5.30% 12-Month / 5.50% 24-Month CD at a New York Bank

The State Bank of Long Island has been maintaining some very high CD yields in the last month. Currently, it's offering a 5.30% APY 1-year CD and a 5.50% APY 2-year CD. The 6-month CD also has a decent yield of 4.90% APY. As you can see in the following table, State Bank's rates have been steadily rising since my February 28th and March 23rd posts.

Term              Feb 28  Mar 23  Mar 30
                  APY     APY     APY
3 months          ?       4.50%   4.50%
6 to 11 months    ?       4.75%   4.90%
12 to 23 months   5.05%   5.25%   5.30%
24 to 59 months   5.25%   5.25%   5.50%
60 months         5.30%   5.30%   5.50%

These certificates of deposit all have a minimum deposit requirement of $2.5K. They are also available in an IRA account with only a $500 minimum.

Unfortunately, you have to be local to get these CDs. A bank associate informed me by email that customers must be present in the branch to open a certificate of deposit. State Bank of Long Island has 16 branches in Queens, Nassau and Suffolk, New York.