New York Banking Rates

CD Rates in New York Are Getting Higher

CD Rates in New York have been painfully low for quite a while, especially ever since the financial crisis. However, there may be hope for better interest rates in the near future. Financial institutions like banks and credit unions are beginning to increase their rates, especially on certificates of deposit with longer term lengths.

Why CD Rates Are Getting Better

According to the Wall Street Journal, there are a couple of reasons why CD interest rates are finally beginning to move upward again. Expectations of higher inflation have led to a wide yield curve on Treasurys, which means it’s easier for banks to offer higher rates on longer term CDs. Additionally, more individuals and businesses are looking to take on longer loans, thus the need for financial institutions to entice customers to keep their money on deposit longer.

Today’s Highest CD Rates in New York

Even though this is good news for CD rates, not all rates can be considered especially good offers as compared with the national average or even competitive for the local market. If you want to get the best CD rates in New York, here’s a list of the top offers right now:

Best New York CD Rates: 6 Month CD

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Highest New York CD Rates: 12 Month CD

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Best CD Rates in New York: 24 Month CD

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