10 Highest CD Rates in New York City, Reported by GOBankingRates
NEW YORK, Feb. 10, 2014 /PRNewswire/ -- A new study from leading banking and personal finance website GOBankingRates identifies the highest five-year CD rates in NYC. 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 like 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. 10- M&T Bank: 1.31% APY, for deposits $1,000+
- No. 9- Popular Community Bank: 1.35% APY, for deposits $1,000+
- No. 8- Spring Bank and Ridgewood Savings Bank: 1.50% APY, for deposits $250+ and $500+ respectively
- No. 7- Signature Bank: 1.56% APY, for deposits $5,000+
- No. 6- People's Alliance Federal Credit Union: 1.57% APY, for deposits $500+
To see the top five CD rates in NYC, go to:
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.
GOBankingRates is a personal finance website that connects consumers with the best interest rates nationwide. Its editors have been featured on several top media outlets, including U.S. News, Yahoo! Finance, Forbes, The Street, Huffington Post and more.