A new study from leading banking and personal finance website GOBankingRates identified the highest five-year CD rates in New York City. Consumers seeking low-risk investments and a safe place to grow capital typically find certificates of deposit yield a higher rate of interest than regular savings accounts.
“CD rates vary geographically because local institutions are all striving to accomplish different goals,” said Amanda Garcia of GOBankingRates. “The highest CD interest rates in a city or state will depend on several factors, including the current lending environment, capital available, and level of competition for deposits among local banks and credit unions.”
GOBankingRates also compared the average CD rate in New York City with state and national averages.
Average CD Rates
10 Best Five-Year CD Rates in NYC
- No. 1- First National Bank of Long Island and Flushing Savings Bank: 2.15% APY, for deposits between $1,000-$500,000 and $1,000+ respectively
- No. 2- Doral Bank: 1.90% APY, for deposits $500+
- No. 3- Emigrant Bank and Ponce De Leon Federal Bank: 1.75% APY, for deposits $1,000+
- No. 4- Community Federal Savings Bank: 1.70% APY, for deposits $500+
- No. 5- Eastbank: 1.60% APY, for deposits $2,500+
- No. 6- People’s Alliance Federal Credit Union: 1.57% APY, for deposits $500+
- No. 7- Signature Bank: 1.56% APY, for deposits $5,000+
- No. 8- Spring Bank and Ridgewood Savings Bank: 1.50% APY, for deposits $250+ and $500+ respectively
- No. 9- Popular Community Bank: 1.35% APY, for deposits $1,000+
- No. 10- M&T Bank: 1.31% APY, for deposits $1,000+
Spring Bank’s five-year CD is especially notable for requiring a minimum deposit of just $250, while offering savers yields well above city, state and national averages.
About This Study
This study surveyed base rates for interest-bearing CD accounts with an assumed deposit of $10,000 from banks and credit unions located in New York County as of Feb. 4, 2014. Data was compiled from the GOBankingRates interest rate database, which in partnership with Informa Research Services, aggregates interest rate information from more than 4,000 financial institutions.
Interest rates are subject to change at any time. Other conditions might apply. This information has been obtained from various financial institutions and accuracy cannot be guaranteed.