5.50% 36-Month CD at a New York Bank

Astoria Federal Savings is offering a 5.50% APY 36-month CD. The minimum deposit is $500. They also have some other good CD deals including a 4.75% 3-month liquid CD with a $5K minimum. Their 1-year Jumbo certificate of deposit is a good deal with an APY of 5.43%. This is also available on longer terms. The minimum for the jumbo is $100K. Their 6-month jumbo CD has an APY of 5.20% and their 3-month jumbo CD has an APY of 5.01%.

Astoria Federal Savings has 86 branches in Brooklyn, Queens, Nassau, Suffolk and Westchester.

When to Invest in Long Term CDs?

The best 3-year CD continues to be 6% APY at Pentagon Federal Credit Union (see post). Even with 6%, it's hard to decide to go this long while rates have been rising so fast. This week the Fed will be meeting again and is likely to raise the funds rate to 5%. However, there have been signs that suggest they may take a break with rate hikes after this meeting. If rate hikes do slow, longer term CDs may start to make more sense.