Best CD Rates in New York

With a myriad of banking options ranging from large multinational banks to local credit unions, New York has the unique advantage of choosing from competitive CD rates. It can significantly improve their savings growth.

New York’s diverse financial landscape offers attractive CD rates that cater to a wide range of financial goals. As we navigate through the complexities of the financial markets, securing a CD with a top rate becomes a golden opportunity to ensure your money works as hard for you as you do for it.

Let’s dive into the factful analysis in the section below;

Overall Best CD rates in New York

No.	Name of the Bank	APY %	Term Length	Address
1	XCEL Federal Credit Union	5.32%	18-month	26 Federal Plz New York, NY 10278
2	Cross River Bank	5.31%	18-month	2365 Nostrand Ave Brooklyn, NY 11210
3	Popular Bank	5.25%	13-month	11 West 51st Street, New York, NY 10019
4	City National Bank	5.10%	3-month	1140 6th Ave New York, NY 10036
5	Banco Popular North America	5.02%	18-month	918 Seneca Ave Ridgewood, NY 11385
6	Doral Bank	5.02%	18-month	623 5th Ave New York, NY 10022
7	Goldman Sachs Bank USA	5.00%	18-month	200 W St New York, NY 10282
8	Apple Bank for Savings	5.00%	3-month	1395 Northern Blvd Manhasset, NY 11030
9	Empower Federal Credit Union	5.00%	3-month	100 Manhattanville Rd Purchase, NY 10577
10	First Point Federal Credit Union	5.00%	3-month	1130 US Highway 202 Raritan, NJ 08869
11	Habib American Bank	5.00%	3-month	11217 Liberty Ave South Richmond Hill, NY 11419
12	NorthEast Community Bank (MHC)	4.94%	3-month	242 W 23rd St New York, NY 10011
13	City National Bank	4.75%	3-month	1140 6th Ave New York, NY 10036
14	PenFed Credit Union	4.50%	18-month	1204 Stony Lonesome Access Rd West Point, NY 10996
15	McGraw Hill Federal Credit Union	4.50%	18-month	55 Water St New York, NY 10041
16	Navy Federal Credit Union	4.50%	18-month	26403 Johnson Rd Evans Mills, NY 13637
17	Wells Fargo Bank, National Association	4.50%	3-month	330 Madison Ave New York, NY 10017
18	Freedom Bank	4.45%	18-month	Online
19	Melrose Credit Union	4.16%	3-month	13930 Queens Blvd Briarwood, NY 11435
20	Santander Bank, N.A.	4.16%	3-month	2814 Broadway New York, NY 10025
21	Teachers Federal Credit Union	4.16%	3-month	31 W Main St Patchogue, NY 11772
22	Nassau Educators Federal Credit Union	4.10%	18-month	1A Front St Hempstead, NY 11550
23	Northfield Bank	4.05%	18-month	1731 Victory Blvd, Staten Island, NY 10314
24	Habib American Bank	4.04%	24-month	99 Madison Avenue, New York, NY 10016
25	New York Community Bank	4.02%	3-month	615 Merrick Ave, Westbury, NY 11590
26	Solvay Bank	4.00%	18-month	1601 Milton Ave Solvay, NY 13209
27	Signature Bank	4.00%	3-month	565 Fifth Avenue, New York, NY 10017
28	Provident Bank	4.00%	18-month	400 Rella Blvd, Montebello, NY 10901
29	East West Bank	4.00%	12-month	535 Madison Avenue, New York, NY 10022
30	Bank of Hope	4.00%	24-month	Online
31	Bank of America, National Association	3.93%	3-month	2895 Richmond Ave Staten Island, NY 10314
32	First Republic Bank	3.93%	12-month	1230 Avenue of the Americas, New York, NY 10020
33	Sterling National Bank	3.93%	24-month	400 Rella Blvd, Montebello, NY 10901
34	Investors Bank	3.93%	18-month	101 JFK Parkway, Short Hills, NJ 07078
35	Pacific City Bank	3.89%	24-month	Online
36	Pittsford Federal Credit Union	3.85%	18-month	1321 Pittsford Mendon Rd PO Box 726 Mendon, NY 14506
37	New York Community Bank	3.69%	3-month	100 Duffy Ave Hicksville, NY 11801
38	Bank Leumi USA	3.68%	24-month	579 Fifth Avenue, New York, NY 10017
39	Apple Bank for Savings	3.50%	18-month	3098 Steinway St Astoria, NY 11103
40	Amalgamated Bank	3.35%	24-month	275 7th Avenue, New York, NY 10001
41	First Heritage Federal Credit Union	3.00%	18-month	202 Denison Pkwy E Corning, NY 14830
42	Montauk Credit Union	3.00%	18-month	111 W 26th St New York, NY 10001
43	Flushing Bank	3.00%	18-month	220 RXR Plaza, Uniondale, NY 11556
44	Dime Community Bank	3.00%	18-month	300 Cadman Plaza W, Brooklyn, NY 11201
45	Metropolitan Commercial Bank	3.00%	12-month	99 Park Ave, New York, NY 10016
46	Cathay Bank	3.00%	24-month	Online
47	Xceed Financial Federal Credit Union	2.86%	3-month	22 Sylvan Way Parsippany, NJ 07054
48	Walden Savings Bank	2.75%	18-month	95 N Main St Florida, NY 10921
49	Navy Federal Credit Union	2.75%	3-month	437 Main St Highland Falls, NY 10928
50	Apple Bank for Savings	2.72%	24-month	1395 Northern Boulevard, Manhasset, NY 11030
51	Anheuser-Busch Employees Credit Union	2.65%	18-month	2885 Belgium Rd Baldwinsville, NY 13027
52	Citibank, N.A.	2.50%	18-month	One Court Sq Long Island City, NY 11101
53	Montauk Credit Union	2.25%	3-month	111 W 26th St New York, NY 10001
54	People’s United Bank	2.14%	24-month	Online
55	Valley National Bank	2.14%	18-month	1455 Valley Road, Wayne, NJ 07470
56	Nassau Educators Federal Credit Union	2.00%	3-month	1157 Wantagh Ave Wantagh, NY 11793
57	Pinnacle Federal Credit Union	1.99%	3-month	135 Raritan Center Pkwy Edison, NJ 08837
58	Alma Bank	1.98%	18-month	28-31 31st Street, Astoria, NY 11102
59	Garden Savings Federal Credit Union	1.75%	3-month	23 Prospect St Dover, NJ 07801
60	Amerant Bank	1.50%	3-month	11 E 51st St New York, NY 10022
61	Emigrant Bank	1.28%	18-month	5 East 42nd Street, New York, NY 10017

Current CD Rates of New York

In New York, current CD rates hold significant importance as they reflect the broader economic environment and offer residents a reliable investment.

With interest rates influenced by factors such as the Federal Reserve’s policies and the local banking competition, securing a CD in New York can provide a stable return in a fluctuating market.

Best 6-Month CD Rates

For those looking to invest in a short-term savings vehicle, the best 6-month CD rates in New York offer an excellent opportunity to earn higher interest.

1. Capital One

Minimum Amount: $0

APY / Rate: 5.00%

Pros:

• No minimum balance required
• Interest is paid end of the term, monthly, or annually
• 5-minutes easy account opening process
• FDIC-insured investment options

Rules:

• A CD account can be opened online by accessing the website if you are already a member of Capital One bank.
• Interest is accrued daily but paid and compounded monthly.
• Premature withdrawal from the CD is subject to a penalty.

2. CFG Community Bank

Minimum Amount: $500.00

APY / Rate: 5.00%

Pros:

• The high yield rate of interest
• A decent minimum amount required
• FDIC-insured banking option
• Strong customer support system

Rules:

• To open a CD an investor can approach the bank online or in-branch.
• The minimum deposit allowed in a CD is $500 and the maximum limit is set at $250,000.
• The interest on the CD is compounded monthly.

Best 1-Year CD Rates

When considering a slightly longer commitment, the best 1-year CD rates present a perfect balance between accessibility and earning potential.

1. BMO Harris

Minimum Amount: $1000

APY / Rate: 5.000%

Pros:

• Top-tier interest rates in CDs
• A decent minimum balance amount
• Secure banking over the telephone, online, or at the branch
• FDIC insured bank

Rules:

• CDs can be closed or funds can be withdrawn by contacting the branch.
• The amount is transferred to a BMO account or paid via check.
• There are no monthly maintenance fees, only a penalty charged on early withdrawal of the amount.
• A notice is sent to the CD holder when it matures and there is a grace period of 10 days to add more funds or withdraw the CD before it gets auto-renewed.

2. First Internet Bank of Indiana

Minimum Amount: $1000.00

APY / Rate: 4.75% APY

Pros:

• Online-only CD options are available
• Highly competitive CD rates in a 1-year term
• Early withdrawal penalties are decent
• FDIC-insured bank with investment covered to the max
• Terms ranging from 3 months to 5 years

Rules:

• Interest on CDs is compounded monthly and added to the account at the month’s end.
• Early withdrawal incurs a penalty amounting to:
  1- 90 days interest for a 3-month term
  2- 180 days interest for a 6-18 month term
  3- 365 days interest for 24-60 month term

Best 3 Year CD Rates

Investors who are willing to commit their funds for a bit longer can find great value in the best 3-year CD rates, which combine the security of a fixed-income investment.

1. Alaska USA FCU

Minimum Amount: $500.00

APY / Rate: 4.55% APY

Pros:

• The high yield rate of interest
• A decent minimum amount required
• FDIC-insured banking option
• Strong customer support system

Rules:

• To open a CD an investor can approach the bank online or in-branch.
• The minimum deposit allowed in a CD is $500 and the maximum limit is set at $250,000.
• The interest on the CD is compounded monthly.
• Premature withdrawal from the CD is subject to a penalty.

2. First Internet Bank of Indiana

Minimum Amount: $1000.00

APY / Rate: 4.39% APY

Pros:

• Online-only CD options are available
• Highly competitive CD rates in a 1-year term
• Early withdrawal penalties are decent
• FDIC-insured bank with investment covered to the max
• Terms ranging from 3 months to 5 years

Rules:

• Interest on CDs is compounded monthly and added to the account at the month’s end.
• Early withdrawal incurs a penalty amounting to:
  1- 90 days interest for a 3-month term
  2- 180 days interest for a 6-18 month term
  3- 365 days interest for 24-60 month term

Best 5 Year CD Rates 

5-year CD rates in New York are unparalleled, it provides the highest interest rates among CDs. Thus it is exceptional for the patient investors who are seeking to maximize their savings over time.

1. GTE Financial Credit Union

Minimum Amount: $500

APY / Rate: 4.54% APY

Pros:

• Open with as little as $500
• Some of the best rates in the nation
• Variety of term options
• Open online in minutes
• Federally Insured by NCUA

Rules:

• No early withdrawals may be made during the first 60 days from opening the Share Certificate.
• Early withdrawals will be penalized anywhere from 90 to 180 days of earned dividends. Please review your Certificate disclosure for more details.
• There are no penalties for monthly dividend withdrawals. Early withdrawal penalties will apply if the certificate is closed before the maturity date.
• You can withdraw up to 10% of the principal plus dividends one time per year (20% of the current balance if over 59 1/2 years old) with no early withdrawal penalty on IRA certificates.
• Any monthly withdrawals or transfers reduce earnings.

2. CFG Community Bank

Minimum Amount: $500.00

APY / Rate: 4.50% APY

Pros:

• The high yield rate of interest
• A decent minimum amount required
• FDIC-insured banking option
• Strong customer support system

Rules:

• To open a CD an investor can approach the bank online or in-branch.
• The minimum deposit allowed in a CD is $500 and the maximum limit is set at $250,000.
• The interest on the CD is compounded monthly.
• Premature withdrawal from the CD is subject to a penalty.

New York Economic Statistics

New York, as one of the world’s leading financial centers. It presents a dynamic environment for investors and savers alike.

• With an estimated population of over 19 million residents, New York’s economic landscape is diverse and vibrant.
• The average income in New York State is notable, reflecting the economic opportunities available, with a median household income of around $75,910 as of the latest figures.
• Additionally, the average home value in the state stands at approximately $373,000, showcasing the competitive and expensive housing market, especially in urban areas like New York City.

Economic Indicator	Statistic	Context for CD Investors
Population	Over 19 million	A large and diverse population indicates a vibrant market with various financial services competing, including CD rates.
Average Income	$ 75,910	Higher average incomes may offer more opportunities for savings and investments in CDs.
Average Home Value	$373,000	Reflects the competitive housing market; investing in CDs can be a safer way to grow savings amid high property values.

These economic indicators highlight the importance of strategic financial planning and investment, such as securing the best CD rates, to navigate the state’s costly living expenses and to maximize savings and earnings.

How to Get Best CD Rates in New York

Securing the best CD rates in New York requires a strategic approach, given the state’s extensive financial landscape.

• Start by researching and comparing rates from both large multinational banks and local credit unions, as these institutions often offer competitive rates to attract savers.
• Pay attention to the terms and conditions of the CD, including the duration, minimum deposit requirements, and early withdrawal penalties.
• Utilizing online comparison tools can also streamline this process, allowing you to view a wide range of options at once.
• Additionally, consider leveraging any existing banking relationships, as some institutions offer better rates to current customers.
• Staying informed about the general economic conditions and Federal Reserve policies can also provide insights into potential rate changes, helping you time your investment wisely.

CD Rates Methodology

Our methodology for identifying the best CD rates in New York involved a comprehensive review of CD rates from 89 banks, including a mix of large, national banks as well as smaller, local credit unions and community banks.

This broad approach ensures a wide spectrum of options, catering to various customer needs and preferences.

To make our list, we evaluated the institutions based on several criteria, including the competitiveness of their rates, the flexibility of terms, the minimum deposit requirements, and the overall customer service experience.

Out of the 89 banks reviewed, 61 made the list, highlighting those that offer the most attractive rates and terms for savers and investors in New York.

Conclusion

Finding the best CD rates in New York is a fruitful endeavor for those looking to maximize their savings and investment returns. By carefully selecting from a diverse range of banking institutions and considering the broader economic context, investors can secure competitive rates that align with their financial goals.

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