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:
- mph.bank:
60-Month Callable CD - 4.42% APY - SkyOne Federal Credit Union:
12-Month Callable CD - 4.40% APY - mph.bank:
36-Month Callable CD - 4.38% APY - Ponce Bank:
3-Month High-Yield CD - 4.30% APY - SkyOne Federal Credit Union:
48-Month Callable CD - 4.25% APY - HealthcareBank:
7-Month High-Yield CD - 4.25% APY - Ponce Bank:
4 Month No-Penalty CD - 4.20% APY - First Mid Bank & Trust:
6-Month High-Yield CD - 4.10% APY - Western Alliance Bank:
5-Month High-Yield CD - 4.10% APY - First Mid Bank & Trust:
9-Month High-Yield CD - 4.08% APY - HAB Bank:
3-Month CD - 4.50% APY - My eBanc:
6-Month CD - 4.40% APY - Hudson Valley Credit Union:
36-Month CD - 4.35% APY - Suffolk Credit Union:
6-Month CD - 4.30% APY - Marcus:
9-Month High-Yield CD - 4.30% APY - Flagstar Bank:
7-Month CD - 4.25% APY - BankUnited:
12-Month CD - 4.25% APY - Pittsford Federal Credit Union:
12-Month CD - 4.25% APY - Broadview Federal Credit Union:
6-Month CD - 4.25% APY - Together Credit Union:
12-Month CD - 4.20% 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.
- State Employees' Credit Union (NC):
12-Month CD - 4.65% APY - Charles Schwab Bank:
1-Year CD - Up to 4.50% APY - America First Credit Union:
6-Month CD - 4.40% APY - Mountain America Credit Union:
6-Month CD - 4.35% APY - Huntington:
5-Month CD - 4.34% APY - PNC Bank:
4-Month CD - 4.15% APY - Santander Bank:
6-Month CD - 4.15% APY - M&T Bank:
6-Month Select CD - 4.10% APY - Valley National Bank:
3-Month Fixed Rate CD - 4.10% APY - BMO Alto 6-Month CD:
4.10% 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.
- HAB Bank:
3-Month CD - 4.50% APY - My eBanc:
6-Month CD - 4.40% APY - Marcus:
9-Month High-Yield CD - 4.30% APY - Flagstar Bank:
7-Month CD - 4.25% APY - BankUnited:
12-Month CD - 4.25% APY - Santander Bank:
6-Month CD - 4.15% APY - Cross River Bank:
6-Month CD - 4.15% APY - Walden Savings Bank:
5-Month CD - 4.15% APY - Bread Savings:
1-Year CD - 4.10% APY - Valley National Bank:
3-Month Fixed Rate CD - 4.10% 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.
- Hudson Valley Credit Union:
36-Month CD - 4.35% APY - Suffolk Credit Union:
6-Month CD - 4.30% APY - Pittsford Federal Credit Union:
12-Month CD - 4.25% APY - Broadview Federal Credit Union:
6-Month CD - 4.25% APY - Together Credit Union:
12-Month CD - 4.20% APY - Corning Credit Union:
6-Month CD - 4.10% APY - Hudson River Community Credit Union:
6-Month CD - 4.00% APY - Sunmark Credit Union:
6-Month CD - 4.00% APY - Teachers Federal Credit Union:
6-Month CD - 4.00% APY - Bethpage Federal Credit Union:
10-Month CD - 4.00% 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.
- Bask Bank:
3-Month CD - 4.65% APY - Popular Direct:
Certificate of Deposit - Up to 4.45% APY - mph.bank:
60-Month Callable CD - 4.42% APY - My eBanc:
6-Month CD - 4.40% APY - Limelight Bank:
6-Month CD - 4.35% APY - Marcus:
9-Month High-Yield CD - 4.30% APY - Walpole Co-operative Bank:
7-Month CD - 4.25% APY - Quontic:
CD Rates - Up to 4.25% APY - Alliant Credit Union:
12-Month CD - 4.25% APY - Synchrony Bank:
13-Month CD - 4.25% 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:
- HAB Bank:
3-Month CD - 4.50% APY - Valley National Bank:
3-Month Fixed Rate CD - 4.10% APY - The First National Bank of Long Island:
3-Month CD - 4.00% APY - The Summit Federal Credit Union:
3-Month CD - 3.85% APY - City National Bank (CNB):
3-Month CD - 3.82% APY
Best 6-month CDs in New York:
- HAB Bank:
6-Month CD - 4.40% APY - My eBanc:
6-Month CD - 4.40% APY - Suffolk Credit Union:
6-Month CD - 4.30% APY - Broadview Federal Credit Union:
6-Month CD - 4.25% APY - Santander Bank:
6-Month CD - 4.15% APY
Best 1-year CDs in New York:
- BankUnited:
12-Month CD - 4.25% APY - My eBanc:
12-Month CD - 4.25% APY - Marcus:
12-Month High-Yield CD - 4.25% APY - HAB Bank:
12-Month CD - 4.25% APY - Pittsford Federal Credit Union:
12-Month CD - 4.25% APY
Best 2-year CDs in New York:
- Hudson Valley Credit Union:
24-Month CD - 4.20% APY - Bread Savings:
2-Year CD - 4.00% APY - My eBanc:
24-Month CD - 4.00% APY - The Summit Federal Credit Union:
24-Month CD - 3.85% APY - Marcus:
2-Year High-Yield CD - 3.80% APY
Best 5-year CDs in New York:
- Bread Savings:
5-Year CD - 3.85% APY - Marcus:
5-Year High-Yield CD - 3.75% APY - First Central Savings Bank:
60-Month eCD - 3.50% APY - Capital One:
5-Year CD - 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]
Short Term vs Long Term CDs
Short-term CDs are typically 1 year or less, and are ideal for short-term goals where you'll need access to your money soon. On the other hand, long-term CDs can go up to 10 years and offer the stability of a fixed APY for an extended period.
Choose a short-term CD if you:
- Are saving for a near-future goal
- Want to avoid the temptation of spending the money
- Expect interest rates to rise soon
Choose a long-term CD if you:
- Want to preserve capital and earn guaranteed returns
- Don't need the funds in the near future
- Expect interest rates to fall soon
What's better for you depends on your goals, how soon you'll need access to your funds, and the current financial environment.
Where to Find the Best CDs in New York?
If you're looking for CDs in New York, community banks and credit unions are an excellent starting point. They often offer good promotional rates, though some may have eligibility requirements or limited availability.
National banks are another option to consider, as they occasionally offer CD specials and promos. Remember that these may have criteria you'll need to meet to qualify.
Online banks are also worth exploring. They typically offer higher rates than traditional banks and aren't restricted by geography, giving you more flexibility.
Take time to compare your options, choose term lengths that align with your financial goals, and be mindful of any early withdrawal penalties before committing.
One of the highest CD rates in New York is HAB Bank:
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?
Deciding whether to open a CD depends on your financial goals. CDs are safe investments, ideal for locking in a steady interest rate, but they require you to set aside your money for a specific term.
If you prefer flexibility, short-term CDs are a good option. For higher returns, long-term CDs can offer better rates, and strategies like CD laddering can help you access your money periodically while maximizing earnings.
But, if you need easy access to your money, a high-yield savings account might be a better choice. It offers competitive interest rates and lets you withdraw funds anytime without restrictions.
Take time to compare options and choose an account that aligns with your savings goals.
- Western Alliance Bank:
High-Yield Savings Premier - 4.30% APY - Discover® Online Savings:
$200 Cash Bonus - CIT Bank Platinum Savings:
4.35% APY - Mission Valley Bank:
High Yield Savings Account - 4.40% APY - The State Exchange Bank:
High Yield Savings Account - 4.35% 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 01/09/2025
- ^ NCUA. How Your Accounts are Federally Insured, Retrieved 01/09/2025
- ^ Tax Foundation. State Individual Income Tax Rates and Brackets, 2024, Retrieved 01/09/2025
- ^ IRS. Topic no. 403, Interest received, Retrieved 01/09/2025
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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