New York Banking Rates

Where to Find the Best CD Rates in New York

new york cd rates
Certificates of Deposit (CDs) have a reputation as low-risk investments in New York, widely used in saving for retirement, college funds and more. However, because of their popularity and because of constant market changes, the available rates may vary greatly from one institution to the next. While most banks and credit unions in New York offer CDs, you should not trust that each of them will offer you equal interest rates on the money you intend to invest.

Here’s a look at some of the best 1, 5 and 10 year CD rates offered in New York, and the institutions that offer them.

About New York CD Rates

The rates you can get on CDs in New York usually vary depending on the type of CD, the institution offering the CD and the length of term. Common terms are between 6 months and 10 years, and normally the longer you leave your money in the bank, the higher interest rate they’ll give you.

However, CDs are not known for offering high interest rates for savings, even when you choose a high-yield CD type. There may also be certain restrictions on the amount of money you deposit, and that will also affect rates somewhat.

Typically, there will be a minimum deposit or investment amount in order to qualify for certificate of deposit programs. That amount will vary by institution, so it’s best to check out the particulars for the bank in New York that you’re considering an investment in.

Current CD Rates in New York

Bank Name

Rate

Length of Term

Type of CD

Alma Bank

1.35

1 year

Standard CD

Melrose Credit Union

1.10

1 year

Melrose Share CD

CitiBank

1.10

1 year

Achiever CD

Metlife

1.05

1 year

High Yield CD

Ally Bank

1.03

1 year

High Yield CD

Eastbank

1.01-1.20

1 year

Eastbank CD

Montauk Credit Union

2.50

5 year

Standard CD

Geddes Savings and Loan

2.50

5 year

Standard CD

Atlas Bank

1.81-2.33

5 year

Standard CD

Eastbank

1.75

5 year

Eastbank CD

Ally Bank

1.69

5 year

High Yield CD

First Republic Bank

1.39

5 year

First Republic CD

Astoria Federal Savings

1.25

5 year

Astoria CD

Valley National Bank

1.25

5 year

High Yield CD

Bank of America

2.01

10 year

Standard CD

Chase Bank

2.00

10 year

Chase CD Special

PNC Bank

1.50

10 year

Fixed Rate CD

Astoria Federal Savings

1.25

10 year

Callable CD

Keep in mind that CD rates in New York may change frequently, so it’s wise to understand what types of rates are offered before you choose an investment, and how these rates may or may not change during the length of your investment. Also, keep in mind that the types of CDs may have different rules and requirements, so you’ll want to do your homework before you commit so that you are aware of what may be expected of you.

A Final Note about New York CD Rates

Because New York has a large metropolitan area, banks and credit unions who offer certificates of deposit in New York will typically do their best to remain competitive. That’s good news for New York residents, because you will usually be able to find a rate that suits your expectations and won’t have the limited options that some smaller communities may experience. The larger the area, the more banking institutions there are, and the more competitors there are, the better their rates may be.

By doing your research before choosing a New York bank to invest in, you can be assured that you’ll get the best certificate of deposit for your situation, and will receive the best rate possible on that investment.

Chad Fisher is a freelance writer and advocate for financial literacy. Whether investing for retirement or purchasing a life insurance policy, the goal is to keep your financial situation safe and sound. Compare rates and reputations to find an institution that offers you good value as well as financial security