Average August CD Rates for New York, NY

It’s easy to set aside some money in a savings account and forget about it, but this savings strategy won’t grow your funds to the fullest extent. A certificate of deposit will often provide higher earnings than a traditional savings account, but the key is finding the best CD rates in New York before committing a deposit. Learning more about the rates currently available in and around the city will help you make an informed decision when it comes to choosing an account.

For instance, if you’re aware of the interest rate ranges among financial institutions in the area, you’ll be able to pinpoint a competitive offer as opposed to a rate that’s low for the region. Below is a look at the highest and lowest interest rates, as well as averages, across a few different CD terms.

Average CD Interest Rates in New York, NY

New York 2-Year CDs

There are currently 37 CDs offered in and around New York for a term of 2 years. Of those accounts the highest rate is 1.77% APY, while the very lowest is 0.5% APY. The average 2-year CD rate in the city today is 1.31% APY.

1-Year CDs in New York

Out of a total 38 accounts available, the highest New York 1-year CD rate is 1.51% APY and the lowest is 0.26% APY. The average rate among these accounts is 0.91% APY.

New York 6-Month CDs

Banks and credit unions in and around New York currently have 33 certificates of deposit available for a 6-month term. The lowest rate you’ll find today 0.2% APY and the highest is 1.31% APY. The average 6-month CD rate in New York today is 0.64% APY.

Please note the above rates are as of 8/12/11, but may change at any time at the discretion of the individual banks and credit unions.