5.40% 12-Month CD at a New York Bank

The State Bank of Long Island has again increased the yield on their CDs. Their CDs of terms 1-year and longer terms are some of the best in the nation. The 12-month CD has an APY of 5.40% and the 24-month CD has any APY of 5.50%. All of the CDs have a $2.5K minimum. IRA certificates have a $500 minimum. Below is the table of rates for all CD terms:

Term              APY
3 months          4.58%
6 to 11 months    5.00%
12 to 23 months   5.40%
24 to 59 months   5.50%
60 months         5.60%

I've been tracking this bank since February when they were offering a 5.05% 12-month certificate of deposit. Last month they were offering a 5.25% 12-month CD. Now it's up to 5.40%. It's always better to go with a bank with a good track record of high rates. When the CD matures, there's a better chance that the new rate will be near the top, and you can just let the CD renew and not worry about moving the money.

State Bank of Long Island has 16 branches in Queens, Nassau and Suffolk, New York.

Thanks to the commenter who mentioned the new State Bank rates!