MasterMoney debit or Oritani Bank ATM card and a free first order of basic checks.

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Choice Plus Checking

A step above the TGIF account, this one allows you to earn a bit of interest on fairly low balances.
APYMinimum Balance to Earn APY
0.20%$1,000
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $6 (this can be waived)
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

This account does earn interest on balances of $1,000 or more. While it does have minimal requirements compared to the TGIF account, the $6 monthly service charge is fairly easy to avoid if you have a monthly direct deposit or maintain a $500 minimum balance. This account also offers free online banking and bill pay, along with an Oritani Bank MasterMoney debit card and a free first order of checks. “Bounce protection” is also a possibility, though you’ll have to contact the bank to learn more about what that entails.

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Nifty-Fifty Checking

A checking account for customers 50 and older.
APYMinimum Balance to Earn APY
0.20%$1,000
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: None
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

This account is meant for bank customers who are 50 or older. Like the Choice Plus account, this one earns interest on balances of $1,000 or more. There are no monthly balance requirements, as well as no monthly fee, and this account offers unlimited check-writing. It also offers free online banking and bill pay services, a free 3-inch by 5-inch safety deposit box for the first year (with a 75% discount on other sizes), 50 free printed checks, an Oritani Bank MasterMoney debit card and bounce protection, though you will need to contact the bank about what that entails.

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on Oritani Bank’s secure website

Member FDIC

Optimum Gold Checking

A checking account with a higher opening deposit account and lackluster tiered rates.
APYMinimum Balance to Earn APY
0.20%$1,000
0.20%$5,000
0.30%$10,000
0.40%$25,000
  • Minimum opening deposit: $10,000
  • Monthly account maintenance fee: $20 (this can be waived)
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

This account earns interest at four different tiers. Although the rates aren’t extraordinary, this account does come with a higher opening deposit requirement and a $10,000 minimum monthly balance requirement to avoid a higher-than-average $20 fee. On the plus side, it does come with free transactions at all Oritani Bank ATMs, free FastBanking phone service, free Optimum Gold checks, 50 free printed checks, an Oritani Bank MasterMoney debit card and bounce protection, though you’ll need to call the bank to inquire about what that entails.

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on Oritani Bank’s secure website

Member FDIC

NJ Consumer Checking

The bank’s cheap checking option, with minimal requirements.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

This account does not earn interest. It’s another no-frills checking account option with a low opening deposit requirement, and then no balance requirement after that first minimum deposit. You can write up to eight checks a month for a fee of $3. You also get 50 free printed checks.

How to get Oritani Bank’s checking accounts

If you are a resident of New Jersey, you can open any of the above checking accounts at a branch. You’ll need to come with your government-issued ID, Social Security number and address.

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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

Platinum Savings

This account offers an OK rate for a fairly high minimum balance requirement.
APYMinimum Balance to Earn APY
1.25%$10,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $10,000
  • Monthly account maintenance fee: None
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

This account is advertised as the bank’s “preferred rate consumer Statement Savings account.” Although it comes with a low opening deposit, the minimum to earn interest is pretty high in comparison. Interest on this account is accrued daily and paid out monthly. This account also comes with online banking services and can be linked to an Oritani Bank checking account. As a savings account, this one is subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers up to six a month.

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on Oritani Bank’s secure website

Member FDIC

Passbook Savings

This savings account comes with easier-to-meet requirements.
APYMinimum Balance to Earn APY
0.25%$100
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: None
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

This account also requires a very low opening deposit. But the minimum balance to earn the APY is also low at $100. This account accrues interest daily and pays it out monthly. It is not eligible for electronic transactions. As a savings account, it’s subject to Federal Reserve Regulation D, which limits certain transactions up to six a month.

SEE DETAILS Secured

on Oritani Bank’s secure website

Member FDIC

Statement Savings

The bank’s basic savings account.
APYMinimum Balance to Earn APY
0.25%$250
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $250
  • Monthly account maintenance fee: None
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

This account also comes with the same $1 minimum opening deposit as many of the bank’s other accounts. The minimum balance requirement to earn the rate is fairly low, too. This account accrues interest daily and pays it out monthly. You can access the account via online banking, and you can link it to an Oritani Bank checking account. As a savings account, it’s subject to Federal Reserve Regulation D, which limits certain transactions up to six a month.

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on Oritani Bank’s secure website

Member FDIC

Super Passbook Savings

This account offers the same rate as the regular Passbook Savings, though the balance required to earn it is higher.
APYMinimum Balance to Earn APY
0.25%$250
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $250
  • Monthly account maintenance fee: None
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

This account claims to be an upgrade from the regular Passbook Savings account, but the rate begs to differ, as it is the same. But as we mentioned before, the balance required to earn it is slightly higher. This account accrues interest daily and pays it monthly. It is not eligible for electronic transactions. As a savings account, it’s subject to Federal Reserve Regulation D, which limits certain transactions up to six a month.

SEE DETAILS Secured

on Oritani Bank’s secure website

Member FDIC

Super Saver Plus

Once linked to any active Oritani Bank checking account, this account can earn tiered rates depending on your daily balance.
APYMinimum Balance to Earn APY
0.15%$250
0.20%$5,000
0.25%$10,000
0.25%$25,000
  • Minimum opening deposit: $250
  • Minimum balance to earn APY: Varies; see table
  • Monthly account maintenance fee: None
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

This account must be linked to an active Oritani Bank checking account. From there, you can earn one of four tiered interest rate levels. Interest is accrued daily and paid monthly on this account. As a savings account, it’s subject to Federal Reserve Regulation D, which limits certain transactions up to six a month.

How to get Oritani Bank’s savings accounts

Like with the bank’s other personal accounts, these savings accounts must be opened in person if you meet the requirement of being a resident of New Jersey. Be sure to come with your government-issued ID, Social Security number and address.

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on Oritani Bank’s secure website

Member FDIC

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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

Standard Certificates of Deposit

The bank’s regular CDs, with a minimum deposit of $1,000.
TermAPY
3 months0.25%
6 months0.50%
12-15 months0.90%
18 months1.00%
19-24 months1.25%
30 months0.90%
36 months1.25%
48 months1.50%
60 months1.75%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: On CDs of less than 12 months, the penalty is three months worth of interest at the rate it is earning; on CDs 12 months and longer, it’s six months worth of interest at the rate it is earning

These CDs are pretty standard as far as the minimum deposit requirements and early withdrawal penalties go. Interest on these accounts is compounded daily and credited monthly. The rates are fixed until the maturity date, at which point the interest may remain in the account, be automatically withdrawn by check or transferred to another Oritani Bank account. These certificates will automatically renew for the same term length upon maturity.

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on Oritani Bank’s secure website

Member FDIC

Promo CDs, Loyalty CDs

The bank’s promotional CDs, with an opening deposit of $1,000.
TermAPY
6 month Promo CD1.50%
6 month Loyalty CD1.75%
12 month Promo CD1.60%
12 month Loyalty CD1.85%
15 month Promo CD1.75%
24 month Promo CD1.75%
24 month Loyalty CD2.00%
60 month Promo CD1.75%
60 month Loyalty CD2.00%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: On CDs of less than 12 months, the penalty is three months worth of interest at the rate it is earning; on CDs 12 months and longer, it’s six months worth of interest at the rate it is earning

These are Oritani Bank’s promotional CDs, which are offered from time to time for various terms. These will automatically renew at a traditional term that is determined at the time the account is opened at maturity. There is a seven-day grace period following maturity during which principal may be added to or withdrawn without penalty.

How to get Oritani Bank’s CDs

Oritani Bank’s CDs are the lone product that is open to anyone, even if they don’t live in New Jersey. But you still have to visit a branch to open one either way, so that’s likely not a win for potential out-of-state customers.

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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

Money Market

Oritani Bank’s basic money market account, offering three tiers.
APYMinimum Balance to Earn APY
0.20%$1,000
0.20%$5,000
0.30%$10,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: Varies; see table
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

Oritani Bank’s money market accounts can be opened with a fairly low deposit, though the $10 monthly fee is only waivable if a minimum $1,000 balance is maintained. It comes with a free first order of Money Market checks, an Oritani Bank ATM card or MasterMoney debit card with no monthly charges, online banking and bill pay services, FastBanking phone service, statements with check images online or by mail, automatic transfers to other Oritani Bank accounts, direct deposit capability and bounce protection (though you’ll need to contact the bank about what that protection entails). This account allows for unlimited deposits and in-person withdrawals. But as a savings account, it is subject to Federal Reserve Regulation D, which limits pre-authorized withdrawals and transfers up to six a month.

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on Oritani Bank’s secure website

Member FDIC

Diamond Money Market

This money market account offers a higher rate than the regular account.
APYMinimum Balance to Earn APY
1.05%$0.01
0.45%$250,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: Varies; see table
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

Like with the regular Money Market account, this account can be opened with a fairly low deposit, though the monthly $10 fee is only waivable if a $1,000 average balance is maintained. Offering a higher rate at two tiers, the Diamond Money Market account also comes with a free first order of Money Market checks, an Oritani Bank ATM card or MasterMoney debit card with no monthly charges, online banking and bill pay services, FastBanking phone service, statements with check images online or by mail, automatic transfers to other Oritani Bank accounts, direct deposit capability and bounce protection (though you’ll need to contact the bank about what that protection entails). This account allows for unlimited deposits and in-person withdrawals. Keep in mind, though, that as a savings account, this one is subject to Federal Reserve Regulation D, which limits pre-authorized withdrawals and transfers up to six a month.

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on Oritani Bank’s secure website

Member FDIC

Premier Money Market account

The bank’s “premier” money market account doesn’t live up to its name as far as the rates are concerned.
APYMinimum Balance to Earn APY
1.50%$0.01
0.45%$250,000
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: Varies; see table
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

This account requires a higher opening deposit of $10,000, though the monthly $10 fee is only waivable if that $10,000 balance is maintained. It also offers a slightly higher rate at the first tier than with the Diamond Money Market account. The Premier Money Market account comes with the same account features as the Money Market and Diamond Money Market accounts. But as with all savings accounts, this one is subject to Federal Reserve Regulation D, which limits pre-authorized withdrawals and transfers up to six a month.

How to get Oritani Bank’s money market accounts

Like all of Oritani Bank’s personal banking products, its money market accounts must be opened at a branch. You must also be a New Jersey resident to open these accounts. Be sure to come with your government-issued ID, Social Security number and address.

SEE DETAILS Secured

on Oritani Bank’s secure website

Member FDIC

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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

IRA CD rates

IRA Standard Certificates

Oritani Bank’s regular CDs available to open within an IRA, with a $1,000 opening deposit.
TermAPY
3 months0.25%
6 months0.50%
12-15 months0.90%
18 months1.00%
19-24 months1.25%
30 months0.90%
36 months1.25%
48 months1.50%
60 months1.75%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: On CDs of less than 12 months, the penalty is three months worth of interest at the rate it is earning; on CDs 12 months and longer, it’s six months worth of interest at the rate it is earning

These are Oritani Bank’s CDs opened within an IRA. They, too, are pretty standard as far as the minimum deposit requirements and early withdrawal penalties go. Interest on these accounts is compounded daily and credited monthly. The IRA CD rates are fixed until the maturity date, at which point the interest may remain in the account, be automatically withdrawn by check or transferred to another Oritani Bank account. Like with the regular CDs, these certificates will automatically renew for the same term length upon maturity.

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on Oritani Bank’s secure website

Member FDIC

Promo IRA CDs, Loyalty IRA CDs

The bank’s promotional IRA CDs, with a $1,000 opening deposit.
TermAPY
6 month Promo CD1.50%
6 month Loyalty CD1.75%
12 month Promo CD1.60%
12 month Loyalty CD1.85%
15 month Promo CD1.75%
24 month Promo CD1.75%
24 month Loyalty CD2.00%
60 month Promo CD1.75%
60 month Loyalty CD2.00%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: On CDs of less than 12 months, the penalty is three months worth of interest at the rate it is earning; on CDs 12 months and longer, it’s six months worth of interest at the rate it is earning

Oritani Bank’s promotional certificates of deposit extend to its IRA CDs, which are also offered from time to time for various terms. Like with the regular ones, these will automatically renew at a traditional term that is determined at the time the account is opened at maturity. There is a seven-day grace period after maturity during which principal may be added to or withdrawn without penalty.

How to get Oritani Bank’s IRA CDs

Although these IRA CDs are available to anyone even if they live outside of New Jersey, you still have to visit a branch to open one. To do so, you’ll need to come with your government-issued ID, Social Security number and address.

SEE DETAILS Secured

on Oritani Bank’s secure website

Member FDIC

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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.

IRA Savings

This account can be opened as a traditional or Roth IRA.
APYMinimum Balance to Earn APY
0.25%$250
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $250
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This IRA Savings account can be opened as a traditional or Roth IRA. If you go the traditional route, some or all of your contributions may be tax deductible, which is dependent on your adjusted gross income. The interest can grow tax-deferred until you decide to withdraw it. If you open it as a Roth IRA, your interest can grow tax-free when withdrawn as a qualified distribution, though your contributions are not tax deductible. As with all savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain transfers and withdrawals up to six a month. This account may also be subject to an additional early withdrawal penalty by the IRS if you withdraw funds before age 59½.

How to get Oritani Bank’s IRA savings account

As with all of Oritani Bank’s deposit accounts, you must open the IRA Savings account in person if you qualify to do so by being a resident of New Jersey. Be sure to come with your government-issued ID, Social Security number and address.

SEE DETAILS Secured

on Oritani Bank’s secure website

Member FDIC

Overall review of Oritani Bank’s banking products

When you look at the rates across the board for Oritani Bank’s personal banking products, none of them is anything to get excited about, save for its promotional CDs and IRA CDs, which you can open even if you’re not a New Jersey resident. But for those, like with all its personal banking products, you have to open them at a branch, which is sure to be a huge inconvenience for those who don’t live near one. If this alone causes you to give the bank a general pass, we can’t say we blame you.