Bogota Savings Bank (NJ) offers the best money market rate in the entire state


Summary of the offer: Anniversary Money Market Check, 1.00% APY, $ 75,000 minimum opening deposit.

Availablity: New Jersey via the online application.

The Bogota Savings Bank (AMMC) Anniversary Money Market Monitor is currently reporting 1.00% APY on balances of $ 75,000 and over. The other three rate levels are significantly lower: 0.25% APY ($ 50,000), 0.20% APY ($ 15,000) and 0.05% APY ($ 1). The AMMC requires a minimum opening deposit of $ 75,000.

0.35*% $ 75,000 Bogota Savings Bank Anniversary Money Market Check
OTHER LEVELS: 0.05% → $ 1 – $ 75,000

Prices as of September 20, 2021.

Check writing is available and initial money market checks are free when opening a new AMMC. The AMMC comes with a Master Money debit card that can be used at any ATM or anywhere MasterCard is accepted.

Bogota Savings Bank has joined the Allpoint network, which means Bogota Savings Bank customers now have access to the largest toll-free ATM network in the United States, with some 55,000 toll-free ATMs in the world.

If the AMMC balance “falls below $ 75,000 on any day of the monthly statement period,” a monthly charge of $ 10 applies. There is a $ 10 fee for each withdrawal / transaction over the six authorized per month. If an AMMC is closed within one year of opening, an early closing fee of $ 10 will be charged.

I wrote about AMMC four years ago, when it was added to the product line as a promotion celebrating the 123rd birthday. The initial 1.23% APY only lasted a few months before the rate dropped to 0.05% APY. The rate did not move until June 2019, climbing to 1.60% APY where it stayed until six months ago; the APY of 1.00% has been in effect since May 2020.


Bogota Savings Bank is headquartered in Teaneck, New Jersey, just 7 miles from Upper Manhattan (NYC). The bank considers itself a community bank, but its “community” includes all US citizens and resident aliens who live anywhere in New Jersey.

The Anniversary Money Market Check can be opened online or at one of two New Jersey branches, located in Bogota and Teaneck. There is no information on the Bank’s website regarding the branch COVID-19 restrictions.

Bank overview

Bogota Savings Bank has an overall health rating of “A” on, with a Texas ratio of 0.67% (excellent) based on data as of June 30, 2020. Over the past year, Bogota Savings Bank increased its total non-middleman deposits by $ 1.36 million, an above-average annual growth rate of 0.3%. Please refer to our Bogota Savings Bank Financial Overview (FDIC Certificate # 29941) for more details.

Founded as the Bogota Savings and Loan Association, the Bogota Savings Bank is one of the oldest banks in New Jersey.

In 1893, local businessman William Smith determined that employees at his company, Bogota Paper Mills, should have a local place to take care of their banking needs. To help him achieve his goal, Mr. Smith enlisted the help of New York banker Edwin “Pop” Ludwig. Building on Mr. Ludwig’s vast experience gained during his tenure at Bowery Savings Bank, the two set out to make this idea a reality and on March 31 of the same year, Bogota Building and Loan was born.

Bogota Savings Bank is currently on 29e largest bank headquartered in New Jersey, with assets of over $ 738 million and nearly 26,000 accounts receivable.

Anniversary Money Market Check Comparison

Compared to money market accounts tracked by which are available to residents of New Jersey, Bogota Savings Bank APY Anniversary Money Market Control currently shares first place with Merchants Bank of Indiana.

The above prices are correct as of 06/11/2020.

To find nationwide money market rates or money market rates in your state, please refer to the Money Market Rates section of


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