Best CD Rates in New York
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Compare the highest CD rates in New York. Find the best CD offers to secure and grow your savings today.
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Here are some banks and credit unions with the best CD rates in New York:
- SkyOne Federal Credit Union:
12-Month Callable CD - 4.50% APY - mph.bank:
60-Month Callable CD - 4.42% APY - Ponce Bank:
3-Month High-Yield CD - 4.40% APY - mph.bank:
36-Month Callable CD - 4.38% APY - Blue Federal Credit Union:
7-Month High-Yield CD - 4.35% APY - SkyOne Federal Credit Union:
48-Month Callable CD - 4.25% APY - Blue Federal Credit Union:
9-Month High-Yield CD - 4.25% APY - Prism Bank:
6-Month High-Yield CD - 4.20% APY - Ponce Bank:
4 Month No-Penalty CD - 4.20% APY - The State Exchange Bank:
2-Month High-Yield CD - 4.10% APY - Suffolk Credit Union:
6-Month CD - 4.80% APY - Flagstar Bank:
7-Month CD - 4.65% APY - My eBanc:
6-Month CD - 4.50% APY - Bethpage Federal Credit Union:
10-Month CD - 4.50% APY - Valley National Bank:
3-Month Fixed Rate CD - 4.50% APY - Walden Savings Bank:
5-Month CD - 4.50% APY - HAB Bank:
3-Month CD - 4.50% APY - The First National Bank of Long Island:
3-Month CD - 4.50% APY - Citizens Bank:
7-Month CD - 4.50% APY - BankUnited:
6-Month CD - 4.35% APY
Want to open a CD in New York? You're in luck.
New York houses some of the best CD rates in the country with a variety of terms. Secure a good rate and you can count on some passive income for months or years.
Below, explore CD rates as high as the skyscrapers in the Empire State.
Best National Bank CD rates in New York
Large national banks may offer special CD rates for New York residents. Here are some current best offers from the big banks.
- Mountain America Credit Union:
6-Month CD - 4.90% APY - America First Credit Union:
3-Month CD - 4.65% APY - State Employees' Credit Union (NC):
12-Month CD - 4.65% APY - Charles Schwab Bank:
3-Month CD - Up to 4.58% APY - Valley National Bank:
3-Month Fixed Rate CD - 4.50% APY - BMO Alto 6-Month CD:
4.50% APY - Citizens Bank:
7-Month CD - 4.50% APY - TD Bank:
6-Month CD - 4.50% APY (Relationship) - Wintrust Bank:
7-Month CD - 4.25% APY - Navy Federal Credit Union:
12-Month EasyStart Certificate - 4.25% APY
Best Local Bank CD rates in New York
If you prefer getting a CD with a local New York bank, here are some of the highest CD rates you can consider.
- Flagstar Bank:
7-Month CD - 4.65% APY - My eBanc:
6-Month CD - 4.50% APY - Valley National Bank:
3-Month Fixed Rate CD - 4.50% APY - Walden Savings Bank:
5-Month CD - 4.50% APY - HAB Bank:
3-Month CD - 4.50% APY - The First National Bank of Long Island:
3-Month CD - 4.50% APY - Citizens Bank:
7-Month CD - 4.50% APY - BankUnited:
6-Month CD - 4.35% APY - Bread Savings:
1-Year CD - 4.30% APY - First Central Savings Bank:
6-Month eCD - 4.25% APY
Best Credit Union CD rates in New York
Credit unions can offer very competitive rates and other perks to their members. Check out these credit unions in New York with impressive CD rates.
- Suffolk Credit Union:
6-Month CD - 4.80% APY - Bethpage Federal Credit Union:
10-Month CD - 4.50% APY - Together Credit Union:
9-Month CD - 4.30% APY - Sunmark Credit Union:
6-Month CD - 4.25% APY - The Summit Federal Credit Union:
6-Month CD - 4.25% APY - Pittsford Federal Credit Union:
6-Month CD - 4.25% APY - Broadview Federal Credit Union:
6-Month CD - 4.25% APY - Teachers Federal Credit Union:
9-Month CD - 4.25% APY - Hudson Valley Credit Union:
12-Month CD - 4.25% APY - Corning Credit Union:
6-Month CD - 4.10% APY
Best Online CD rates in New York
Online banks are typically available to residents nationwide regardless of where you live. Here are the top online CDs available.
- Walpole Co-operative Bank:
7-Month CD - 4.80% APY - Limelight Bank:
6-Month CD - 4.65% APY - Bask Bank:
3-Month CD - 4.65% APY - Popular Direct:
Certificate of Deposit - Up to 4.60% APY - Greenwood Credit Union:
6-Month CD - 4.50% APY - My eBanc:
6-Month CD - 4.50% APY - Quorum Federal Credit Union:
15-Month CD - 4.50% APY - Quontic:
6 Month CD - 4.45% APY - First Internet Bank:
12-Month CD - 4.42% APY - mph.bank:
60-Month Callable CD - 4.42% APY
Yes. As long as the bank is FDIC insured (or NCUA insured if it's a credit union), it is safe. Just like traditional banks, your deposits at online banks are protected by the federal government up to $250,000.
Best CD Rates in New York by Term
Looking to open a CD with a specific term? Here are some of the highest CD rates in New York by CD term.
Best 3-month CDs in New York:
- Valley National Bank:
3-Month Fixed Rate CD - 4.50% APY - HAB Bank:
3-Month CD - 4.50% APY - The First National Bank of Long Island:
3-Month CD - 4.50% APY - Pittsford Federal Credit Union:
3-Month CD - 4.25% APY - City National Bank (CNB):
3-Month CD - 4.07% APY
Best 6-month CDs in New York:
- Suffolk Credit Union:
6-Month CD - 4.80% APY - My eBanc:
6-Month CD - 4.50% APY - HAB Bank:
6-Month CD - 4.40% APY - BankUnited:
6-Month CD - 4.35% APY - Sunmark Credit Union:
6-Month CD - 4.25% APY
Best 1-year CDs in New York:
- My eBanc:
12-Month CD - 4.35% APY - Bread Savings:
1-Year CD - 4.30% APY - HAB Bank:
12-Month CD - 4.25% APY - Hudson Valley Credit Union:
12-Month CD - 4.25% APY - Together Credit Union:
12-Month CD - 4.20% APY
Best 2-year CDs in New York:
- Hudson Valley Credit Union:
24-Month CD - 4.25% APY - My eBanc:
24-Month CD - 4.00% APY - The Summit Federal Credit Union:
24-Month CD - 3.90% APY - Bread Savings:
2-Year CD - 3.85% APY - First Central Savings Bank:
24-Month eCD - 3.75% APY
Best 5-year CDs in New York:
- Marcus:
5-Year High-Yield CD - 3.60% APY - Bread Savings:
5-Year CD - 3.50% APY - Capital One:
5-Year CD - 3.50% APY - First Central Savings Bank:
60-Month eCD - 3.50% APY - Ally Bank:
5-Year CD - 3.40% APY
What Is a CD?
A certificate of deposit, or CD, is a savings account where you deposit a fixed amount for a fixed number of months or years. In exchange, you earn a fixed APY that applies for the entire term.
Often, the APY on a CD is higher than what you can get on a regular savings account. But, you can't withdraw your money until the CD matures. The lock-in period is why banks can offer you high rates. You lose convenient access to your money in exchange.
If you withdraw early, be ready to pay early withdrawal penalties. It can range anywhere from 3 months to 1 year's interest, depending on the term.
Usually, no. CDs are risk-free investments. Your deposits are federally insured up to $250,000 for banks or credit unions that are FDIC or NCUA members.[1][2] But, you can lose some of your money to penalties if you withdraw early enough.
How Much Interest Does a CD Earn?
If you deposited $10,000 in a 1-year CD with a 5% APY, you'd earn $500 after a year. How much you earn on a CD depends on three things: the CD term, APY, and the amount in your CD.
In general, the longer term, the higher the APY, and the bigger the amount, the better your interest earnings will be.
Here's a simple CD calculator to see how much your CD can earn.
Yes, you might need to pay state taxes on your CD interest earnings in New York. You also need to pay federal income taxes on your CD.[3][4]
Where to Find the Best CDs in New York?
If you are strictly looking at offers in New York, check out CD specials from community banks and credit unions. They may offer promotional CDs for a limited time, sometimes with specific criteria to open. But, they usually come with good rates.
National banks may also offer CD specials that vary by location. There also may be some requirements to qualify.
Online banks typically give high CD rates too. Plus, the region is not restricted so you can easily open a CD with them.
One of the highest CD rates in New York is Suffolk Credit Union:
Pros and Cons of a CD
Pros:
- Fixed rate for a fixed term
- Usually offers higher APY than regular savings
- Keep earning at the same APY even if interest rate drops
- Federally insured up to $250,000 by the FDIC or the NCUA
Cons:
- Can't withdraw until CD matures
- Early withdrawal penalties can be costly
- Some restrictions like membership and minimum deposit
- Miss out on better APY and investments due to the fixed term
If you can park your money for months or years, a CD is a good option to lock in high rates. But if you need easy access to your money, liquid accounts like a savings account might be a better choice.
Should I Get a CD?
Whether or not you get a CD depends on your goals. They're safe investments if you need to save money for the short term, and want to lock in a good interest rate.
The big question is: can you afford to lose access to your funds for months or years? Remember that you usually can't withdraw your CD until it matures.
If you think you might need the money, opt for more liquid and convenient accounts instead. For example, many high-yield savings accounts offer competitive APYs, and may be good alternatives.
- Western Alliance Bank:
High-Yield Savings Premier - 4.46% APY - Discover® Online Savings:
$200 Cash Bonus - CIT Bank Platinum Savings:
4.55% APY - InRoads Credit Union:
High-Yield Savings Account - 4.45% APY - Dayspring Bank:
High-Yield Savings Account - 4.45% APY
How to Choose the Best CD Rates in New York
When you're hunting for a CD in New York, ask these questions:
How long is the term?
You want a CD term that fits your financial goals. Some banks or credit unions may offer more term options in-branch. If you can, inquire with a branch near you.
What is the APY?
Get the highest APY to maximize your earnings on a CD. Ask your local bank or credit union if they have CD specials in New York.
Are there any requirements or restrictions?
Some CDs may only be available for residents in a certain county. Or some offers may be available to new customers only. Be sure to ask before you open an account.
What is the minimum deposit required?
The CD may have a minimum deposit. If you can't commit to or meet the requirement, look for CDs with little to no deposit requirements.
Most CDs will have early withdrawal penalties. So if you need to close your CD before it matures, be prepared to pay the penalties. Or if you're not sure if you can commit, find no penalty CDs to avoid paying any fees.
What Are the Types of CDs Available?
Here's a list of different types of CDs that may be available in New York:
- Term CD: Standard CDs with a fixed rate for a fixed term
- No-Penalty CD: Allows you to withdraw money early without any withdrawal penalties. See rates
- Jumbo CD: Requires large deposits of usually $100,000+
- IRA CD: Offers tax advantages for retirement savings
- Bump-Up CD: Has an option to increase your rate during the term of the CD
- Add-on CD: Has an option to add more deposits during the term of the CD
Bottom Line
New York lives up to its reputation even for CD rates. Certainly, some of them are high enough to be an APY of dreams.
However, some CDs might have some requirements for you to open. Best to read the disclosures or ask a representative before you lock in on a CD.
If you're just looking for a general high-yield CD, you can consider an online CD too. They usually have less restrictions and can be opened from anywhere.
References
- ^ FDIC. Your Insured Deposits, Retrieved 06/25/2024
- ^ NCUA. How Your Accounts are Federally Insured, Retrieved 06/25/2024
- ^ Tax Foundation. State Individual Income Tax Rates and Brackets, 2024, Retrieved 05/15/2024
- ^ IRS. Topic no. 403, Interest received, Retrieved 05/15/2024
Rue Atanacio is a research analyst at CreditDonkey, a bank comparison and reviews website. Write to Rue Atanacio at rue.atanacio@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
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